Best of the Week
Most Popular
1. Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
2.Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
3.Stock Market FOMO Going into Crash Season - 8th Oct 21
4.Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
7.AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
8.Why Silver Price Could Crash by 20%! - 5th Oct 21
9.Powell: Inflation Might Not Be Transitory, After All - 3rd Oct 21
10.Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Last 7 days
Quantum AI Stocks Investing Priority - 26th Jan 22
Is Everyone Going To Be Right About This Stocks Bear Market?- 26th Jan 22
Stock Market Glass Half Empty or Half Full? - 26th Jan 22
Stock Market Quoted As Saying 'The Reports Of My Demise Are Greatly Exaggerated' - 26th Jan 22
The Synthetic Dividend Option To Generate Profits - 26th Jan 22
The Beginner's Guide to Credit Repair - 26th Jan 22
AI Tech Stocks State Going into the CRASH and Capitalising on the Metaverse - 25th Jan 22
Stock Market Relief Rally, Maybe? - 25th Jan 22
Why Gold’s Latest Rally Is Nothing to Get Excited About - 25th Jan 22
Gold Slides and Rebounds in 2022 - 25th Jan 22
Gold; a stellar picture - 25th Jan 22
CATHY WOOD ARK GARBAGE ARK Funds Heading for 90% STOCK CRASH! - 22nd Jan 22
Gold Is the Belle of the Ball. Will Its Dance Turn Bearish? - 22nd Jan 22
Best Neighborhoods to Buy Real Estate in San Diego - 22nd Jan 22
Stock Market January PANIC AI Tech Stocks Buying Opp - Trend Forecast 2022 - 21st Jan 21
How to Get Rich in the MetaVerse - 20th Jan 21
Should you Buy Payment Disruptor Stocks in 2022? - 20th Jan 21
2022 the Year of Smart devices, Electric Vehicles, and AI Startups - 20th Jan 21
Oil Markets More Animated by Geopolitics, Supply, and Demand - 20th Jan 21
WARNING - AI STOCK MARKET CRASH / BEAR SWITCH TRIGGERED! - 19th Jan 22
Fake It Till You Make It: Will Silver’s Motto Work on Gold? - 19th Jan 22
Crude Oil Smashing Stocks - 19th Jan 22
US Stagflation: The Global Risk of 2022 - 19th Jan 22
Stock Market Trend Forecast Early 2022 - Tech Growth Value Stocks Rotation - 18th Jan 22
Stock Market Sentiment Speaks: Are We Setting Up For A 'Mini-Crash'? - 18th Jan 22
Mobile Sports Betting is on a rise: Here’s why - 18th Jan 22
Exponential AI Stocks Mega-trend - 17th Jan 22
THE NEXT BITCOIN - 17th Jan 22
Gold Price Predictions for 2022 - 17th Jan 22
How Do Debt Relief Services Work To Reduce The Amount You Owe? - 17th Jan 22
RIVIAN IPO Illustrates We are in the Mother of all Stock Market Bubbles - 16th Jan 22
All Market Eyes on Copper - 16th Jan 22
The US Dollar Had a Slip-Up, but Gold Turned a Blind Eye to It - 16th Jan 22
A Stock Market Top for the Ages - 16th Jan 22
FREETRADE - Stock Investing Platform, the Good, Bad and Ugly Review, Free Shares, Cancelled Orders - 15th Jan 22
WD 14tb My Book External Drive Unboxing, Testing and Benchmark Performance Amazon Buy Review - 15th Jan 22
Toyland Ferris Wheel Birthday Fun at Gulliver's Rother Valley UK Theme Park 2022 - 15th Jan 22
What You Should Know About a TailoredPay High Risk Merchant Account - 15th Jan 22

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

London 2012 Olympics of Cronyism, Vested Interests Selling Torches on Ebay

Politics / UK Politics May 22, 2012 - 02:29 PM GMT

By: Nadeem_Walayat

Politics

The Olympics are coming home to the birth place of Crony Capitalism, and nothings more crony than 900 vested interests lining up to run a a few hundred yards to grab themselves as much as a £145,000 bounty by near immediately selling their 'precious' replica torches on ebay.


