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Thursday 30 September 2010

Sarah McDermott |12:12 UK time, Thursday, 30 September 2010

Here is what is coming up on Thursday's programme:

How much of a danger to the economy is high frequency trading? Ultra-fast trading is now thought to account for over 60 percent of trades on the US stock market and over a quarter of trades in the UK. The Treasury has commissioned an investigation into it amid concerns over "flash crashes". And ahead of a report by US regulators into a crash on the Dow Jones that saw the index fall by 700 points in minutes, we'll consider how significantly this kind of trading impacts the stability of financial markets.

Richard Watson will be investigating claims made by Baroness Warsi that the Conservatives lost "at least three seats" at the general election because of electoral fraud. Labour have called the allegations "unsubstantiated" and urged Lady Warsi to produce evidence. The Electoral Commission said police would need to investigate any claims.

And we have a beautiful film in which Tim Whewell follows a former British civil servant as he returns to the part of Nigeria he was responsible for at the time of independence 50 years ago. John Smith - one of the few surviving members of the last generation of British colonial officers who ruled the country before independence in 1960 - describes what his life was like looking after 1,000 square miles of the country. Read more about that here.

Do join Kirsty at 10.30pm on BBC Two.

Comments

  • Comment number 1.

    "after a computer glitch"

    https://www.nanex.net/FlashCrashFinal/FlashCrashSummary.html

    https://www.youtube.com/user/kdenninger

    "quotes that are put into the exchange but are not executed"

    Max Keiser invented high frequency trading 14 years ago you should ask him about it.

  • Comment number 2.

    last nights NN bristol panel just could not have been real people or has britain really dumbed down by that much .. and what was all of that flicking of the ed to david pics all about by the talking head?

  • Comment number 3.

    "And the first rule of the casino business is: if you don’t know who the fool is, it’s probably you. "

    https://www.bloomberg.com/news/2010-09-30/mystery-of-disappearing-proprietary-traders-commentary-by-michael-lewis.html

  • Comment number 4.

    NN still missing the bigger picture of usa-uk intent against pakistan under the guise of allegations of unevidenced allegations such as the claimed plans to attack uk/france/germany . why does NN appear to report these claims without the big question marks that they deserve?

    anyway looks as if the propaganda in the last few years against pakistan is bearing fruit, with increased drone attacks - with cameron and his american counterpart finger wagging and unevidenced claims - to yesterdays incursion by nato troops which killed 3 pakistan soldiers. this the usa-uk-isaf escalation looks as if it will lead to the war against pakistan into the open. 300 000 troops+mercenaries , drones to target 300 alqaeda and some 5000 taliban (some who are recruited by RAW). it doesnt make sense unless its pakistan that is the real goal.

    anyway as an aside liam fox should learn from the taliban and al qaeda i mean they in their caves with their ak47s can deploy such forces that are equal to our multi billion pound financed army. its not about the money is it.



  • Comment number 5.

    "Max Keiser"

    do you really think that the state funded organisation would give room to individuals who are critical and articulate against the present state of play.

    just as the state denies entry to persons such as zakir naik for his direct attack on the way muslims and islam are being demonised similarly the likes of max keiser (with his tongue in cheek asides) isnt going to be given room to attack the banks, city fraudsters and the governments finger in the cow pat.

  • Comment number 6.

    For the haunted human islands who stalk and harass within this place

    https://www.youtube.com/watch?v=8FSm_lco6uU&feature=related

    On that 'route obscure and lonely' Watch out for the Archangel Thunderbird

    https://www.youtube.com/watch?v=_pcla5zyZfA

  • Comment number 7.

    why should we take any lessons from the 'CITY'? I mean, what have they done to earn our respect? Have they made our lives easier? I think the answer is no on all fronts...they have caused the biggest global monetery collapse for a hundred years by sheer unmitigated corporate GREED! They have thought only of themselves, gone for the quickest option and the quickest buck and they are still in receipt of bonuses, kickbacks and all the other sleazy measures that led to the downfall of the whole shoddy edifice....so when you hear City and investment keep your hand on your halfpenny...

  • Comment number 8.

    "Matt Prodger will ask if high frequency trading is making markets more efficient and investigates the security implications."

    That's a minor distraction.

    First, look at the maximum longitudinal graph (using Yahoo Finance) of the Dow Jones from the mid 80s and note that it is a log scale, not linear on the Y axis!. This is not just when the Big Bang (electronic trading) began to take off, but shares became electronically registered and shareholders had almost no choice but to hold their assets in nominee accounts where the 'beneficial owners' were the fund managers, who could, as I understand it, loan out these fungible assets (liabilities some would assert) to those who could short them! Think volatility/volume. Would the true owners ever share in the commission? No.

    All of this needs to be made transparent as it isn't at present. Bet it is not.

  • Comment number 9.

    BBC News presenters and political journalists, including Huw Edwards, Jeremy Paxman, Martha Kearney and Nick Robinson, have sent a letter to the National Union of Journalists expressing "serious concerns" with next week's planned strike during the Conservative party conference according to the guardian

    in it they say -
    "Impartiality is the watchword for the BBC's political coverage and we would not wish to give a misleading impression that this is no longer something we value highly,"

    impartiality might be the watchword but its not in its practice.

    mark thompsons complaint was that the bbc was of the left and he wanted to take it to (his) perceived 'center ground' which has proven to be closer to the neo conservative ideology and thats where the bbc appears to reside at this moment in time.

  • Comment number 10.

    Arianna - 'seeing in terms of left or right marginalizes basic fundamental positions that are not for the good of this country ' she starts at 4mins in :-

    https://www.huffingtonpost.com/huff-tv/arianna-obama-progressives-middle-class_b_744685.html

    "Maybe progressives and the middle class need to sort of face up to the fact that the President is not that much into them"

  • Comment number 11.

    "Max Keiser invented high frequency trading 14 years ago you should ask him about it."

