Monday 5 August 2019

Sajid Javid is totally unfit to be Chancellor of the Exchequer


Boris Johnson's cabinet is full of extraordinarily inappropriate people like Priti Patel, Dominic Raab, Gavin Williamson, and Liz Truss, but perhaps the most egregious appointment of all is Sajid Javid as Chancellor of the Exchequer.

Before his move into politics Javid was a banker at Deutsche Bank, where he sold complex financial derivatives called Collateralised Debt Obligations (CDOs).

In order to have any coherent understanding of what caused the 2008-09 global financial sector insolvency crisis, you need to know what CDOs are, otherwise you could end up believing any old economically illiterate shit (like "Labour bankrupted Britain" for example).

CDOs were economic alchemy schemes designed to turn toxic bad debts into fake gold-plated investments.

The way they worked was to collect together thousands of bad mortgages (the kind of mortgages people are highly likely to default on if there's any kind of economic downturn) then grade them into bands from worst to least bad.

The lower ranked bad mortgages remained risky investments, but the top tranche of "least bad" sub-prime mortgages were packaged up together and sent to the Credit Ratings Agencies to be classified as AAA rated investment grade financial products, meaning that major banks, insurance funds, national and local governments, and pension funds bought them up in their £billions believing them to be safe investments rather than carefully repackaged junk.

The whole thing defied economic logic: High return investments are riskier, low return investments are safer.

But Sajid Javid and the other financial sector alchemists selling these toxic products convinced their customers that they'd managed to rewrite the basic laws of investment to create these high return + supposedly low risk investments.


But while they were singing their praises to their customers, loads of CDO merchants were secretly referring to them in the most derogatory of terms, like "shit breather" and "piece of shit" in private chats, because they knew they were junk investments that were bound to implode sooner or later.

Furthermore, several of the banks selling these ticking time bomb CDO "investments" were secretly buying up £billions worth of financial insurance on the products they'd just sold, looking for huge payouts when the junk products they were selling finally exploded (this special insurance is called CDS and you can find out more in this article).

So given that it was an open secret amongst CDO merchants that they were selling toxic junk that's bound to fail, and that several of the banks selling this stuff were opportunistically speculating on the inevitable failure of the junk products that they were selling to unsuspecting customers, what was Sajid Javid playing at?

There are only two explanations, neither of them good.

If we're charitable to Javid, then we could argue that he was a clueless dupe, naively selling a load of toxic junk in good faith simply because he was too stupid to investigate the products he was actually selling, and so poorly connected within the CDO industry that he was unaware of the open secret amongst his peers that the products he was selling as safe investments were actually bound-to-fail financial Weapons of Mass Destruction.

So what on earth is Boris Johnson doing promoting a clueless idiot like this to the most important economic job in British politics just a decade later?

The other explanation is, of course, much worse. If Javid was smart enough to realise that the CDOs he was selling were bound-to-fail junk, and he was in on the open secret within the trade that they were certain to implode one day, yet he carried on selling them as safe investments to oblivious customers like other banks, pension funds, local and national governments, and insurance funds as low-risk investment opportunities, then he's a cynical and duplicitous fraudster.

If he didn't know, he was an idiot and certainly shouldn't be running the UK economy, but if he did know, then he's a fraudster and should probably be in jail for wilfully selling toxic junk to unsuspecting customers, rather than running the UK economy.

It's absolutely extraordinary that Boris Johnson and the Tories have promoted one of the shady derivatives traders who caused the economic crisis to the top economic job in British politics, and whichever way you look at it, his damning history clearly indicates his unfitness to hold such a crucial role.

 Another Angry Voice  is a "Pay As You Feel" website. You can have access to all of my work for free, or you can choose to make a small donation to help me keep writing. The choice is entirely yours.




OR

15 comments:

Paul Carter said...

I like Sajid Javid, despite his true blue voting record, and I wish him luck as Chancellor. One thing however has puzzled me; how can a muslim comply with Sharia law in the kind of role he now finds himself in? In addition, if Tom is correct about his wheeler dealing financial past, then again this would seem to be contrary to the Islamic faith. Just a thought.

Anonymous said...

Hes remainer who worked at Deutsche bank. Absolutely no surprise there considering they have recieved multiple bailouts since the 2008 crash.

Antitoria said...

