"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "


Chinese premier Wen Jiabao 12th March 2009


""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."


Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Showing posts with label Fucking big black hole. Show all posts
Showing posts with label Fucking big black hole. Show all posts

Tuesday, December 18, 2007

The Meteorological Office are a bunch of useless wankers

As a matter of historical record this is what Lord Patel posted on 11th April 2007

The Met Office have today issued their Forecast for Summer 2007 - this is it ...

Temperature

"There is a high probability (at least 70%) that mean summer temperatures will be above the 1971-2000 long-term average over much of western Europe, including the UK. Indications for this year suggest the odds for a particularly hot summer, similar to those experienced in 2003 and 2006 across the UK, are around 1 in 8."

Precipitation

"Prospects for rainfall are uncertain. However, there are currently no indications of an increased risk of either a particularly dry or a particularly wet summer." ENDS

Apparently this garbage is "derived using global forecasting models and statistical methods."

It is employees of this outfit that can tell us what the climate will be in 50/100 years but boiled down there is a 12.5% chance of a hot summer (if you want the Bayesian analysis) and it probably won't be very dry or very wet.

They helpfully add that "The summer forecast will next be updated at 10 a.m. 1 May 2007." Peer reviewed scientists my arse.

They did update on May 1st (see here)

Update to Met Office summer forecast

The Met Office issues a long-range forecast for the summer and then reviews it on a monthly basis. The latest seasonal forecast from the Met Office, updated today, still indicates that this summer is likely to be warmer than average.

Following the trend set throughout 2006 and the first part of 2007, seasonal forecasters say there is a high probability that summer temperature will exceed the 1971-2000 long-term average of 14.1 °C.

The Met Office will issue an update of the summer forecast on 30 May 2007.

The Pitt Report

Sir Michael Pitt was asked by ministers to carry out a review of the flood-related emergencies which occurred during the summer of 2007. The interim report of the Review was published today . It is being published now to achieve three objectives:

• to identify issues which need urgent action;

Here is the second paragraph ....

"The severe flooding which affected much of the country during June and July 2007 followed the wettest-ever May to July period since national records began in 1766. Met Office records show that an average of 414.1mm of rain fell across England and Wales – well over double usual levels (see Table 1). The additional volume of rain which fell from May to July was 31,140 million cubic metres – more than four times the amount of water in all the lakes in England and Wales combined."



and on a wider front ..



Nowhere will you find any critical remarks about the Meteorological Office forecasting. In fact forecasting is not mentioned ... A search for the word "Forecast" yields nothing.

"no indications of an increased risk of .... a particularly wet summer"

On September 7th The Met Office issued a sumary of the summer. Remember on May 1st in their revised forcast they said they said
a high probability that summer temperature will exceed the 1971-2000 long-term average of 14.1 °C.

Here is the anomoly map published that day ...
That means the average for the summer was virtually unchanged from the 30 year average 0 except for tiny areas in the Western Highlands. That means they got it wrong in Spades )say 400% wrong) on precipitation and were totally wrong about the mean temperature.

You would have thought that the first and most critical recommendation is to see why the long range forecasting undertaken by the Met Office is so fucking piss poor... so worthless as to be useless.... and the "derived using global forecasting models and statistical methods." is meaningless piffle.

Maybe they could spend less time on telling us about the global climate in the next 50 years and spend more time, concentration and effort on improving forecasting methods.

Of course you will not hear a word about this scandalous record in the Press.

Friday, February 09, 2007

Record UK Trade Deficit in 2006 - VAT / Duty Black Hole Mystery deepens

The Office for National Statistics announced today that Britain's goods trade gap grew to £7.142 Bn. December 2006 , from £6.871 Bn. in November 2006. December's figures added to the largest annual trade deficit since records began in 1697, with the total trade gap for 2006 widening to £55.8 billion pounds in 2006 from £44.6 billion in 2005. ( A rise of 25%)

Records were set last year for both exports and imports but , excluding oil and erratic items, the volume of exports rose by 1 % between November and December and the volume of imports rose by 3%. (Nota Bene No-one has said yet the economy has been "blown off course". Yet.)

Very significantly the Press release states (verbatim)

"Following a change in the pattern of trading associated with Missing Trader Intra-Community (MTIC) fraud, identified by Her Majesty’s Revenue and Customs, interpretation of the breakdown between EU and non-EU trade is more difficult. Originally, most carousel chains only involved EU member states. More recently, some carousel chains have included non-EU countries, for example, Dubai and Switzerland. However, the import adjustment is applied only to EU imports as the goods return to the UK via the EU - but it is this part of the trading chain that is not recorded." (i.e the gangsters are one step ahead)

A report was issued in March 2005 Report on impact of MTIC on UK Trade statistics
Report on further research into the impact of Missing Trader Fraud on UK Trade Statistics, Balance of Payments and National Accounts. by David Ruffles & Tricia Williams... (Download PDF 9 pages ) which baldy concluded that it was not possible to extend or refine the estimates for the impact of fraud on the statistics using the currently available sources. Page 1.

On Page 9 they add ..."There are also concerns about asymmetries in Intrastat data, in particular issues about possible fraud in other Member States, inconsistencies between Member States in the calculation of statistical value, estimation of Below Threshold Trade and late/partial response. The UK will continue to be active in the European meetings at which these issues are addressed.

While further research by HMCE into the various data sources is possible, it is very resource
intensive. In addition, because of concerns about the overall quality of those data sources, in the
judgement of the HMCE/ONS team it is unlikely to yield robust estimates for the impact on the
trade statistics of either carousel fraud in other goods or of acquisition fraud."

A report from Reuters suggested that VAT fraud cost the UK government at least £ 8.5 Bn. (yes Billion) in the year to June 2006, whic HMRC disputes burt cannot provide any precise figures - which the Chancellor was slated to produce in his December 2006 statement ...but didn't. (But.See Below in BBC report)

Intriguingly the BBC report today (although the source of the figures is not given and is certainly not in the monthly statistics) ...

"The latest trade figures also reveal a continuing slump in the amount of trade associated with VAT "carousel fraud", which has been a factor in the volatility of the figures."

In December the volume of dishonest trade dropped to just £100m. "


They continue to say, despite the caveat about dealing with non EU fraud trails noted above ...

In the whole of 2006 there was £28.7bn worth of trade associated with this fraud, far and away the worst year on record and twice as much as in 2005. Most of this was in the 1st half , .... with just £600m of it in the last quarter of 2006.

In last December's pre-budget report (unseen by anyone else) Gordon Brown revealed that the Treasury lost between £2bn and £3bn in 2005-06 because of this activity. (For statisticians that is a variance of 100% = in this case £100,000,000 - which is a fair margin for error)
Meanwhile 5 arrests were made today in Surrey by HMRC, of a gang believed to have smuggled more than 85 tonnes of hand rolling tobacco (say 5 container loads) into the UK since July 2006 which involves the evasion of tobacco duty in the region of £12.5million.

John David WRIGHT, DOB 04/08/66 of Ruxbury End, St Ann's Hill Road, Chertsey, Surrey, KT16 9NL remanded in Custody.

Andrew Jeffrey GREEN, DOB 12/01/62 of 22 Camellia Court, West End, Woking, Surrey, GU24 9XQ Bailed
Christopher William SHEARD, DOB 26/11/48 of 6 Monks Way, Staines, Middlesex, TW18 1QU Bailed.

Bali Shag is the only true European hand-rolling tobacco sold in the United States... do John Prescott and Jack Straw share the odd packet, Lord Patel wonders.

(C) Very Seriously Disorganised Criminals 2002/3/4/5/6/7/8/9 - copy anything you wish