This is a story about bias...

When you go hypomanic, you overestimate your capacity to work without sleep and food; you overestimate your ability to take on difficult tasks without negative consequences; you believe you can achieve superhuman feats. Often, hypomania can mean hypersexuality and the belief that you're irresistible to the opposite sex. Hypomania brings extreme risk taking, for me, and I'm a big risk taker anyway!

There must be an element of underestimation too. When hypomanic, you underestimate the difficulty of what you're trying to achieve. You underestimate the risks and the consequences of failure. "How hard can it be?" you find yourself thinking, as you get stuck into the quantum mechanics books. I rejected a highly paid career, in favour of building my own business, mostly because it seemed like it would be quick and easy at the time.

Depression has flipped all that on its head. I had an interview with a well known high-street bank earlier in the week. I thought it went dreadfully and I sank into an even deeper depression, because I gave such an appalling performance. I was beating myself about things I said and cringing about holes in my knowledge and experience that the interviewer had exposed. Then my agent phoned me:

"They loved you. They want to meet you again"

I spent the rest of the week dreading this second interview. I imagined all the things that they were going to ask, that would be difficult for me to answer. They were going to haul me over the coals and my incompetence would be laid bare for all to see. It would be embarrassing; shameful. I was losing sleep over it and waking up each day with a feeling of dread.

At the second interview, they cooed enthusiastically at everything I said, and laughed encouragingly at my anecdotes. It was almost as if we were friends and work colleagues, gossiping conspiratorially about the good and bad things that happen in the world of grey suits and office blocks. I thoroughly enjoyed myself.

Afterwards, I thought "oh no!" What if my intuition is wrong again? What if there's an inverse correlation between how I feel like things went, and how impressed my interviewers were?

Depression is almost like a defence mechanism: a reaction to a hostile world where bad shit happens. When the UK voted to leave the EU, and when the USA voted for Donald Trump, I had placed bets correctly on both outcomes, at substantially long odds. I knew I was sad that those things had happened and I didn't make enough money to be happy, but I still didn't really feel anything even though they were awful events. I was prepared for the worst. In fact, I expected the worst.

There are psychological experiments that prove that depressed people are able to perceive the world more accurately, in certain circumstances. This depressive realism is the antidote to illusory superiority. This depressive realism is the antidote to the madness of crowds and a misplaced sense of optimism.

Humans are notoriously bad at perceiving the risk of very real and likely events: stock market crashes, earthquakes and hurricanes. If we were risk-averse according to probable catastrophes, we would steer clear of the Pacific Rim of Fire and the San Andreas Fault, but yet we see insane real estate prices and a concentration of our best technologists, in Silicon Valley and Japan.

London is currently rated by MI5 as at severe threat of international terrorism: an attack is highly likely. When I see huge crowds of people at Canary Wharf underground station, I see a swarm of sitting ducks. There are two vans full of armed police parked nearby, but it doesn't make me feel any safer... it just makes me glad that I don't have brown skin.

On a day-to-day basis, I generally assume I'm going to be blown up by a terrorist, fail to get a job, run out of money, be evicted, be declared bankrupt, never be able to work again, society is going to collapse, there will be riots and looting and the human race is going to retreat into the dark ages of barbarism, religious dogma, superstition and ignorance. It just seems likely, given the evidence.

I might be wrong, but I tend to put my money where my mouth is, and I've sadly been right more than I've been wrong.

I just placed a bet on Marine Le Pen. I hope I lose.

Tags: #depression #bipolar

This is a story about bad debt...

When a person or an organisation defaults on their debts, it affects their credit rating. For a company, their bonds will be 'junk' and as such, they are not considered investment grade. It will be much harder and much more expensive to borrow money if you've defaulted on debts.

Arguably, life would be much easier if we could all borrow money at close to 0% interest, directly from the central banks. We could go on a non-stop credit binge of epic proportions. Buy now, pay later.

But what about It's a Wonderful Life?

In theory, a bank takes deposits from savers and lends out the money in the form of loans, overdrafts and mortgages. In theory, if you default on your loans, you're risking people's hard-earned life savings.

Of course, the banks should hold enough reserves and do enough know your customer checks to make sure that they're not lending to hopeless idiots, with no sense of a moral obligation to keep up the repayments on their loans. In practice, our demand for relentless growth and ever greater profits, means that the banks have done a shitty job of being able to withstand sudden spikes in distressed debt: people losing their jobs and businesses going bankrupt, for example.

I'm sympathetic towards people who lose their jobs through no fault of their own. I'm sympathetic towards people who can't work because of sickness or disability. I'm sympathetic towards people who are honest and hardworking. I'm sympathetic towards people who need a break.

Banks have to put up with a certain amount of fraud and a number of reckless bankrupts. However, what about the idiots who shouldn't even be in business, because they're hopeless with cashflow; careless, unrealistic and dishonest? Well: it's pretty hard to get a bank loan unless you're a credible person with integrity.

So, why borrow from me? I guess because I trust people and I expect them to act with common decency.

Actually, the only thanks I've gotten for my trust & generosity is the pile of soil on my floor, things taken from my apartment and being ignored on Facebook by a couple of entitled moochers; bankrupts; parasites.

This is my message of Christmas cheer. I'm in a financially precarious situation, not enjoying the festive season as much as I should be, because a couple of entitled parasitic people picked my pocket. They'll go and stay with their mummies, in the bosom of the family home. I don't have that option.

Tags: #london

This is a story about escape velocity...

A happy healthy life is a fairly simple prescription. It's not hard to look for slightly happier people and imitate their magic formula.

In essence, what I have distilled things down to is this:

• Home - so you can be warm and dry and your stuff isn't stolen
• Job - so you can pay your rent/mortgage, bills and buy food & clothes (yes, clothes wear out)
• Family - not blood relatives, but anybody who loves and cares about you
• Friends - social media doesn't count; you have to see friends face to face
• Disposible income - get deeper and deeper into debt and you'll lose your home
• Goal or passion - this can be work, this can be your kids, this can be a hobby; you need something.
• Girlfriend/boyfriend - everybody's gotta get laid, and it's important to have intimacy and companionship

At the moment I have 3 out of 7. Assuming that you need 50% or more to be OK, it's no wonder that I'm depressed as hell and have a lot of suicidal thoughts.

Yes, I have friends who I see less than once a week, so I do have friends. Yes, my sister and I do occasionally exchange text messages, even though we haven't seen each other for the best part of a year. Yes, my goal has been to get myself into a position of financial security, and I've been making great progress, but it's not really my goal... it's just a necessity because of needing to not be homeless and destitute.