    Maybe some will have an issue so here it is (no doubt the long url will break) :-

    https://www.google.com/patents?id=n2sXAAAAEBAJ&printsec=frontcover&dq=5950176&source=bl&ots=VhVw6Jjg-M&sig=ZDkQukJiMtYexp3OxzAPU6NXES4&hl=en&ei=22TmS-6XJJ_00gTvt7W0AQ&sa=X&oi=book_result&ct=result&resnum=7&ved=0CDAQ6AEwBg

  • Comment number 12.

    30.09.10. Newsnight.




    ADHD

    ADHD has become the ‘must have’ diagnosis in the last few years, much as ‘Asthmatic’ before it. And no doubt many PhD theses exist venturing as to why.

    At the point that a female conceives many, IMO certainly all, factors pertaining to the offspring’s physiological existence will have been set. However, ‘variation on outcomes’ is inevitable due to social and environmental factors.

    But let’s not forget to add other ‘inputs’ like .... will, desire and need. (Amongst many other ‘induced’ or ‘chosen’ variables.)

    A “rare string’ twice as prevalent in one group as another is not sufficient for a confirmed diagnosis ( Even though most ‘just love a label’)

    Work in education and observe many of those labelled ADHD and note the differences in individual behaviour outside of the classroom i.e. ‘authority’ controlled, environment ....

    And think again about the ‘genetic’ aspect.



    Today’s ‘Today’....

    “God gave this land to us”

    Is the assumption then that if one were to go into a Bank and state that god gave you all the lucre the Police would not take any action?

    At least Elect-Ed has made a commitment to supporting the Palestinian cause. Not a bad start there then!

    And ....

    Lady Varsi ....

    .... will not disclose the constituencies where she states electoral fraud may have taken place, suggesting that the ‘problem’ has taken place within three “constituencies with predominantly asian communities.”

    If she believes a crime has been committed she must give all the relevant detail to the Police Authorities. Is that not what she would demand members of the GBP to do?

    Is her silence motivated by political expediency, lack of evidence or - perhaps - vested interest? (Any bets on all three?)


    And ....

    The BBC undertook a survey to establish the GBP’s opinion on GLBT’s standing in broadcast material.

    2000 ish interviewed and a further 900 ish volunteered to contribute.

    The BBC have committed to improving the presence and imagery of GLBT’s in it’s output as a result of the information gained.

    900 out of a sample of 2900 is 31 per cent of those interviewed. Or another way 45 per cent extra people volunteered to give their opinion. One hopes that this extra ‘sampling’ was properly weighted?

    Otherwise it could be interpreted as a very big “megaphone’!


    And ....

    Chancellor? .....

    Balls? Mr or Mrs?

    Mrs!

    Mr. should run Education!


    And ....

    Clegg has proclaimed several times that he, and sic the Lib Dims, would “.... change Britain for good.”

    Why did he not say ..... ‘ ..... change Britain for the good.’?

    Was that political dogma, a conscious decision, a slip of the tongue or just a plain attempt to hang on to power?

  • Comment number 13.

    "Max Keiser"

    "do you really think that the state funded organisation would give room to individuals who are critical and articulate against the present state of play."

    Yep he did a seris of programs for the beeb once. But I do know what you mean and doubt they would have him on now - he loves to dark humour rant and rave.

  • Comment number 14.

    #8

    graff of dj, you say? I think I'll stick with colourful and imaginative design and art, even if some of those may be of different shades of grey or black & white. 'Things' like that contribute to the overall happiness, together with human warmth, respectful exchange of ideas, impressions and emotions and CARE.

  • Comment number 15.

  • Comment number 16.

    9.

    yes most of NN are reds or ex red. public service is about being a conduit. they might not like the government but they have a moral duty to let the public hear what the govt have to say. As it is they are having a trot fit instead. All they are saying is that they cannot be trusted as a conduit but will bend and filter what the public can have access to.

    it seems the voice for public service in the bbc is very small and is drowned out by vested small mindedness who want to strike over a ponzi pension scheme that is unsustainable. reminds one of the fbu strike that collapsed once people found out the featherbedded conditions they were trying to protect.

    actually all it will show is that the bbc is not 'necessary' to the uk as people can get their information in plenty of other places. this knowledge will no doubt be of use as the govt decide their retribution er i mean plan for the future of the bbc.

  • Comment number 17.

    Is this the same Treasury who knows so much about economics that they think the house and property inflation does not matter!!!!!

    First they should remove the plank from their own eye before worrying about the fleck of dust from somebody else's!

  • Comment number 18.

    one only has to look at the emotive language to realise the bbc is a wholly owned cell of the trots

    .."Anyone who finds themselves at work on a strike day is making themselves complicit with the BBC's robbery of everyone else's pension."

    "I do not take kindly to non-members trying to unpick democratically taken decisions of the NUJ with the aid of loathsome enemies in Fleet Street."

    https://www.politics.co.uk/news/culture-media-and-sport/bbc-strike-row-descends-into-acrimony-$21384383.htm

    the only people being robbed is the taxpayer who has to funded this extravagant ponzi pension scheme that depends upon every increasign amounts of public money to exist.

    look at this one

    ..With a £4m pension pot, the BBC's Jenny Abramsky isn't shy of retiring

    https://www.dailymail.co.uk/tvshowbiz/article-560900/With-4m-pension-pot-BBCs-Jenny-Abramsky-isnt-shy-retiring.html

    further given

    Marx's argument that:

    The class which has the means of material production at its disposal has control at the same time over the means of mental production, so that thereby, generally speaking, the ideas of those who lack the means of mental production are subject to it. (Marx & Engels: The German Ideology, cited in Curran et al. 1982: 22).

    According to this stance, the mass media functioned to produce 'false consciousness' in the working-classes...

    https://www.aber.ac.uk/media/Documents/marxism/marxism03.html

    by striking only during the tory conference the bbc are engaging in creating a 'false consciousness' which sounds like a crime against humanity?