I doubt he's a 'clueless dupe'. Politics is funny isn't it. You look at all these clowns who expect you to (vote for them) believe things a child could see through. And yet they're not stupid. They want to present themselves as something they're not. It is true that some of them are out of their depth but the damage they cause is not directed inwards but outward to the public, usually wasting the wealth created by the public. They have perfected ways of screwing up that enrich them and their type. These individuals want simply to convert that public wealth into their private wealth usually by some complex (but legal) method or scam. So Sajid may well lack the ability to be chancellor but he perhaps understands some of the less pure aspects of finance. Or perhaps he is a fool after all, we're about to find out.

Anonymous said...

You're right, fixed income trading generally would not be compliant with Sharia Law because of usury and you would not see Muslims invest in these products as a result. However, I wasn't sure if Javid was religious.

Unknown said...

I find so much stuff here absurdly partisan nonsense which I ignore or laugh at. Generally the latter if I'm honest. It's an echo chamber the type of which is so often ridiculed by the writer and people who come here. But then I see something like this and think, "Fair play, that actually makes sense." Interesting article.

Anonymous said...

Sajid is not a muslim.

Unknown said...

HOW I GOT MY HUSBAND BACK HOME WITH THE HELP OF A REAL AND GENUINE SPELL CASTER DR EGO TEXT OR CONTACT VIA EMAIL HIM ON powerfulspellcasters1@gmail.com or WhatsApp: +2349031852746
Hello everyone, I almost took my life because of my husband who left me and stop picking my calls answering my mails and my messages. He said He do not trust me anymore, I tried to convince and beg him, but he will not believe or answer me until we had a fight and broke up for 6 months, after then I realise I could not live without him because of the love I have for him. I tried everything possible to get him back, but non worked for me, until I came across this man called Dr EGO he helped me cast a spell and behold my husband came back after 48 hours, begging me for forgiveness, I was so surprised that spell caster like Dr EGO still exist. If anyone here needs some help, with all sincerity, contact Dr EGO today On powerfulspellcasters1@gmail.com indeed you are a priest thank you for making my home a happy home again. i can never stop talking about you sir. DR EGO is really a great man you can contact him for solution for any kind of problems like
(1) lottery spell
(2) ex back
(3) get pregnant
(4) cure for any kind of sickness, disease and infection .
Email: powerfulspellcasters1@gmail.com
His WhatsApp number: +2349031852746

chris brankfurt said...

PLEASE READ!!!! PLEASE READ!!!!!

Hi, I just want to share my experience with everyone. i got my blank atm card 5 days ago and i already made a total withdrawal of $15000. all thanks to MR GEORGE.its is programmed for only money withdraws without being noticed and can also be used for free online purchases of any kind, it just took only 5 days to be delivered to me with a maximum daily withdraw amount of $3000. The card is encrypted with a microchip that enables you withdraw without any traces,You dont have to worry about how stressful it is to get loans anymore or about credit scores.If you want to contact them, Here is the email address georgewilder402@gmail.com

vivian hulett said...

When I found Dr. OJOGUN    I was in desperate need of bringing my ex lover back. He left me for another woman. It happened so fast and I had no say in the situation at all. He just dumped me after 3 years with no explanation. I contact Dr.OJOGUN   through his website and He told me me what i need to do before he can help me and i did what he told me to, after i provided what he wanted, he cast a love spell to help us get back together. Shortly after he did his spell, my boyfriend started texting me again and felt horrible for what he just put me through. He said that I was the most important person in his life and he knows that now. We moved in together and he was more open to me than before and then he started spending more time with me than before. Ever since Dr. OJOGUN helped me, my partner is very stable, faithful and closer to me than before. I highly recommends Dr. OJOGUN   to anyone in need of help. Email: ojogun.48hoursspelltemple@gmail.com, Call him or add him on whatsapp via: +2348154637647   

Sally Gabrielle said...

I am very happy today with my family. My name is Sally Gabrielle living in USA, My husband left me for a good 3 years now, and i love him so much, i have been looking for a way to get him back since then. i have tried many options but he did not come back, until i met a friend that darted me to Dr.Ojogun   a spell caster, who helped me to bring back my husband after 2 weeks. Me and my husband are living happily together today, That man is great, you can contact him via email ojogun.48hoursspelltemple@gmail.com  … Now i will advice any serious persons that found themselves in this kind of problem to contact him now a fast solution without steress.. He always hello, now i call him my father. contact him now he is always online email (ojogun.48hoursspelltemple@gmail.com  ) or contact him on his whatsapp mobile line +2348154637647    

DR. AZIBA HERBAL CURE HOME said...