So, all I really have is a home, a job, and I'm making more money than I'm spending, which is digging me out of debt.

I love my friends dearly, and it does help that people are in contact via social media, email, text message. I have the offer of speaking to a few friends on the telephone, which I'm grateful for. I also make the effort to travel as much as I feel able to, in order to see people face to face, and I'm glad when I do it, even though it's expensive, exhausting and time consuming to zoom all over the country, if not the world.

I just don't have a group of buddies you know? People to go to the pub with. People to go out for a meal with. People to play frisbee with in the park. I'm lacking a social group.

I'm also lacking that significant other. Somebody to just hang out with. Have sex with. Make food with. Watch movies with. Play games with. Go sightseeing with.

I've stitched together a patchwork quilt of whatever I can get, in order to just about cling to life with my fingernails, but it's inadequate. That's not to say I'm not ungrateful for those occasional invites to hang out and do stuff. It's just not enough. I thrive on face to face social contact, and I'm not getting enough.

To further compound problems, the team I've been managing at work are all in the Far East, so I don't even get proper face-to-face social contact at work. I sit at my desk, lonely and bored. I've helped to create a great culture in my team, but I don't really benefit from it, because they are quite literally 6,666 miles away (I just looked that up - I love that fact!).

In desperation, I made compromises that are just not acceptable, sustainable. I took a job that pays well and is very easy, but doesn't provide anything other than the money that I need. I made other choices because of the desperate need for something rather than nothing. There's an opportunity cost. If I'm in a job that I hate and drains my energy, then I don't have the time and the motivation to get something better.

In a way, it's good that a couple of things are coming to an end, because it's prompting me to go after the things I want rather than the things that I took through desperation. Of course, I'm grateful to have the money, and the support that I've received, but you make different choices when you're in deep shit.

So, on Thursday 22nd September, 2016, I will have completed a year of blogging, 6 months 'clean' and my 6 month employment contract will be over.

On Thursday 22nd September, 2016, I will have 1 out of 7 of the things that I need, with the threat that I will quickly lose even that one single thing.

Without a job, I'll have more expenditure than income. I need to pay rent, bills, service debts. I need to replace worn out clothes and things that break. I need to buy food and toiletries. Life is not sustainable in Western society without income.

I don't have savings, but I do have creditworthiness. Yet again, I will have to borrow money in order to keep my head above water. I have no financial safety net. What I have instead are commercial lenders who are prepared to extract their pound of flesh so that I can avoid homelessness and destitution.

If you think I could have saved more money than I have done these past months, you are mistaken. Without a short holiday, I would never have lasted the extra months. Without alcohol, I would never have coped with the stress and anxiety. I could have penny pinched on my accommodation, but can you imagine how awful it is living in a hostel when you're working full time? I worked, slept and ate. How far has it got me? Well. Probably about 50% of the way towards financial security.

I need to take a break, because my nerves are frazzled and I'm exhausted.

I doubt any contract could be as bad as the job I'm about to finish on Wednesday. For my next contract, I'm going to look for something where I'll be working with a team in London. I need a much more interesting workload. Being bored to death is no way to die.

With money comes the opportunity to travel, socialise, make the investment in a new hobby. With a more tolerable day job comes energy and enthusiasm for each day. With a more liveable life comes the freedom from drink, drugs and medication, in order to simply get through the day.

It's a fucking nutty strategy, to go for the big win. What you just don't understand is just how close to irreparably broken my life is. You just don't understand what it's like to not have so many of the elements that prop up your life. Look again at the bullet pointed list above, and score yourself. How many of the things you need do you have?

Look back at the last 4 weeks of your life and ask yourself this:

• How many nights were you homeless? - zero, I presume
• How many days did you work? - I'm guessing somewhere around 12, on average
• How many times were you in contact with your family? - I'm guessing at least 4
• How many days did you see friends face to face? - I'm guessing at least 8
• Did you make more money than you spent? - I'm guessing at least breakeven
• How many times did you do something 'fun'? - I'm guessing at least 4
• How many times did you have sex or snuggles? - I'm guessing at least 8

Those would seem like adequate answers to me. If you're hitting those numbers, your life is probably just about OK. Less than that in one area, maybe you can make up for it in another. For example, you might have been out of work and losing money, but at least you were surrounded by your loving family a lot more of the time, because maybe you were staying at home looking after the kids.

I'm certainly not saying it's easy being a stay at home mom or a househusband, but suicidal depression can come about through death by a thousand cuts. All the little things that are wrong in your life add up to an unbearably horrible situation.

In some ways I'm relishing next Thursday, because I can sleep and recharge my batteries. With spare time that's completely free from artificial structure, such as having to be in a certain office at certain times of the day, then I can start to relax and decide what I want to do next.

The obvious thing to do is to get another lucrative contract, and work for at least another 4 months, so that I can get a cushion of savings to support me in pursuing a passion. Without being able to underwrite my own risk, I have zero faith in my family or government to support me if I fall on hard times. I have a friend who's offered me some financial support, but I think it's unethical to accept it because then I'm borrowing from their safety net.

In this individualistic society, nobody parachuted in to rescue me when I was homeless, destitute. Nobody came to rescue me. Nobody came to my aid. Help was not forthcoming. Even when I had letters from my doctor, my psychiatrist, my social worker... all begging for the government to support me as a vulnerable person with mental health problems, the people I dealt with were unhelpful, obstructive and ultimately just wasted my time and effort even asking for the support that I was entitled to, because of their legal and moral obligations. Those public servants' salaries are paid for with my goddamn taxes. I've paid a lot in, and when I needed it, I could get nothing out.  It's down to me to support myself. I might as well be living in some developing world country, where at least the cost of surviving is lower.

People who warn me to stay within easy reach of the National Health Service for mental health reasons, are just naïve. I've been round and round the system many times since becoming clinically depressed in 2008. The system is bullshit. There is no safety net if you're a single man.

And so, I must play russian roulette with my life in order to support myself. The upside is OK: I might become wealthy and comfortable again, in a relatively short timescale of just a few years. The downside is horrible though. Can you imagine how much time I've spent thinking about how I'm going to kill myself? Can you imagine what it's like to spend a significant proportion of your waking hours feeling so awful that you pretty much want to die?

I swear if one more person tells me to go to my doctor and get some magic beans I'm going to scream. STOP MEDICALISING NON-MEDICAL PROBLEMS. The problem is clearly outlined above. I don't have broken brain chemistry. My brain has correctly identified the problems in my life. There are no short cuts. There's no way to cheat the sytem.

Of course, there is a short cut.