  • Comment number 19.

    bbc strikers want to make at least 10% of the licence fee for pensions?

    how the pension reform will affect bbc staff

    ..A 50-year old manager, on a salary of £75,000 would see his projected pension fall from £50,675 a year to £36,658 ..

    https://www.ex-bbc.net/cgi-bin/yabb/YaBB.pl?num=1277807977/9

    a measly 36K? no doubt the licence fee paying public would agree this is a poverty pension.

    i supose programme making just gets 'in the way' of a publically funded 'lifestyle'?

  • Comment number 20.

    It sounds like tonight's programme is going to be most interesting. If I don't watch it tonight, I shall watch it tomorrow on the iPlayer.

    mim

  • Comment number 21.

    #20. addendum

    I was wondering when the government were going to start dealing with the high frequency business and it looks like the tome has come. And I'm looking forward to watching Tim's film with the Officer who served in Nigeria.

    mim

  • Comment number 22.

  • Comment number 23.

    12. At 2:45pm on 30 Sep 2010, JAperson wrote:

    "A “rare string’ twice as prevalent in one group as another is not sufficient for a confirmed diagnosis ( Even though most ‘just love a
    label’)

    Work in education and observe many of those labelled ADHD and note the differences in individual behaviour outside of the classroom i.e.
    ‘authority’ controlled, environment ....

    And think again about the ‘genetic’ aspect"

    Why do you say this? This is not a minor area of research, this application (ADHD) is just one phenotype (behaviour) amongst many, and the point to grasp is that the same methodology is applied to this as to say diabetes, obesity, cancer, hair, eye and skin pigmentation etc.
    There are multiple genes even in the control of pigmentation and then there are variations in the genes themselves i.e slippages of a nucleotide, repeat(s), additions etc Most observables have multiple variables behind them and there is lots of variation in the observables too. What this study has reported is just one contribution as a risk factor but one has to remember that most disorders are polygenic and hard to measure for all sorts of mathematical reasons..

    Note also that the behaviours for a diagnosis of ADHD have to be observed in TWO or more settings (below is from the US system but the WHO system is similar):

    https://www.ldawe.ca/DSM_IV.html

    Finally, whilst it looks like we are indeed as you say pretty much what we are when genetically conceived, environmental effects are still physical effects upon the embryo from conception onwards and those are just about as impossible to manage in any positive protective sense as the genetic aspect is (selection). However one looks at it, those who make out that some environmental interventions have a major impact generally don't know what environment really refers to. Trust me. People who bang the drum for the environment very often do far more harm than good. They make out they know, when they don't too - that's what's really so bad about what they do. It';s as if they're saying 'we don't know, and we know that for sure'. It's silly and you should be suspicious of that.


    "14. At 2:54pm on 30 Sep 2010, mimpromptu wrote:

    "I think I'll stick with colourful and imaginative design and art, even if some of those may be of different shades of grey or black & white.
    'Things' like that contribute to the overall happiness, together with human warmth, respectful exchange of ideas, impressions and emotions and CARE."

    Yes, these are very feminine interests and have a very important place in our lives and thus the world. But when that's brought onto Newsnight blogs when the subject is get rich quick trading on the stock exchanges as part of what's been damaging the real economy, it's actually quite a distraction. As most women do naturally have interests like yours and can't help bringing those interests into the work place, can you now see how this behaviour en masse, over time, might be more than a bit distracting and be seen by an enlightened few as subversion? Some males are very distracted by sexual displays too.

    There's a time and place for everything Mimpromptu - social skill requires one to recognize which is the appropriate time and place.

    "16. At 4:41pm on 30 Sep 2010, jauntycyclist wrote:

    yes most of NN are reds or ex red. public service is about being a conduit. they might not like the government but they have a moral duty to let the public hear what the govt have to say. As it is they are having a trot fit instead. All they are saying is that they cannot be trusted as a conduit but will bend and filter what the public can have access to."

    You are beginning to make no sense at all, and I suspect you use words with your own meaning to have a poetic effect?

    Listen. Public Servants or Civil Servants work for the tax payer or people. In the old days (before about 30 odd years ago) lots of jobs were public: air, rail and sea transport, phones, post office, education, gas, coal, steel, health...lots and lots. When politicians said they were going to do things, it made sense to listen, because they controlled what the civil servants did who managed all the above. The BBC was part of all of that. That doesn't make them 'reds' it just meant that lost of jobs in the community wee run by people for each other.

    It was the London School of Economics post war lot who were reds, and these like others at the Institute of Education etc, helped UNDERMINE all of the above in the interest of the free-market people who wanted to have it in private ownership, e.g. banks. The reds were Trots (usually emigres from E Europe who we gave asylum to), but as they go around pretending to be someone else (entryism), they became in fact blues. Get it?


  • Comment number 24.





    At 2:27pm on 30 Sep 2010, wendymann wrote: in part ....


    
in it they say -

    "Impartiality is the watchword for the BBC's political coverage and we would not wish to give a misleading impression that this is no longer something we value highly,"



    The BBC has ‘always‘ taken pride in it’s impartiality.

    Or so we are led to believe.

    Why then is one (?) BBC Local presenter allowed to wear an overt religious symbol?

    In these ‘enlightened‘ times has someone at the top of the Corporation hierarchy decided that it is time to take ‘the finger from the hole in the dam‘ or are the Lawyers at it again?


  • Comment number 25.

    Just a few questions which Paxman could have asked Ed Miliband but
    didn't:

    1. Are you sympathetic to Leon Trotsky's writings? How about Joseph Stalin's
    2. Are you a Fabian?
    3. You say you aren't practicing, but neither are many in the Knesset are they?
    4. Do you social network?
    5. What are your views on the Israeli-Palestinian conflict and settlers?.
    6. Are you in favour of breaking up near monopolies such as Tesco, Sainsbury etc and will you consider nationalising them?
    7. Did your dad tell you that Big Brother STOLE your train set?

    Questions of this ilk would have told us something about the man, Paxman's questions did not. Why did he not ask probing questions? I don't expect Maitlis, Esler etc will either. Why not?

  • Comment number 26.

