So all the tough talk about sorting out the bankrupt banks was just a load of hot air to con the sheeple.
In a move that surprised even the failed bankers themselves, the Basel Committee of banking supervisors led by our very own Mervyn King, has given the propped up banks another four years breathing space to meet bank liquidity rules.
It is also allowing them to use retail mortgage-backed securities (RMBS) as assets/collateral in this house of cards re-building exercise.
Although I wonder if the RMBS will be the next great financial crisis?
My eldest daughter and her partner because of their circumstances have negotiated a monthly repayment that I'm sure doesn't even cover the full interest charges. Let alone making any headway on capital repayment. They know of at least another five other couples in their street, with the same lender, also with similar agreements in place.
I'm sure this is not an isolated occurrence in the country as a whole.
Now it would probably only take a very small rise in interest rates to turn these mortgages into the next generation of sub prime ones. With the knock on effect of taking out the shaky foundations of our bailed out banks.
So I should pencil 2018 in as the next financial implosion date and plan accordingly!
Interesting to note that Mark Carney, our Merv's successor, is chairman of the BIS's Audit Committee. So is the BIS the banking equivalent of the Stonecutters?
Switzerland appears to be leading the world in the use of computed tomography (CT) and magnetic resonance imaging (MRI) to allow virtual autopsies to be performed.
I suppose it was to be expected that someone would wonder what you could find out by putting a dead person thru a MRI scanner instead of a living one.
CSI for geeks?
Although I wonder what the virtual autopsy report on someone who had gone for a walk in the woods would have suggested?
One of my daughters remarked to me yesterday how mild it was for the time of year. Good job I was cooking lunch for her and not sending her out to get a Chinese take away.
She'd have got back suffering from hypothermia!
It would appear that China is experiencing a bit of a chill at the moment. Which is a bit of a blow to all those expecting China to come to our rescue as the economy stumbles into it's third recession.
I see global warming gets the blame for it all. Although it would appear China has only been keeping records on sea ice levels since 2008. Good to see that Chinese scientists are as thorough in their statistical use as our Western GW fanatics are!
Finally, a little update for any of you interested in what is going on with Shell's grounded rig, the Kulluk.