Drugs will tell your brain you feel loved. Drugs will make you feel relaxed. Drugs will make you feel happy. Drugs will make you feel contented. Drugs will tell you that you don't need friends. Drugs will tell you that you don't even need to eat or drink. Drugs will tell you that everything is fine.

Everything is not fine, so I don't want drugs - and by that I mean medication too - to tell me that things are fine. Things are not fine. I almost need these awful feelings to prompt me to get a better job, find some new friends, get a girlfriend, get a hobby. It's just that financial circumstances have constrained me more than you can possibly imagine.

Imagine if I'd declared bankruptcy at the start of the year. That would have been a stupendously dumb decision, in hindsight, wouldn't it? I'm presently not bankrupt. Presently, I have enough money to clear my credit cards, my overdraft.

Of course, my position can't last. You have to run just to stand still. I'm losing my job, and that means I will quickly go into debt again.

"Get another job then"

Guess what, Einstein... that's what I'm going to do. Even though I'm suicidally depressed, overcome with anxiety, I'm going to go and get another motherfucking job you c**t. Even though I'm technically entitled to disability benefits and a council house because my mental health is so debilitating, I am able to do these crazy raiding missions to go and gather nuts before my brain explodes and it all comes crashing down again. I'm locked into this boom & bust cycle. No wonder my bipolar disorder is so exacerbated.

And so, round and round I go. Up & down. Boom & bust. Highs & lows. It's not a medical problem. Its the motherfucking dance I'm forced to do by this farcical society. This is what you get when you don't support people. This is what you get when you isolate people. This is what you get when you only look out for number one.

"The pills will help you stabilise"

No, they won't. Have you looked at the long term studies? Have you studied the data, the clinical outcomes? Have you done the research? No. Of course you haven't. You just have this bullshit belief in the power of medical science. If I had an infection, I'd go to my doctor for antibiotics to treat it. I don't have a fucking infection. I have an allergy to shitty unbearable unliveable life.

I've tried all the meds under the sun. I know what life on medication is like. I've had tons of doctors and psychiatrists. I've tried tons of therapies. It's all a crock of shit. The fundamental problem is the fucking shitty world. Look around you; do you like what you see?

I'm not going to change the world begging on the street with a cardboard sign. I'm not going to change the world by impoverishing myself. I'm not going to change the world by trying the same things that people have tried for hundreds of years, without success. Only an idiot tries the same things expecting different results.

So, I'm on this crazy journey. I'm hoping that by next Wednesday I might have managed to write 365 blog posts, and probably around 450,000 words. That might not make a difference to you, but it's surely making a difference to me. It's probably making a difference to somebody, somewhere. I have visitors from around the world, reading what I write. Even if it's absolute garbage, it's better than just being a helpless spectator. Even if you think I'm an irrelevant bleeding heart lefty liberal who doesn't amount to a hill of beans, at least I'm composing my thoughts. At least I have a belief system. At least I have values and things that I passionately believe in.

It's very hard for me to come up with a reason why I'm struggling along at the moment. Why am I putting myself through this awful shit? Why don't I just kill myself, and then the pain will be over? Why don't I just give up, and relapse back into drug addiction?

Actually the second one is fairly easy to answer: somebody who dies of drug addiction is easy to discredit as a 'dirty' junkie. Somebody who's 'clean' and has just completed an important project for a major corporation, in a valuable role, and has set their financial affairs in good order, is a rather more inconvenient and difficult problem to find a soundbite to toss them into the gutter.

I want to be a thorn in the side of every selfish c**t out there who wishes their fellow humans dead. I want to shame people into action, from their comfortable existence where they don't even lose sleep over every homeless, hungry struggling person in pain and suffering out there.

Where the fuck are people when those around them are in distress? Who the fuck do you think is going to sort problems out, if it's not you?

Even though I could have put my tax money to far better use supporting myself, rather than paying the salaries of people who tell me they're not going to help me, I'm still glad to give away a substantial proportion of my income. However, I'm not buying a clean conscience. It's not like I pay my taxes so I can watch my friends become homeless and mentally ill, and assume that the council and some doctors are going to wave their magic wands and make it all better.

What the fuck happened to the empathy? I think I would offer to let somebody sleep on my couch, lend somebody money or go and visit somebody in distress, before I even experienced horrible things first hand myself. I had quite a comfortable existence up to the age of 32 or thereabouts, but I didn't think it was big OR clever to sit on my fucking arse not doing anything when people were suffering.

Those who have been kindest are those who have suffered the most, which makes me detest the comfortably off for their lack of empathy, their lack of humanity.

If humanity is destined for a situation where we let even our own family members and friends flail and drown, then I'm pleased that climate change is going to wipe you miserable c**ts out of existence. You don't deserve to survive, if your "I'm alright Jack" attitude is the prevailing one. I hope you and your kids and grandkids die slowly and painfully if you spawned more mouths to feed with not a single concern for anybody else.

Believe me, I do observe how happy and fulfilled my friends who are parents are, even if they complain how hard it is being a parent. Did you forget that we live in the age of birth control and abortion? You chose to have kids, and no matter what you say, you do get immeasurable benefit from having them. You have happiness and security, knowing you procreated. You have a flood of oxytocin when your cute kids throw their arms gleefully around you.

Believe me, I do observe how happy my friends are to own a dog, even if they complain about having to pick up the poop and hoover up the hair and other mess. You chose to have another carnivore on the planet, eating meat that meant that food for livestock was grown, rather than having more food for those who are starving, and depriving the planet of those extra trees that remove carbon dioxide from the atmosphere. Having a pet dog is selfish as fuck, but I do see how nice it is to have your dog playfully jumping with joy to see you, and throwing sticks in the park for them to fetch.

I can see that there are choices that benefit me as an individual hugely, but I choose not to take them, because I'm responsible for more than just myself. I don't believe that collective responsibility is something that naturally follows from individual responsibility. In fact, I see that the two things are naturally opposing.

Can't you see the fucking trends? Of course you do, but you just don't want to believe it.

You don't want to give up eating meat. You don't want to adopt instead of having your own biological children. You don't want to stop driving your precious little darlings around in a gas-guzzling 4x4 "because it's safer for our family". You don't want to plant trees instead of having a pet dog. You don't want to do anything different at all, in fact, even though you're fucking everything up for your kids and your grandkids.

That's why I'm depressed. That's why I'm suicidal. That's why I'm stuck in a hole I can't get out of. That's why I'm desperate and driven crazy by all this bullshit. That's why I'm doing things that are atypical... because the typical is what got us into this fucked up mess in the first place.

