As overpaid so called experts slept through the foreseeable crisis in England and America, the lone caller in Switzerland was ignored with prophecies of doom and carnage.

There are scores of watchdogs in the financial sector, and seemingly they are a bevy of incompetent amateurs, with one notable exception. The Bank for International Settlement (BIS) has been warning for years of a looming crisis.

Meanwhile the Treasury of the English Government, the Bank (IMF), the Federal Reserve (FED) of the United States, its Securities and Exchange Commission (SEC), and the rating agencies Standard & Poors, Moody’s and Fitch, slept the sleep of overfed kittens are criminally amiss. It is to be hoped that court proceedings against these agencies and its individual exponents will soon start the world over, as they either criminally played away the peoples fortune or had been lying about their abilities and thereby committed fraud and took up work under false pretences.

As Chancellor in 1997, Gordon Brown (now Prime Minister of ill repute) restructured financial regulation, putting in place the tripartite system of Treasury, Bank of England, and FSA. Together as a whole and individually these institutions failed gloriously to analyse the situation correctly at any given time. Now they do just about everything wrong that they conceivably can think of. And the Prime Minister, as Chancellor responsible for the set-up and the empty heads sitting there, now tries to set himself up as the saving hero of crisis. What a lark.

The Treasury not only underestimated the credit squeeze and its impact on the system, if anybody there knows how to spell credit is debatable, but in March Chancellor Darling still spoke of 2 per cent growth for the economy. And that is the person in charge of handling the crisis? Good Lord.

King, governor of the Bank of England, called the raise in house prises in 2004 ‘unsustainable’, and did what all these men do best, nothing. Deputy governor Gieve was responsible for maintaining the stability of the financial markets which he did to our fullest admiration. He steps down, probably to lavish in a retirement scheme which would do the king of Persia proud.

FSA is responsible for regulating banks and ensuring they do not over-extend themselves. Probably the persons responsible were right not to get excited over the credit level in English banks, as harebrained stupidity coupled with pivotal greed do not come under an over-extension label. It is just criminal blood mindedness, which is part of the criminal courts, I suppose.

IMF in Washington is meant to oversee the global market. Being American dominated; it is therefore no surprise that they never even looked at the American market and the racket therein, where any googlian could become CEO of a company including banks. But what do you expect from a country with a chimpanzee as President?

FED’s Bernanke has been often criticised for being slow in reacting o the crisis, but then it’s probably all Greenspan’s fault anyhow, who as predecessor in the post had set up the whole mess. Greenspan, once hailed as the Messiah of the American free market will probably go into history as the man who killed capitalism with his ill conceived policy of low interest rates at the beginning of the millennium which sparked of the credit bubble.

The rating agencies played like all institutes do the pandering whores to the banks. Those who paid most got the best ratings. This system is in place all over the world in all fields of business, e it consumer tests, independent institutes or supervisory bodies, hose that pay the highest price get the best results.

SEC protects investors by maintaining fair, orderly and efficient markets. Quite logically, the same organisation relaxed or rather abolished the borrowing rules for Casino companies such as Merill Lynch, Morgan Stanley, Goldman Sachs, Bear Stearns and Lehman Brothers. Borrowing in Poker Club soared from 6 times their assets to 40 times.

After this long list of watchdog puppies that slept and cashed in, there is the one exception to the rule. BIS, based in Basel Switzerland, has warned for several years of a looming crisis, and been ignored. A year ago it warned again, that the crisis would be greater and more devastating than the Great Depression, and was again ignored.

We see, overfed puppies make no watchdogs. We could crap all these entities from one day to another and safe the exorbitant wages they are cashing in, quite apart from extravagant retiring schemes. Throw them all out, they are utterly useless.