Off course to mask the cronyism at work many will say that they are doing it for charity. Though hidden away in the small print will be that only a certain percentage will be going to charity or that the persons in question is employed by the charity or that they directly benefit in some other way.

In my opinion the London 2012 Olympics have already been ruined before they have even begun by having near 1000 torches to be sold on the likes of ebay when they should only have had ONE torch. What is the point of relighting a new torch every few hundred yards that is not the Olympic flame being carried from Greece, for instance because of this for personal profit madness the olympic flame has already gone out several times! What a joke!

However, whilst I could rant on and on about the selling of Olympic torches, the truth is that this is but the mere tip of the cronyism iceberg. These 2012 Olympic games will have very little to do with sport but everything to do with the a feeding frenzy of cronyism as officialdom line up one by one for personal profit from a range of activities such as corporate sponsorship deals.

This is an example of where Britain stands today, society is literally rotting away, we saw it in last summers riots for goods in the shops and we are seeing it with the 2012 Olympics, this does not bode well for what could follow in the event of a Euro-zone sparked financial armageddon.

My opinion is that the Olympic games should ALWAYS be held in Greece as they purport to be GREECE's OLYMPIC games, instead of this madness of wasting billions of tax payer funds every 4 years to construct arenas that are barely used again. Such as last years China Games, where the stadiums are already unused and falling into disrepair. Ultimately, at a time when the UK is broke the British Government will have wasted at least £10 billion on these games that have NOTHING to do with the Real Olympics.

So, I'll probably give most of this drug and cronyism infested and corrupt games a miss and instead wait for the post olympics investigations to reveal the level of corruption that took place all at tax payers expense.

Meanwhile the so-called showcasing of Britain will turn out to be just as disastrous as the millennium dome was when most of the people missed the Millennium event, as many foreign visitors will turn out to have bitter memories of Britain after spending whole days in long queues at Heathrow and elsewhere.

Source and Comments: http://www.marketoracle.co.uk/Article34795.html

By Nadeem Walayat

http://www.marketoracle.co.uk

Copyright © 2005-2012 Marketoracle.co.uk (Market Oracle Ltd). All rights reserved.

Nadeem Walayat has over 25 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of three ebook's - The Inflation Mega-Trend; The Interest Rate Mega-Trend and The Stocks Stealth Bull Market Update 2011 that can be downloaded for Free.

Stocks Stealth Bull Market Ebook DownloadThe Interest Rate Mega-Trend Ebook DownloadThe Inflation Mega-Trend Ebook Download

Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication that presents in-depth analysis from over 600 experienced analysts on a range of views of the probable direction of the financial markets, thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

Nadeem Walayat Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Comments

Jack
23 May 12, 10:09
Markets / Financial armegeddon

Hi Nadeem,

What is going on? Is it as serious as all the media would have us believe, or are we making long term stock market lows?

Please advise.


Nadeem_Walayat
24 May 12, 05:20
Financial Armageddon

Hi Jack

I'll send out a newsletter updating on financial armageddon expectations over the next few days, weekend at the latest.

But yes, Panic is in the air!

Best

NW


John
24 May 12, 10:37
Armagideon Time

Hi Nadeem ,

I eagerly wait your thoughts on financial armageddon ! I've been mostly in cash a few months now and am acutely aware of inflation but I don't see anything else that looks like it will do as well as the minus 5% I'm achieving now ....

Regards...

John


Chris
24 May 12, 13:23
Panic in the Air!!!

Nadeem,

Briefly advice on silver...what would it take for you to buy it.

Why is there panic in the air??


Stephan
30 May 12, 10:33
Greek Olympics

Great Article, short and crisp, I think Greece could live well as a rentier economy if they had the Olympic games, but unfortunately there are not enough politicians who think so.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in