I don't care whether you're religious or not, but imagine some future judgement day, when it's obvious that the planet and the future survival of the human race is clearly doomed: will you say that you went along with things, supported the status quo, or did you try and change things? Did you at least act differently? Did you at least try and help in a way that's less pathetic than recycling your bottles? Did you help anybody other than the fucking clones you spawned to replace yourself?

Note: I'm not anti-parents. I don't hate my friends. I'm not some "wake up sheeple" fucktard. Dismiss me if you like using some convenient label that you were taught to use by those who wish to perpetuate the status quo.

If you're not acting with your conscience, or at least kept awake at night worrying about this shit, that's unconscionable.

You probably should worry about me. No doctor in a white fucking coat is going to make everything OK. It's not a medical problem. It's not a government problem. It's everybody's problem, including mine, but it's more than I can handle on my own.

Tags: #suicide #depression #mentalhealth #climate #politics #capitalism #homeless

This is a story about world peace...

The star spangled banner. I'm not even an US citizen, and yet I feel a lump in my throat when I see the flag of the United States of America and hear the national anthem belted out by an angelic singer. I look at a Route 66 road sign and I'm transported to every Hollywood movie I've ever watched. American iconograhphy is embedded in every cell of my body.

We live in a world of uneasy peace. The Manhatten Project perfected atomic warfare before any other nation. The USA obilterated the cities of Hiroshima and Nagasaki, bringing Japan to her knees. America's military might is the iron fist that rules the world.

Do I object to the USA's role as world policeman and dominant culture? I'm torn.

The conventional view is that the atom bomb and America's willingness to evaporate hundreds of thousands of innocent civilians in an indiscriminate detonation of a weapon of mass destruction, was somehow for the greater good. It seems to me that the age of terror was actually ushered in by Western superpowers. Nothing could be more terrifying than nuclear holocaust.

The hypocrisy of the USA is palpable. While Israel benfits from nukes, tanks, guns, drones and warplanes, the Palestinian people are crowded together in occupied ghettos that bear no resembleance to the territories that were drawn up by the United Nations.

The United States is quite the warmonger, invading countries willy-nilly and committing a worldwide campaign of imperialist expansion.

However, everybody loves Mickey fucking Mouse, undeniably.

It's impossible to hate America. The people are so fucking nice. Have a nice fucking day. They're so damn positive and upbeat.

In a country where getting sick can see you bankrupt, and falling on hard times can see you more destitute than in a developing world country, the land of the 'free' is actually packed full of optimists, and for that reason I love it.

Britain and Japan are full of monarchic flag wavers who believe that they are owed some kind of divine right to rule. Clearly the inbreeding of the royal families has affected the mental capacity of residents. However, the United States is full of patriotic and positive citizens, who are happy just to cling onto the mistaken belief that they may be elevated from dire poverty and become one of the chosen few. It could happen. Anything can happen in America.

Even though the statistician/economist/socialist that dwells within me tells me that it's utterly fucking insane to cling onto the impossible dream that an average Joe might escape devastating poverty, at least there's fucking hope. Britain is a place where you'll know your place, which might mean free healthcare and not panhandling and hustling, but there's no upside either.

Do I want Trump to have the codes to nuke anybody though? No.

Tags: #politics

This is a story about worthless paper...

Do you want to know how to make an infinite amount of money? First, you should obtain a boat. Then, take out as many insurance policies as you can afford the premiums of, on the boat. Then, sink the boat and claim on the insurance policies.

Why can't you do this? Well, because it's illegal to insure something more than once, for the very reason that it creates a financial incentive to go around sinking boats. People respond to economic incentives.

However, it is possible to take out as many life insurance policies as you want. The reason being, that it is assumed that because murder is illegal and suicide used to be (now it's decriminalised) then there is some protection from those who wish to profit from death.

But what about a company? Is a company a person-like entity? Should it be possible to buy life insurance policies for a company?

What is a Credit Default Swap? Well, the simplest explanation is that it's a life insurance policy for a company. If a company gets into a financially distressed situation where it can no longer repay its debts, then the Credit Default Swap will pay out. This is called a credit event. Basically, a credit event normally means the company is dying, because they can't pay their debts. A company that defaults on its debts is never going to be able to refinance themselves after a credit event, because their credit rating will be junk. Game over.

So, if you allow people to take out an infinite amount of Credit Default Swaps, betting that a company is going to go bust, aren't you economically incentivising that event to happen? If there's a bigger and bigger pool of money that is hoping that a company goes bankrupt, that is far bigger than the pool of money who want to see the company rescued, isn't the market going to quite naturally want to push that company under, so that almost everybody gets a big payday?

We know that markets can be manipulated, and because Credit Default Swaps are an Over-The-Counter (OTC) product, there is no market regulation. It's not possible to know who is dealing in these financial instruments, and who stands to benefit. They're kind of ideal for insider trading, because they just don't have the same kind of traceability of equities that are traded on stock exchanges.

The other un-nerving thing about Credit Default Swaps, is that there is no underwriter, and no need to prove that you have sufficient collateral to cover the paper that you have printed. It's possible for organisations to sell vast quantities of Credit Default Swaps, and have nowhere near enough money to cover the losses if the credit events happen.

In the insurance market of Lloyds, there are wealthy names who provide the collateral - cash, precious metals, priceless artworks, property, liquid assets (like shares) etc. etc. - to make sure that the money is there in the event of an earthquake, flood, fire or whatever massive disaster might affect the insurance industry in a major way.

However, in the derivatives market, only the mature products like Futures and Options would have margin calls and require collateral to make sure that losses never exceed one counterparty's ability to pay. Credit Default Swaps have been allowed to be printed completely without regulation, which is concerned with making sure that a credit event wouldn't totally wipe out the risk holders.

Some measures put the Credit Default Swaps market at about $16 trillion, however, when all the contracts were entered into the Depository Trust and Clearing Corporation's central system in 2008, the aggregate notional value of the contracts was closer to $2 quadrillion ($1,700,000,000,000,000). That's a shit tonne of worthless paper.

But is it worthless? Well, when the collapse of Lehman Brothers triggered a credit event, the money that was demanded by those looking to cash in their Credit Default Swaps would have brought down massive companies like AIG as well as putting a deadly dent in the balance sheet of just about every investment bank with a proprietary trading desk (i.e. all of them) who had been foolishly dabbling with these stupid contracts.

Why stupid? Well, the whole idea of being able to make unlimited bets against a company is market manipulating beyond belief. Who's going to recapitalise a company and save it, when you can bet against it in secret instead? Why wouldn't anybody who gets the vaguest whiff of a company in financial trouble not rush off and place large untraceable wagers that it's going to fail?