    23

    what i do get is that you do not read what i write nor have you researched into the background of the NN staff. when and if you do come back.

    i know to trots common sense is no sense because its not disfigured by class dogma. They are the only people who would think its a good idea to strike over a ponzi pension scheme knowing it was a ponzi and so must blow up.

  • Comment number 27.

    #23

    Look, table, do you consider all artists and art critics as well as writers on art feminine? Do you think Paxo is feminine? Anybody, absolutely anybody of whatever age and whether heteresexual, bisexual or gay can be sensitive to art, beauty, poetry. And anyway, do I upset you sexually? Have you been following me in any way? If so, how? As far as I am aware I don't really upset people at the Queen's Ice Rink and if at any time I do, I welcome comments and requests to change the place on the ice, for example. Otherwise, most people, if not virtually everybody are more or less friendly with me. In fact, from what I can see, more and more so.

    Confession time? What are you up to, mr table?

  • Comment number 28.

    #25

    are you now issuing instructions to Newsnight presenters? I just wonder whether they'be happy to 'behave' accoriding to your will.

  • Comment number 29.

    PEOPLE IN TINTED GLASS HOUSES SHOULD NOT SHOUT 'FRAUD'

    Will Newsnight have time for the Warsi allegation that Conservatives lost three seats to Labour fraud?

    By way of balance, I have sent the flyer distributed in Newbury (and at least 15 other constituencies) to the good Lady. It claims: "THE CONSERVATIVES MUST WIN HERE TO STOP ANOTHER 5 YEARS OF GORDON BROWN".

    https://spoilpartygames.blogspot.com/2010/08/entrenched-westminster-blight.html

    Will she respond?

  • Comment number 30.

  • Comment number 31.

    "26. At 8:06pm on 30 Sep 2010, jauntycyclist wrote:
    23

    what i do get is that you do not read what i write nor have you researched into the background of the NN staff. when and if you do come back."

    I do read what you write, but a lot of it is false. What matters is what people DO, not what they think or what they have read when young. You don't understand a lot of what you are talking about, so I am trying to help you. You don't seem to know what Trotskyism is, or how it works. It is anti-state in practice, like the Austrian School of economics (i.e anarchists and/or Libertarians). I am just trying to teach you some politics. Look up SPIKED for an example. Is that Trot?

    "i know to trots common sense is no sense because its not disfigured by class dogma."

    See, that really doesn't make any sense at all does it? The New Left is Trotskyite, do you understand why that is so? Do you understand how some would thus describe New labour as Trotskyite, even the LSE after the war, and possibly even New Generation Labour now (although we must wait and see what their policies are going to be to be sure)?

    "They are the only people who would think its a good idea to strike over a ponzi pension scheme knowing it was a ponzi and so must blow up."

    No. and our economy is not a Ponzi Scheme. You just don't understand how one generation supports another. That's not a Ponzi Scheme. For a start, Ponzi Schemes are illegal and our Liberal-Democratic economies'
    pension schemes are not. That's an important point to grasp. You've just been seduced by anarchist/libertarian anti-state rhetoric. You're making as much sense as Mimpromptu (and that chap who used to do mid day post bombing runs), and for the same reasons. You are ranting.

  • Comment number 32.

    Quote of the night.

    BBC1 News at 10 tonight re Tony Curtis

    'He would do almost anything for attention'

  • Comment number 33.

    "27. At 8:12pm on 30 Sep 2010, mimpromptu wrote:
    #23

    "Look, table, do you consider all artists and art critics as well as writers on art feminine?"

    No, but (and I'm telling you something you don't know here) most people in these areas will be female or have more female tilted brains, you can work that out by looking at the frequencies of males vs females choosing subjects in this area at GCE and beyond. Male and female are not strictly genital. 'Males' tend to go for the more spatial non verbal occupations and interests. They don't read as much as females or go in for the arts in the same way. It's just a statistical fact and you will discover that if you look at the data,.

    "Do you think Paxo is feminine?"

    No, but I suspect he will have more feminine interests/abilities than many males. So will Gavin Esler etc. It goes with journalism interest/aptitude. It's a verbal/communication and therefore female tilted area.

    "Anybody, absolutely anybody of whatever age and whether heteresexual, bisexual or gay can be sensitive to art, beauty, poetry."

    Yes, but if one is interested in explaining behaviour one has to look for what accounts for differences not smear it all into 'all the same'
    talk. That's a failure of discrimination. It's ignorant and a bit stupid to do that.

    "And anyway, do I upset you sexually? Have you been following me in any way? If so, how?"

    I don't know you personally, I just read your posts here.

    On another matter, recently we saw Harriet Harman reprimanded by David Miliband for clapping when Ed Milband (who was not in the Cabinet when New Labour took us into the Iraq war. Blair and Miliband were. Do you understand why David Miliband would have been so angry at Harman's behaviour? Do you understand that some people in the world could hold Harman as having admitted her complicity in a criminal act by such behaviour should it be concluded from the Iraq Inquiry that the government was guilty of a war crime by invading Iraq? I don't think Harman thinks about what she says and does. I don't agree with David Miliband's politics, but I don't think him politically incompetent. I do think Harman is though.

  • Comment number 34.

    #25

    Q. and why isn't QT live?

    A. because it's all media manipulation.

    PS I don't expect Dimbleby to ask any probing Q's either!

    QT should really be rebadged as WoT [WASTE oF TIME]

  • Comment number 35.

    ""32. At 10:18pm on 30 Sep 2010, DebtJuggler wrote:
    Quote of the night.

    BBC1 News at 10 tonight re Tony Curtis

    'He would do almost anything for attention'"

    Most won't get it, as they don't even put together two news items aired on the same day. The USA celebrates attention seeking as celebritism/narcissism like no other country in the world - but why? Why Hollywood in particular? Why do we keep celebrating/reinforcing behaviours which we know are pathological? Much of the entertainment industry is now a conduit for the desperate-to-be-noticed regardless of what it's for (remember all the girls going commando?). Here's a relevant post from tawse57 over on Paul Mason's blog which laments the demise of cinema of the Curtis era, commenting on today's antics which will be wearily familiar to many.

