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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

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.


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