Naked short selling is pretty bad, but there's only a certain amount of leverage that you can get, and you have to have the collateral to cover your exposure to the risk that the market might go against you. When you're talking about naked Credit Default Swaps, you're looking at the ability to get leverage of thousands of times the amount of money you're actually risking. That kind of potential profit has the ability to move the market, and collapse a company.

It's a simple moral question: if companies are like people, and therefore allowed to be 'life insured', should we be allowed to murder them so that we can cash in on their death?

Tags: #banking #capitalism #jpmorgan #derivatives

This is a story about ethics...

Imagine if you or I got caught laundering the best part of a billion dollars worth of drug money. We'd get sent to jail for a very long time, right? What if a bank got caught doing it, and there was so much evidence that there was clearly a case for criminal wrongdoing that could be prosecuted? Well, maybe you'd get given a chance to get rid of some of your dodgy customers, and nobody would go to jail. Does that sound fair?

Let's think about the financial crisis of 2007/08, when reckless trading meant that the whole banking sector had to be bailed out, causing austerity for ordinary hardworking people. The people who have paid the highest price - with lower wages, job insecurity and cutbacks for frontline services - would never be able to go begging for interest free loans if they behaved so irresponsibly.

Bankruptcy is not a criminal offence. It's OK for a private citizen to run up huge debts, find out they could never hope to possibly repay their creditors, and declare bankruptcy. You don't go to jail for bankruptcy.

So, arguably, what the banks did in 2007/08 wasn't that bad. It wasn't criminal. They had their risk underwritten by governments, so why wouldn't they take huge risks with public money? They were economically incentivised to take those risks, because the precedent of the "too big to fail" bailouts meant that there was no downside risk.

But what about money laundering? What about facilitating payments for drug gangs, dealers, traffickers? If you or I were involved in any of that as a private citizen, the courts would throw the book at us. They'd lock us up and throw away the key. It's criminal.

So, what about the banks? If the biggest bank in Europe - HSBC - was well known to authorities for helping a couple of major drug gangs to launder the best part of a billion dollars in dirty money, wouldn't that be criminal too? Wouldn't people go to jail?

Well, no. Enter the concept of "too big to jail". Just like the financial bailouts that the banks received, banks can also receive Deferred Prosecution Agreements. That is to say, even though you got caught doing criminal stuff, you'll get let off so long as you take some steps to stop doing it in future.

And how long would you have to get rid of your dodgy customers? Well, say the US Department of Justice were thinking about prosecuting you in 2012, you might still be botching the IT project that is apparently 'essential' to get rid of your dodgy customers 4 years later... in 2016.

How much do HSBC really know about their customers anyway? Well, from their electronic records that they already have on file, they know about 6% of what they need to know. So basically, they don't know 94% of what they need to know.

Now, you might not be an IT project management expert, but you'd have thought that it's more important to find out the missing 94% of what you don't know, than even to bother with the 6% that you do know. Sure, it's pretty embarrassing to have to ask your customers where they live again, but what you really need to know is this: where did you get your fucking money?

In Customer Due Diligence terms, this is called Source of Wealth. You might have inherited the money (legit), you might have won the lottery (legit), you might have sold a priceless artwork (legit) and you might have trafficked vast quantities of illegal narcotics (not legit). Basically, HSBC had 4 years to ask all their customers "is your source of wealth drug money?". Did they manage this? No.

I'm quite spectacularly offended by just how badly they botched a simple project to ask all their customers to fess up: are you in the illegal drugs business?

Sure, it's true that HSBC had to cough up a couple of billion dollars in fines, but for them that's just the cost of doing business. Their profitability was barely affected.

Arguments were made to the US to defer prosecution, and to allow HSBC to keep its banking charter and continue to do business in the United States. These arguments were made on the basis of maintaining stability in the financial markets. The Deferred Prosecution Agreement came with stringent terms, that a court would appoint a Monitor to make sure that HSBC actually cleaned up their act. I can tell you now, Michael Cherkasky, that the project to clean up HSBC's customer base was a total sham. A shambolic waste of time & money, mismanaged to the point that the whole thing was laughable.

Do you think that message that is sent to "too big to fail" organisations, that they're above the law and they can never go bankrupt because they'll always be bailed out, is looking like the right one, today, now, in 2016?

The argument that has been made is that we need to prop up the share prices so that the pension funds are protected, and we need to maintain financial stability. Isn't that just utter bullshit, in the face of austerity and extreme volatility in the markets? We've had round after round of Quantitative Easing (QE) and other attempts to breathe life into markets that have lost their minds. There is nothing at all rational or efficient about the global markets that we see today.

And to round it all off, it's corrupt as hell. To allow banks to ride roughshod over the rule of law is the final step in handing over the nations of the world to the multinational corporations who have driven us into a position of financial ruin, much to the pain of the vast majority of ordinary working people. It stinks of the worst corruption ever perpetrated on Western civilisation, does it not?

Somebody has to call time on the lack of ethics and accountability for the too big to fail organisations, and their board members who are too big to jail.

When we allow the likes of Stuart Gulliver to be the CEO of HSBC, when he doesn't even keep his wealth in the bank he manages, but instead keeps it hidden in the Cayman Islands and Switzerland, clearly we have corruption right from the top down.

David Cameron, outgoing Prime Minister of the United Kingdom said, as recently as April, that "[I] can't point to every source of every bit of [my] money" but yet we would have the likes of you or I have to prove that our filthy lucre was not ill-gotten gains from some criminal enterprise. The corruption comes from the very top of both Government and organisations. It stinks.

Who is going to grasp the nettle and hold Government and large enterprise to account for having run us into economic ruin, while busily siphoning wealth offshore?

There needs to be accountability. There needs to be jail time for corrupt executives and government ministers.

Tags: #banking #capitalism #hsbc #politics

This is a story about bouncing a dead cat...

How does one break an addiction to supercrack and benzodiazepines? How does one go from certain bankruptcy, destitution, madness... back to normal life, complete with 9 to 5, Monday to Friday office routine and all the outward appearance of having one's shit together?

Well, it's not through abstinence.

I tapered off the benzos, using a combination of, Zopiclone, Diazepam, Nitrazepam, Mirtazepine, Valerian and bucketloads of wine.

Getting off the supercrack meant simply hitting a brick wall of depression, lethargy and anhedonia. I could have used weaker stimulants to stop myself from going off a cliff edge, but I just sucked up the cognitive impairment, extreme exhaustion, and rebound depression.

Because I abstained from all stimulants for nearly 3 months, I've been able to re-addict myself to caffeine in the last couple of weeks, in order to limp myself through the difficult period of getting back into the working routine.