Herbal medicine is best and fast in recovery from any illness, disease or growth.
My name is Priest/ Dr Aziba a Herbal Doctor I am here to help you get cured out of any disease or virus you might be having, no matter how long you have been suffering from that diseases there’s a cure. Herbal medicine is 100% guarantee for any kind of disease e:g
HERPES TYPE 1 / HERPES TYPE 2
HEPATITIS A,B,C
CANCER,(COPD)
HIV-AIDS
DIABETES
PENIS ENLARGEMENT
Just write to me below
Contact Me on my Email handle : priestazibasolutioncenter@gmail.com .and also on whatsapp: +2348100368288

DR. AZIBA HERBAL CURE HOME said...

Herbal medicine is best and fast in recovery from any illness, disease or growth.
My name is Priest/ Dr Aziba a Herbal Doctor I am here to help you get cured out of any disease or virus you might be having, no matter how long you have been suffering from that diseases there’s a cure. Herbal medicine is 100% guarantee for any kind of disease e:g
HERPES TYPE 1 / HERPES TYPE 2
HEPATITIS A,B,C
CANCER,(COPD)
HIV-AIDS
DIABETES
PENIS ENLARGEMENT
Just write to me below
Contact Me on my Email handle : priestazibasolutioncenter@gmail.com .and also on whatsapp: +2348100368288

Tessie Chris said...

Hi friends!
I am Tessie Chris by name and i want to use this great opportunity to
share with you some great and amazing testimony of how i was cured from HIV
Virus with the help of Dr idahosa Herbal Medicine.
Over 2 years now i have been suffering and living in pain with this deadly
virus HIV, fear grew in my mind everyday as i heard there is no cure for
it, but to me i knew that medical drugs was not the only option in treating
viruses and infection, my greatest problem was that i was stocked in pain
as the symptoms has circulated over my body.
Few Months ago i decided to get more information online concerning HIV,and
while i was surfing the web, i came across some great testimonials from
various people on how Dr idahosa has been using his herbal medicine to cure
different disease, at first i was shocked as i have never heard of such
thing before, and also i doubted if it was true as it never came up on
media, these people gave out the email address of Dr idahosa and advised we
contact him for any problem, though i was doubting him i decided to put a
test on it, moreover it was the first time for me to hear something like
that, i copied the email address of Dr idahosa and i sent him a message
about my health status and i also requested for his medicine in order for
me to get good health, he gave me a responded after some hours and he told
me the procedure involved in order for me to get his medicine, he also said
to me he was going to send me some herbal liquid medicine which was going
to take for 2 weeks and after 2 weeks i will be totally cured.
I went with Dr idahosa and i followed exactly as i was told by this man,
after 3 to 5 days of communication i eventually received a package from the
mailing service and that was the medicine sent by Dr idahosa.
I started taking the medicine as i was directed by Dr idahosa and after 2
weeks i also started seen some changes on my skin, and after a month passed
i noticed that the rashes on my skin are cleared, i was surprised and i had
a thought to myself again LIKE! IS THIS REALLY WORKING OUT? when i noticed
this changes i contacted this Great Dr and i told him about it, he told me
to go to the hospital and do some check up if the virus is still there, i
actually went to the hospital on Friday to do some test on my blood and
after 3 days the result came out that i was completely free from Hiv, still
many people will not believe this, but it did really works.
Dr idahosa is a brave man and he is set to answer all human disease, today
i am living in good health as just with a test i conquered my pain and
sorrow, Please you can contact Dr idahosa for any problem with the email
below:(dridahosasolutioncenter@gmail.com) or call him +2348134261542,

Amanda Bella said...

I Want To Appreciate Dr.OYAGU for hs great deeds, I Was Diagnosed With type 2 Herpes Virus Last year,And Was Look For Solution To Be Cured Luckily I Saw Testimonies On How Dr.OYAGU Cure Herpes Virus I Decided To Contact Dr.OYAGU I Contacted Him He Prepared A Herbal Medicine Portion And Sent It To Me,I Started The Herbal Medicine For My Health.He Gave Me Step By Step Instructions On How To Apply It, When I Applied It As Instructed, I Was Cured Of This Deadly Herpes Within 2 weeks, I Am Now Herpes Negative.My Brother And Sister I No That There Are So Many People That Have There Same Herpes Virus Please contact Dr OYAGU To Help You Too,And Help Me To Thank Dr.OYAGU For Cure Me, I’m Cured By Dr. OYAGU Herbal Medicine,His Contact Email:oyaguspellcaster@gmail.com

Or Cell Whatsapp Number +2348101755322 thank you .....

Sarah Saad said...

شركة نقل عفش بجدة
شركة نقل عفش بمكة
نقل عفش بمكة
شركة نقل عفش بالطائف
شركة نقل عفش بينبع