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

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.

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

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.

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

The Market Oracle is a FREE Financial Markets Forecasting & Analysis web-site.
(c) 2005-2024 MarketOracle.co.uk (Market Oracle Ltd) - Market Oracle Ltd asserts copyright on all articles authored by our editorial team and all comments posted. Any and all information provided within the web-site, is for general information purposes only and Market Oracle Ltd do not warrant the accuracy, timeliness or suitability of any information provided on this site. nor is or shall be deemed to constitute, financial or any other advice or recommendation by us. and are also not meant to be investment advice or solicitation or recommendation to establish market positions. We do not give investment advice and our comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to enter into a market position either stock, option, futures contract, bonds, commodity or any other financial instrument at any time. We recommend that independent professional advice is obtained before you make any investment or trading decisions. By using this site you agree to this sites Terms of Use. From time to time we promote or endorse certain products / services that we believe are worthy of your time and attention. In return for that endorsement and only in the cases where you purchase directly though us may we be compensated by the producers of those products.