I now have a flat white coffee every morning, pre 10am, and I sometimes have wine in the evenings, although I have pretty much managed to cut out midweek drinking. Ideally, I'd just like to drink on a Wednesday night when I meet up with a friend at the pub, and on Friday & Saturday nights.

However, it's not adequate. I'm struggling to get up in the mornings, even though I addicted myself to coffee with the idea that it would be a 'treat' for getting up and going to work, and incorporating addiction into my routine would mean that I'm kinda addicting myself to work. But it hasn't worked.

In the evenings, I could easily polish off one, two bottles of wine. Bizarrely, I find it easier to get up in the morning with a stinking hangover than I do when I'm stone cold sober. However, alcohol is a horrendous drug for your health. I hope that perhaps my brain is still getting used to life without tranquillisers. Coming off benzos is the most horrible thing that can happen to anybody, ever. Imagine just feeling on edge, anxious, the whole frigging time.

I'm not sure what I can do to lift my mood. I've flipped my suicidal thoughts from being something I felt all day, when I was at work, to now being something that I feel as I repeatedly press the 'snooze' button and hide under the duvet, putting off the start of the day.

I literally feel in two minds whether I'm going to get up and have a shower, or get up, run a hot bath and go fetch a sharp knife in order to slit my veins.

Things are supposed to get easier, aren't they? I keep waiting for my mood to lift, for the anxiety to dissipate, for the days to go quicker, for the routine to feel sustainable, for the demotivation and lack of enthusiasm to subside, for energy to return, to start enjoying things again. I'm still waiting.

I've tried to give myself some things to look forward to, to give me some light at the end of the tunnel, but perhaps I've been too ambitious in putting them way off in the future. My perception of time is totally warped. Weeks seem like months, years even.

I keep telling myself I gave my brain a hell of a beating, and it will recover in time. I'm so close to giving in and marching to the doctor for some happy pills, and some medically sanctioned tranquillisers, as opposed to just continuing to drink far too much alcohol.

This is the difference with this recovery: I've decided to do whatever works, and ignore the bad advice of people who've never been there, never done it, don't know what it's like. I'm ignoring all the failures - the pill-poppers and alcohol abusers - who hypocritically tell me that I'm doing it wrong, despite their own substance dependencies.

Complacency is a big danger, and I keep having scary moments where I become aware that addictions don't die easily, they just hide in your subconscious and try to tell you that life is terrible and you should just give up and relapse.

I found myself having dreams about using drugs, and thinking about how I could maybe employ strategies to use drugs in moderation, but I've been around the block enough times now to know that those are just addict's lies we tell ourselves, as we backslide into addiction.

It feels like cravings have well and truly gone, but what's left instead is a miserable life of quiet desperation, where I'm barely able to get through the day without thoughts of suicide or running away to Timbuktu.

It's all too much to bear, rebuilding your life. It takes so long. There are so many things you take for granted, in your ordered existence. Rehabilitation is just that: so many things are neglected, broken.

Something as simple as changing your address on all your post might seem simple to you, but when you've also got to get a job, a place to live, reconnect with friends, get back into a hobby/sport, fix broken stuff, replace lost stuff, get back into a routine... plus all the things that got neglected: the unpaid bills that piled up, the passport that needs renewing, the zillion and one little bits of admin that didn't get done, which include everything from a tax return to a request to tell some bureaucrat the name of my first pet, so that they can justify their pointless job.

One day at a time the idiots say. Fuck the hell off. I can extrapolate. If every day is going to be as hard, and it's going to take a zillion of them before I'm getting anywhere, how am I ever going to sustain it? Counting the days is so disheartening - not that I do it - when you think, jeez, I should be feeling a lot better than I do, after 101 days already.

Perhaps there's a simple desire for a time when I had abandoned all responsibility, and knew I was on a collision course with disaster, destitution. I enjoyed the fatalism of it. I enjoyed being relieved of the relentless struggle to get, where? Where did all that struggle get me anyway? What was the point in struggling, in stressing?

The current plan is to tidy up my affairs, and then leave this shitty lifestyle behind. Not the drug taking, but the wage slavery, the working to simply pay rent and consume crap, get fat and die of old age or stress/obesity-related illness.

It's strange, when your fantasies revolve around being destitute, homeless, penniless again.

Tags: #drugs #addiction #suicide #depression #mentalhealth

This is a story about premonitions...

Our perception of reality is subjective, and it is coloured by our state of mind. I'm deeply depressed, so I tend to see everything as negative, hostile, and doomed to failure.

Yesterday, I was writing a piece about how I thought the markets had over-corrected, and how I expected to see another rout in the FX and equities markets, of Sterling and the FTSE. Little did I know, that as I was writing, a terrorist attack was occurring in Istanbul, Turkey.

When your mental health is suffering, sometimes you can start making too many connections, seeing too many co-incidences. Last year I started to misinterpret events as significant in my life somehow. I started to feel overly connected to things happening around me - because I was unwell - and thought I was at the epicentre of a seismic event again, like during the Credit Crunch, when I felt at the very heart of the derivatives market and Credit Default Swaps, with JPMorgan.

Michael Cherkasky, the monitor from the US Department of Justice, still isn't happy with HSBC's customer due diligence, but nobody seems to give a shit. The share price might have dropped almost 20%, but so far as I know, nobody's going to prison for not warning the shareholders, which would be a violation of the Sarbanes-Oxley Act, which has tried to force public corporations to be honest and open when things are going wrong.

The thing is, the show must go on, and everybody has a vested interest to some extent. Bear Stearns couldn't fail, because the markets were already spooked by Lehman Brothers. Greece couldn't default, because the entire stability of the European single currency and the stability of global markets was at stake.

Even now, with Britain prompting a disorderly rush for the door, and the potential for systemic collapse, as a domino-like chain of events is set off, we are still seeing a surprising amount of stability.

Market economics is supposed to weed out the weak and the reckless. The companies and governments that have gone beyond their means are supposed to be punished by the market, but actually what we have all demanded is stability, not a free market.

Really, Bear Stearns should have been allowed to fail, AIG should not have been bailed out, Greece should have been allowed to default on its debts, the UK should be allowed to precipitate the collapse of the Eurozone and the inevitable failure of the Euro and debt defaults across Southern Europe.

What people seem to be voting for is the free market that we supposedly have. Where would we be, if we had bitten the bullet in 2007/2008 and not simply propped everything up? Aren't we going to have to suffer a global recession that is many, many times worse than it might have been if we'd allowed reckless companies and governments to fail earlier?