  • Comment number 36.

    "The BBC has ‘always‘ taken pride in it’s impartiality."

    I think we have to be realistic about what's actually possible here and give the BBC some leeway for human error and other forces. Here's one I did earlier.

    Is it impartial?

  • Comment number 37.

    My God!

    The Tories have got a real, live, walking-talking Tony Blair clone.

    Even his face, hair, teeth and ears are identical to Blair.....except that this clone IS really Jewish.

    It's uncanny....In fact; it's bleedin' spooky.

    His name is Grant Shapps
    https://en.wikipedia.org/wiki/Grant_Shapps

    'Shapps was born in Watford in Hertfordshire and educated at Watford Grammar School for Boys followed by Cassio College where he completed a Business & Finance course at Manchester Polytechnic (now Manchester Metropolitan University), where he received a Higher National Diploma.[4] Shapps was born to a British Jewish family, and was a one-time BBYO youth leader'

  • Comment number 38.

    Re BBC 2 coverage tonight of the last day of the Labour Part Conference.

    Have you ever seen a bloke with a 2 inch gap between his eyebrows?

    No!...neither have I!

    Who was he?

  • Comment number 39.

    For a start there was a woman on tonight who said "Someone pointed out?" when referring to a comment by Paul Wilmott who is the uber quantitative finance nerd, if she doesn't know who he is she is not qualified to even speak on such matters. He has written numerous books which are required reading for anyone in the quantitative finance realm and if you check his home page you will notice he is even teaching alongside Nassim Taleb-

    https://www.wilmott.com/

    It should be pointed out that High Frequency Trading is not actually adding liquidity to the market, as liquidity is about the total amount of shares that can be traded, if the HFT algos are trading the same block of 100 or 1000 shares between them and the total number of allocated shares is in the millions, or billions then that is not liquidity, it is just and illusion. For a readable version of what has been happening I'd recommend reading Karl Denningers blog and search for HFT-

    https://market-ticker.org/

    For those who are want to dig further there are plenty of articles on zerohedge.com, though you need to use google or another search engine to find hft as their site search needs four letters minimum, for example-

    https://www.google.co.uk/search?num=100&hl=en&safe=off&q=site%3Azerohedge.com+hft&aq=f&aqi=&aql=&oq=&gs_rfai=

  • Comment number 40.

    Interesting piece on the stockmarket 'flash crashes' and a sobering thought that the financial institutions and our wealth as nations depends on computer programs and electrical threads linking millions of computers around the world.

    Not that computers are actually clever, but that we increasingly rely on them being so.

    It wouldn't take long to descend into chaos if banking credits en masse were suddenly wiped out and you couldn't transfer money or withdraw cash.

    But then if you only had financial deficits, it could be a distinct advantage. Maybe George Osborne should look into it.

  • Comment number 41.

    I'm now just watching a programme on BBC2 tonight about privately educated boys.

    I have just thought of the affirmation...

    'Give me a child untill the age of 11...and he will be a free-market capitalist for life'

  • Comment number 42.

    32. At 10:18pm on 30 Sep 2010, DebtJuggler wrote:
    Quote of the night.

    BBC1 News at 10 tonight re Tony Curtis

    'He would do almost anything for attention'


    Shows how times have changed. Now they'd do anything for attention.

  • Comment number 43.

    SOMETHING OF THE NIGHT? OR PERHAPS OF DORIAN GREY! (#37)

    I was transfixed by the EYES DJ, they seemed to follow one round the truth.

    Whatever the reality of it, Tony certainly looks like the picture in the attic these days, while Shapps has that 'adorable' radiance.

    Spooky is right.

  • Comment number 44.

    #33

    Statistics, you say? How many globally known female artists have been throughout the ages by comparison to artistically successful chaps?

    Re: sexual behaviour

    Why then do you say what you say, addressing me specifically, at #23? Or have you forgotten what you wrote, or perhaps you are in fact confused?

    'A woman should know her place' - you're quoting Elvis here, aren't you? Would you like to be like Elvis P. by any chance? When he died largely destroyed by the vultures surrounding him, he must have had a few Visa cards in his walllet. Do you like Visa cards, mr table no 1?

  • Comment number 45.

    HFT - well at least your getting into the stuff that now matters - its potential to affect us all and more-so than the last arranged financial terrorism, even if the debate was contradictory and failed to acknowledge the work of nanex.


    Great clip of Curtis
    Kirsty being wry
    disastrous dates
    gosh dont I know

  • Comment number 46.

    #45

    Flick, do you mean nanex
    The ‘in-waiting rex’?
    ‘King’ of the banks,
    Cheats and all kinds of pranks?

  • Comment number 47.

    BLINKING RIP-OFF BRITAIN

    Just watching an N-Power apologist, telling how they made a MISTAKE in EXPLAINING their new prices, and this led customers to pay too much.
    That's one in the eye (!) for cynical folk who thought N-Power were pulling a stunt, simply to make extra profit!

    While he was putting all that straight, his blink rate went off the scale. Probably had something in his eye . . .

  • Comment number 48.

    "Do you like Visa cards, mr table no 1?"

    No, as someone here once suggested, in the hands of the female brained they are prone to destroy one's economy ;-)

    You're quite right about history's great painters being male of course, but how many of those would be better classed as draftsmen or architects compared to today's artistes? By arts I meant dramatic etc in contrast to the sciences. There is a divide. What I'm referring to as statistics is not controversial. If you examine the school test results for maths and English (for example), you will find that boys do better than girls (all over the world, with the possible exception of Israel oddly, especially in architectural school - maybe a function of one of the ten commandments proscribing making images long ago?) in maths at the top end, and girls do better than boys in English (language/communication).

    If you look at the numbers sitting maths at A level, or physics, you'll see quite a sex difference. Interestingly, if you look at psychology you'll see the reverse (that's a new phenomenon in the last 30 odd years though). For an example of atypical male behaviour in psychology in fact, see the audio clip which Debtjuggler referred to yesterday on the ADHD interview, sensible female psychiatrist, male clinical psychologist.