However, the politicians and the banks believe that they've been tasked with economic stability. Certainly, the Bank of England's brief is to try and maintain inflation in a certain range. It certainly runs contrary to our Keynesian understanding of economics, when central banks are actually used to prop everything up, to maintain the status quo.

Gordon Brown famously declared that we had seen the end of boom & bust, but haven't we simply made a farce of the idea that debts ever have to be repaid, and there isn't an endless supply of money?

Civilisations normally fall when the burden of debt is unmanageable, but creditors refuse to forgive debts.

The world needs to deleverage, to have a debt haircut, for debts to be forgiven. The system has failed. There's no moral hazard. Everything is too big to fail. There is no market economics anymore.

I think that what people want is either inflation, to inflate away their debts, or debt forgiveness, because they are over-burdened with huge mortgages, student loans etc. etc. People feel that they've been hurt in the pocket, and they really don't care about the stability of stock portfolios and the value of Sterling.

I see the Brexit decision as almost a vote to accept a devaluation, in the hope of stoking up domestic inflation. It's a vote to accept volatility and chaos in the financial markets, that we supposedly wanted to avoid during the Credit Crunch, but people were never asked if they were OK with a whole heap of bad banks going bankrupt.

Yes, people are probably naïve about how upset they'd be about their life savings being wiped out, and having to use a barrowload of pound notes to pay for a loaf of bread, but perhaps it's better than their lives of quiet desperation, while the rich get richer and the poor get poorer?

I'm incredibly impressed to see stability in the markets today, but I don't think that's what anybody wants. People are looking for a shake-up in the pecking order. People are rocking the boat, because they're unhappy, and they literally don't care about the global economic impact and systemic risk. Perhaps propping it all up, and forcing a very long period of austerity onto everybody wasn't such a smart move.

The next question is: how far are the wealthy prepared to go, in order to get their pound of flesh?

Tags: #politics #banking #capitalism #hsbc #politics #europe

This is a story about body shopping...

What's the difference between a temp, a freelancer, a self-employed person, a contractor and a consultant? What's the difference between an employee and an entrepreneur?

Last year I was working for HSBC, along with a bunch of nice folks from several different consultancies, plus a handful of permanent members of staff. The teamwork was brilliant, but the surprising thing was that we all had different agendas.

Given that I had gone back to HSBC as a contractor, having been a permanent member of staff there for over 4 years, it was somewhat of a mindset change. I was also homeless and still very much in the vice-like grip of drug addiction, which wasn't a good start.

I was exhausted, and I had somewhat induced within myself, some fairly major symptoms of mental illness, which caused me to make some rather outlandish interpretations of the reality I experienced.

Imagine being plucked from the park, where you are living and contemplating bankruptcy and the coffin nail that will drive into your career, your business. Imagine facing up to the reality that everything you're qualified and experienced to do, since you started IT contracting at age 20, is now going to go down the shitter, and you're homeless, abandoned by the state - the council have sent you a one-line email saying that you're not even worth a hostel bed to them.

Then, imagine that almost overnight, you're working on the number one project for the biggest bank in Europe. You're so exhausted that you are sleeping in the toilet. Everything seems surreal, from the moment you put on your suit in the morning in a hostel dormitory paid for with a credit card you can't afford to pay off, to the moment you turn up in the headquarters of a prestigious Tier 1 bank that you used to work for, when you were clean, sober, young, happy, ambitious, energetic, enthusiastic and respected.

The challenge was to get through 60 days of working, without running out of credit completely. I had to get to work every day and pay for my hostel bed, for a whole month before I could submit my first invoice, which would be paid 30 days later. Obviously, it also looks rather unusual to your colleagues if you can't afford to eat lunch or socialise. The pressure was immense.

What does a poker player do, if they have a weak hand? They bluff, obviously.

To compensate for my fear, and the odds that were stacked against me, I turned the dial up to 11. I tried hard. Far, far too hard. I told the team that I'd take responsibility for a critical piece of work, and deliver it in a short space of time, along with an extremely capable colleague, who actually knew that it was a monster piece of work.

I should have been laughed out of the door. I can't believe that nobody particularly picked up on the fact that I was shooting from the hip, out of a combination of fear, exhaustion, drug withdrawal, mental illness and a touch of arrogance.

How on earth was my ego not going to be stoked? I had just cheated death, bankruptcy, destitution, and now I had the CIO of the number one project in the biggest bank in Europe surprising me, by naming me in person, as the team member responsible for one of the pivotal pieces of the program, in front of the entire town hall. I looked around - "is he talking about me?" - yes, it appeared he was. How surreal.

As a drug addicted homeless person, you're kind of invisible. People would like it if you just crawled into some dark hole and died, quietly. You're nobody's problem but your own, and everybody pretends not to notice you, as you drag your bags through the street, swatting at invisible flies and talking to yourself incomprehensibly.

Suddenly, people not only seem to value you, listen to you, but also look to you for some kind of professional guidance, leadership. Is this the state that important IT projects have reached, where the hobo junkie is the one calling the shots? I realise that I wasn't actually calling the shots, but that's what it feels like when you've been scraped up from the pavement, stuffed into a suit and now you're working in a fancy office full of glass, steel and granite.

It embarrasses me, but also pleases me that I'm still on good terms with a few respected colleagues, and they can tease me about "the time when you said you were going to deliver X by Y". However, not everything I said was worthless tosh.

This is where the difference in mindsets comes in.

As a permanent member of staff, your best shot of getting pay rises and promotions is to raise your profile. Given an hour to do some work, you might as well spend 50 minutes writing an email about what a brilliant person you are and how clever you are, and 10 minutes actually doing some work, rather than the other way around. People who just knuckle down and get on with the work they're supposed to be doing, tend to be overlooked when it comes to the end of year review.

As a contractor, you're all about contract renewals. When your contract is coming up towards its end, you're on best behaviour. You try to shine and make yourself a key-man dependency, so that you can demand a big rate increase, because you're indispensable. Personally though, I hate making myself a key-man dependency. It's unprofessional, however you are economically incentivised to do it, so many contractors dig themselves into little fiefdoms.

As a consultant however, you have the worst of both worlds. You have to kiss the arse of both the client and your consultancy. There's a huge conflict of interests. The consultancy want you to stay on your placement, and for as many headcount as possible to be working with you on the client project, if you're working time & materials. What exactly is consulting about being a disguised employee? Where is the value-add from the consultancy, when the client wants you to be embedded in their organisation, like a permanent member of staff?

The reasons for using consultancy staff, contractors, temps, freelancers, is that you can get rid of them when the project is done. However, the other reason is that you don't have all the headache of having to performance manage underperforming and difficult staff members out of your organisation. In theory, it's a lot easier to hire & fire... with the firing being the desirable bit.