    You raised a smart question though. I hope the above sheds a little light on a major area of research in human cognitive diversity (which is far more notable at the extremes than average - most of us are a bit mixed, after all, well all have only one fully X chromosome - not a lot of people fully appreciate the significance of that you know...even in science).

  • Comment number 49.

    #48

    Well, thank you. I feel 'honoured' by you saying that I've raised a smart question. Funnily enough, I'm hoping that what I'm planning to wear today is a bit smartish by comparison to what I usually wear.

  • Comment number 50.

    https://www.dailymail.co.uk/news/article-1316558/BBC-stars-condemn-union-plans-black-Tory-conference.html?ito=feeds-newsxml

    I've sent a comment to the paper about the stars' condemnation of the planned strike. It should be available on-line in a couple of hours, or so.

    Monika

  • Comment number 51.

    Max Keiser on austerity -

    https://www.youtube.com/watch?v=5DBpya55RnE&feature=player_embedded

    "penalize the people for accounting fraud by the bankers"

    "we're not even talking about capitalism, were taking about rigged markets - these bankers using HFT"


    And remember this person invented HFT

  • Comment number 52.

  • Comment number 53.

    Electoral Fraud

    if labour benefited the most from the most easily corrupted election system in the world then no wonder they did nothing about it? They like Doncaster model?

    Assessing the Stupidity

    the fact uk citizens go fight in the IDF to support an illegal occupation [that govt says it wants to help solve] isn't terror because it isn't 'islamic'? How is allowing uk people to perpetuate the occupation [and selling weapons to the IDF] 'helping to solving it?

    Norman Occupation and Empire Heritage

    colonialism is a crime and the uk did have no 'right'. How would africa have been without the British? You wouldn't have artificial borders that has been at the root of the violence? [see iraq].

    the uk is still under norman occupation. Isn't it time they, in the form of their norman monarchy model, also left the uk? But even to suggest that some other model might be chosen to represent the uk in the form of head of state is still treason. Nice gagging law that. Which is in keeping that the norman monarchy model that, through its history, has proven to be anti democracy, anti human rights for all and anti free speech.

  • Comment number 54.

    https://www.dailymail.co.uk/news/article-1316724/Bonfire-benefits-save-9bn-Duncan-Smith-wins-battle-Treasury.html

    Crikey this signals riots. There must be over 100 thousand going to loose their jobs due to govt insanity of debt to the fractional bankers who rigg everything.

    These people truly are invidious and delusional.

    "He argued that a complete reworking of the system was required to offer an incentive to work for those caught in the benefits trap."

    Go tell that to a banker you stupid

    Enforce decent rates of pay you stupid

    Easy to do, you just invent money

    Why not, you allow the bankers to do

    IT

    You stupid

    Tobin tax on Forex you stupid

    If your new to reading this click on my name and look at my post with links to simple videos explaining fractional reserve banking and derivatives, copy and paste the URL's watch when you have an hour or so to spare to understand the context of why this is so vile.

  • Comment number 55.

    "51. At 11:27am on 01 Oct 2010, flicks2 wrote:

    And remember this person invented HFT"

    A reason to pause for thought perhaps? market profiteers thrive on creating uncertainty, anxiety, volatility. Do4es Max strike you as one with a steady hand on the tiller?...;-)

    PS. When you buy gold, you wouldn't be buying it with fiat money would you?


    "52. At 12:09pm on 01 Oct 2010, Mistress76uk wrote:

    I'm speechless...."

    Let me ask a question. If every household in the UK was fortunate enough to have a mortgage of £500,000 how much debt would they be paying off just in interest every year at 5% interest? Now, consider all the businesses (of people living in households) and their borrowings. What might that add up to in debt? Lots of people reading can't do maths, especially, alas, female readers who love to shop on credit cards.

    Now, I'm asking you a straight question as I don't know the answer. What does all this debt really refer to exactly?

    next question:: How much of what we're reading is just the new get 'em where it really hurts stuff to replace: the nazis are coming; the Russians are coming; AIDS will get you; swine flu's on the horizon, bird flu's aloft; global warming gonna burn you to a crisp scaremongering and exaggeration to keep the markets buzzing and public sector asset stripping going, oh, and people healthily anxious in our free libertarian stateless culture? Still, if it works. Some people need disciplining I guess? ;-)

    53. At 12:21pm on 01 Oct 2010, jauntycyclist wrote:

    "Assessing the Stupidity

    the fact uk citizens go fight in the IDF to support an illegal occupation [that govt says it wants to help solve] isn't terror because it isn't 'islamic'? How is allowing uk people to perpetuate the occupation [and selling weapons to the IDF] 'helping to solving it?"

    Good question, and one which has been raised in Parliament too. Another point to bear in mind is that David or Ed Miliband could, should he ever wish, become an Israeli citizen (and even Israeli politician?) through the Right of Return. It doesn't matter that they probably wouldn't ever do that, what matters is that 95.5% of the UK population couldn't (especially not the Muslim ones), which is unfair surely? I did suggest that Paxman etc asked NN guests harder questions (like Bob Crow was asked last night on HARDTALK). In the absence of that, NN isn't credible anymore. Too many people are now scared off addressing the obvious for far of offending, which is just a very clever psychological ruse (see Rawls' Difference Principle) I think.

  • Comment number 56.

    #52

    Mistress76uk

    I'm just wondering whether it's not, partly at least, due to Jaded_Jean's 'clever idea' of installing useful idiots in power. He boasted of it no end and some of the NN's bloggers still talking about deliberately attempting to bring this country to it's knees and not only financially, hoping, as far as I can see, to introduce a foreign type of dictatorship so that people, whatever their status, 'behave'.

    mim

  • Comment number 57.

    53. At 12:21pm on 01 Oct 2010, jauntycyclist wrote:

    "the uk is still under norman occupation. Isn't it time they, in the form of their norman monarchy model, also left the uk?"

    These Normans to which you refer, did they originally come over in the boats in 1066? How do we identity them today, and doesn't Article 19 of the EU Human Rights Charter in the Lisbon Treaty prevent moving them on?
    Didn't we have an 'all change' in the Middle Ages and C17th anyway? ;-)

    That being so, what is the point of saying he above - you used to say sensible things too ;-)

  • Comment number 58.

    Have they gone yet?

    I was that bored this week that I bought one of those micro remote controlled indoor helicopters. Once you get passed the bad chinese to English translated user manual, your off and away. Next time Labour decamps to your city and your struggling with the tedium..get yourself a micro indoor helicopter.
    How is it, when there is a conference up here, my other arf has to always mention she bumped into or seen Paxman. She hopes he enjoyed the art work so she says..because its been a non-event month; not much happening... aye, a little bit like the Labour party conference.

  • Comment number 59.

    56. At 1:12pm on 01 Oct 2010, mimpromptu wrote:

    "some of the NN's bloggers still talking about deliberately attempting to bring this country to it's knees and not only financially, hoping, as far as I can see, to introduce a foreign type of dictatorship"

    If Laura Tobin tells you it's going to rain tomorrow, do you think she makes it rain?

  • Comment number 60.

    57

    you really don't read the stuff do you.

    how did i define with what we could identify the norman occuaption? with a hunt for blood line normans or with their norman monarchy model? the model that the North Korean President seems to want to adopt as his model of hereditary succession.

    nothing has changed in the uk. the uk 'national' oath, 'national' anthem and treason laws all relate to defending the privileges of the monarchy and not to defending the rights of all the people. Which in effect makes the whole Government culture and apparatus merely to defending the monarchy and not the people. Why is it even illegal to discuss who else might be head of state? Why the gagging law?

    why are 60 million people forced to live on only 10% of the land? why do millionaire landowners get 4 billion a year subsidy merely for owning land? why is that not on the list of 'cuts'? Because it would cause 'hardship'?

    I'm sure you have read 'Who Owns Britian'? That there is an inner empire of about 1000 usually land owning families some that do stretch back to the plantagenants. They are not required to register their land with the land registry. Why? So no one knows what is going on and who owns what. Why is there no land tax like happens in nearly every other country? There can be no tax unless all the land is registered and there is no requirement to do so unless it is sold.

    where else can we see the norman occupation? In ireland for a start. All the wars started with the normans. We are still living with it's consequences today as the 'terror threat is turn up a notch. And wales. Has there been any admission of guilt for nearly 800 years of ethnic and cultural cleansing done with blindings, burnings and maimings as the Normans tried to wipe out welsh language and culture? No. We still have a Norman style 'Prince of Wales'. Time to end all that barbarism.

    once one see the norman ideology one can see it everywhere in uk life. its generally not a force for good because it requires the general population to play a role game of subservience and creates a divisive class language. I remember the first game i ever learnt at school was 'I'm the King of the Castle and you're the dirty rascal' which encapsulates in a sentence the the whole uk class structure and its language. One affirms your self proclaimed title another affirm the status of everyone else. Its a pretty violent game as it involves lots of pushing other people about.

  • Comment number 61.

    Can't wait to see Jeremy v Russell Brand tonight :o)

  • Comment number 62.

    Lady Varsi non appearance on QT last night....mmm QT audiences can be amazingly hostile especially on the subject of CUTS and walkovers for bankers....yes...Lady V.. you did the right thing. Sadder to learn that Jeremy and Michael and Nick will be crossing picket lines against the interests of all at BBC especially over their pension disputes (how could one argue against) I am surprised because it must be the most painful thing to call a walk out and it is after the most in-depth negotiations at senior level so a little tolerance please, guys and besides you work with these people. NN is the voice of the people and we cherish our BBC so let us keep the staff on board....you know it makes sense..

  • Comment number 63.

    #58

    Who are you waiting to disappear, kev?
    And, I have to disagree with you re: the Labour Conference last week. In my view it was EVENTFUL and transformational.

  • Comment number 64.

    # 55 tn01

    "PS. When you buy gold, you wouldn't be buying it with fiat money would you?"

    By jove, I think you've cracked it! Any shrewd Gvt's strategy going forward appears to be:

    Swap your fiat currency for another country's
    Use this to buy gold
    Devalue your currency

    "market profiteers thrive on creating uncertainty, anxiety, volatility"

    The banking profession actually relies on creating stability / dosility. Angry mobs make poor debt slaves. They NEED the rule of law and the enforcement of property rights.

  • Comment number 65.

    Will anyone need me, will anyone love me when I'm 64?

  • Comment number 66.

    I've now seen the clip with Jeremy and Russell. 'The comedian' who doesn't make me laugh, seems, as usual, very full of himself.

  • Comment number 67.

    #63 correction

    I've missed the word 'for' so it should be either:

    For who are you waiting to disappear, kev?

    or

    Who are you waiting to disappear for, kev?

    It's me now who's awaiting a reply. An honest one, please.

  • Comment number 68.

    #53 and #57 Here I am, I'm from norman descent, here's my ancestor Geoffrey de Mandeville came over in 1066 with William the Conqueror. He was given land all over england particularly in Essex, but sorry to say we became paupers in the 1670s, and worked as lurkers (sheep watchers) instead.

  • Comment number 69.

  • Comment number 70.

    A change of 'heart' from Osama bin Laden, if he is still alive, or from the muslim world in general?

    https://www.bbc.co.uk/news/world-middle-east-11452074

    Whoever it is that has issued the statement, it does sound a bit promising for the future of humanity.

    mim

  • Comment number 71.

    60. At 2:38pm on 01 Oct 2010, jauntycyclist wrote:
    57

    "you really don't read the stuff do you."

    I do, I just don't believe/take seriously all that I read. Much that people write doesn't make any logical or empirical sense, and from that, I conclude it must be meaningless or art. I don't know what you are referring to in much that you write, that's all, so I thought I'd better ask. Have you answered? I don't think so. It's all very vague and even a little bit paranoid. I'm not being rude, I'm trying to be helpful.
    Seriously.

    "how did i define with what we could identify the norman occuaption?
    with a hunt for blood line normans or with their norman monarchy model?
    the model that the North Korean President seems to want to adopt as his model of hereditary succession."


    Are you talking about our Constitutional (i.e sinecure/ceremonial) Monarchy? How is that like North Korea (which is Democratic Centralist aka Stalinist)? Surely what matters in N. Korea (as everywhere else) is the government structure not the figure-heads? That's just figurative.

    "nothing has changed in the uk. the uk 'national' oath, 'national'
    anthem and treason laws all relate to defending the privileges of the monarchy and not to defending the rights of all the people."


    Lots has changed. Honest. All that really matters is whether the means of production, exchange and communication are in private or public ownership. It's really that simple. Just think how simple life could be if we had one rail system, one ISP, one supermarket system, one education system etc.

    "Which in effect makes the whole Government culture and apparatus merely to defending the monarchy and not the people. Why is it even illegal to discuss who else might be head of state? Why the gagging law?"

    It's illegal? What gagging law is that. Please name it on the state books.

    "why are 60 million people forced to live on only 10% of the land?
    why do millionaire landowners get 4 billion a year subsidy merely for owning land? why is that not on the list of 'cuts'? Because it would cause 'hardship'? "


    I don't know. Why do they get a subsidy? Have you looked into this carefully? Is it farmland? Is this to do with the EU economy?

    I'm sure you have read 'Who Owns Britian'?

    No, as I think it makes no sense to even ask 'who owns' Britain.

    "There can be no tax unless all the land is registered and there is no requirement to do so unless it is sold."

    So, when the owners die, are their assets not subject to IHT?

    "where else can we see the norman occupation? In ireland for a start.
    All the wars started with the normans."


    The Vietnam war started with the normans? The Iraq war?

    I'm trying to get to see that some sentences go nowhere because they do not have truth-functional elements. We often get very confused when we let ourselves use such sentences outside of the appropriate context (e.g in fun, art etc). You seem to be saying things seriously, and it is a bit mad as a consequence. I suggest you stop it for your own good.;-)

  • Comment number 72.

    #69

    When I first read your post, Ecolizzy, I was going to say something about you having distinguished predecessors but on reading up about Geoffrey de Mandeville, it does seem all that distinguished with one of the suggestions that he may have been playing his powerful contemporaries against one another:

    https://en.wikipedia.org/wiki/Geoffrey_de_Mandeville,_1st_Earl_of_Essex

    Are you still, Ecolizzy, in this contemporary world of ours a lurker and a sheep watcher??

    mim

  • Comment number 73.

    This is how to deal with fractional reserve banking :-

    https://www.youtube.com/watch?v=iPvBQ1qscpg&feature=player_embedded#!

    But what we have are gutless titty babies who blab lies

  • Comment number 74.

    Bad apples everywhere.

    Some Poles have been arrested by the British Police for card fraud and a deceitful and manipulative Turkish wife beater has been convicted in a New Zealand Court:

    https://news.yahoo.com/s/afp/20100930/wl_asia_afp/nzealandturkeyculturecrimecourt

  • Comment number 75.

    #71

    May I suggest it might be for your own good to stop yourself, mr table? I'm very serious about it. I'm not joking here. For some reason I do joke quite a bit these days but I'm dead serious about you stopping your playing around. I should imagine you have some gifts or even talents. Why waste them on false hopes, if not 'dreams?

    As far as jaunty is concerned, I'm dealing with him separately.

  • Comment number 76.

    HARPERSON REALLY LONGS TO BE FEMME FATALE (#69 link)

    Before all men learned to 'Go out of their way, to hug a Gay' wasn't there a sort of 'Freudian' view that those who were most vehemently anti-gay were actually gay themselves, BUT IN DENIAL?

    Well - by the same token, Harpy Harperson, with her determination to make all women into dull, pseudo-men, is probably reacting against a suppressed wish to be Patricia the Stripper. (:o)

    https://www.youtube.com/watch?v=_1a_nXU4jX8

    Will you tell her or shall I?

  • Comment number 77.

    this Russel guy...guess what? ...he's not funny...honestly, in fact Jeremy is funnier...

  • Comment number 78.

    "73. At 4:36pm on 01 Oct 2010, flicks2 wrote:
    This is how to deal with fractional reserve banking :- But what we have are gutless titty babies who blab lies "

    Are you sure of your sources? If you're not, beware, as you could end up behaving very oddly.


    75. At 5:19pm on 01 Oct 2010, mimpromptu wrote:

    "As far as jaunty is concerned, I'm dealing with him separately."

    How about flick2? He seems to need 'seeing to' too. What if they have a 'protected
    characteristic'
    though? Won't you have to report yourself to the authorities?

  • Comment number 79.

    #78

    Flick, you're surely aware that I've 'dealing' with flick too. As far as the authorities go, I've been in touch with just every authoritative establishment that exists in this country, including The Queen, a couple of Lords, a few Westminster MPs from around the benches on all sides, the real medics and by now, not only Paxo, but quite a few other journalists as well.

    On the whole, it's a country of free speech. Whenever the Mods, or some other 'controller' decide to remove any of my posts they 'feel' offensive, I don't really get upset and only occasionally contact the BBC to see if I can get a sensible and personalised explanation.

  • Comment number 80.

    #79 addendum

    Oh, I might as well add, that I've also been in with the President of the USA, Barack Obama, the Polish Prime Minister, Mr Donald Tusk, and a couple of current MEPs, one British and one Polish.

    None of the above have written back asking me to get lost, so to speak.

  • Comment number 81.

    #80 addendum

    I've forgotten to add that I have also reported to MET. They didn't seem in a hurry to arrest me, nor have I received any reprimand from any Police Officer. Instead, those I've spoken to have been rather helpful with their advice.

  • Comment number 82.

    mimprontu person with respect if we all had your attitude the would be NO BBC

  • Comment number 83.

    This comment was removed because the moderators found it broke the house rules. Explain.

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