It used to be the case that you could get a job as an IT contractor with just a 20 minute phone interview and start the next day. If you were shit, you'd just be terminated on the spot. Never happened to me, but that was the deal you struck... you'd be on immediate notice for the first week. Then you'd be on a week's notice. Then you'd be on 4 weeks notice, just like a permie. However, I always used to get my contract renewed, because I know how to play the game, kiss ass and keep my lip buttoned at the right time.

So, what happened? Well, stress, money, recovery from addiction, relapse, housing stresses and everything in-between conspired in my private life to mean that I was living life by the seat of my pants. I was running for my life.

After only a week in the new job, I decided that it was an impossible mountain to climb, and that there was no way that I could live in a large hostel dormitory and work on a stressful project, plus get myself clean from drugs, plus dig myself out of near-certain bankruptcy. There were just too many problems to face, working full-time in a crisply laundered shirt and a nice suit, while hiding the crippling problems in my private life.

You can't just go to your boss and say "I'm sorry I didn't mention this before, but I'm a homeless recovering drug addict, who suffers mental health problems at times of extreme stress and exhaustion, and I'm practically bankrupt as well as barely able to keep myself clean, sane, out of hospital and off the streets". Contracting doesn't work like that. Your personal life is nobody's problem but your own... you've signed that deal with the devil. You get paid more, but you're also expected to not get sick and not bring your personal problems with you to the office.

I disappeared on my second week in the job, getting mixed up with the police, thrown out of the hostel where I was living, and ending up in hospital, as the pressure was simply too much to bear, I thought that my lifeline was pretty much spent. The odds of being able to get off the streets were too slim anyway. It couldn't be done. I gave up, and relapsed.

Do you think you can just pick up the phone and say "errr, yeah, I need two weeks off to sleep, an advance of several thousand pounds, and I'd like to come back to work part-time for a little while until I'm up to full strength, because I've been dragging bags all over London, living in parks and on heathland, in and out of hospitals, rehabs and crisis houses, addicted to some deadly shit and battling mental health problems. It seems silly that I didn't mention this at the interview, as I'm sure you would have been just fine with giving me an opportunity to get myself off the street and back into the land of the living"?

You know what though? I did get a second chance. There's no denying that certain allowances were made for me. A blind eye was turned to the fact that I was basically either shouting at people or nodding off in meetings for the first week. I went AWOL twice. Once for a whole week where I basically decided that everything was f**ked and there was no way I could ever make things work, and once for nearly a whole day, when I was swept up in the euphoria of working with nice people and got paralytically drunk with my colleagues and couldn't face telling my boss that I was sick again.

Through my divorce, I lost heaps of friends who were shared with me and the ex. I decided to move back to London, because I knew I could find lots of work. However most of my London friends had moved out of town, in order to start a family. Also, you don't make many friends when you're living in a park sniffing supercrack, and getting hospitalised for 14 weeks a year. I can tell you more about the private life of a friendly police officer that I know, than I can tell you about some other acquaintances from that turbulent period.

Anyway, I was desperately trying to cement things - get my own flat, get some money in the bank, get into a working pattern that was sustainable - but it was too much to ask. 'Friends' sensed that I was recovering, and decided to come asking for favours : lend me some money, let me live with you, give me a job etc. etc.

When you're desperately lonely, because you've split up with the two loves of your life - your wife, and supercrack - you're vulnerable to wanting to people-please. I risked my reputation, when I got a so-called friend an interview, because he pressured me. I overstretched myself, renting a flat that swallowed up all my money, which was my safety net. I didn't even pick my flat... my friend did, and he thought he was going to get to live there rent free. I put up with a lot of shit, because I was desperate for friends, for acceptance, to be liked.

If you think all this can be boiled down to a 'drug problem' you're wrong. In order for a person to feel whole, they need friends, they need a job, they need a place to live, they need to feel that they're living independently : paying the rent, earning their money, able to pay for the essentials of life, and not always just hustling, on the run.

There are quite a lot of pieces to the puzzle that is a complete life that's worth living. Do you really think I just want to be kept alive, in a straightjacket in a padded cell. Is it unreasonable to want to work, to want to feel like I'm making a contribution, to want to feel like I'm liked, loved, to want to feel like I exist, and that I'm valued somewhere, by somebody?

I loved the instant social connection I had with the "winners" who were a group of fellow consultants at HSBC. There was good camaraderie, and they were young and enthusiastic, not bitter and jaded like me. Their enthusiasm for their job and inclusive social circle was exactly what I needed, along with cold, hard cash, and a place to go every day that wasn't a bush in a park, with a wrap of supercrack.

Somewhat unwittingly - although I don't know how much people were able to guess or find out behind my back - the Winners bootstrapped my life. Even though there were the usual commercial rules of the game, about being a disposable contractor who's supposed to keep their mouth shut and not rock the boat, there was still bucketloads of humanity there. People were kind to me. They invited me into their lives, and in doing so, they saved mine.

When a colleague texted me while I was in California, to say that we had to go back to work doing the shittiest possible work for a scrum manager we didn't have a whole heap of respect for, it was pretty clear that it wasn't sustainable. I busted my balls to get cleaned up, off the streets, into a flat of my own and to restabilise my finances. However, I've never been the best at buttoning my lip and allowing myself to be 'managed' by somebody I have barely concealed contempt for.

I knew that all I had to do to get my contract terminated was to send one or two fairly outspoken emails to the project's management team who were insecure and relatively incompetent. They'd actually started to listen and change things though, so there was no purpose to the emails I sent, other than to try and elicit an email saying "don't bother coming back to work" so that I could spend some more time with my friends in San Francisco.

The pressure of having to try and cement the gains that I had made, while still carrying some of the burdens that had been accumulated, was too much. I was in no position to be the responsible guy, picking up the phone every time things went wrong and having to mop up messes. I was in no position to be paying 100% of my rent, with a lazy flatmate who shared none of the risk and none of the financial burden or responsibility for making sure the bills got paid and the household ran smoothly. I was in no position to face months and months more, working at the kind of breakneck pace that was inevitable on a project that I had been forced to take out of desperation.

I had done far too many 12 or 14 hour days. I was on email around the clock. I never switched off. I had driven myself insane, pressurising myself to fix all the broken things in my life, and shore up the gains that I had made. Insecurity and fear had given way to delusions of grandeur. I wanted to do everything, for everybody, immediately. I was very, very sick, because of the enormity of the task of not only the project, but the problems I was overcoming in my personal life. A breakdown was inevitable.

Managing things elegantly was unlikely to happen. I dropped hints about needing a holiday, but I needed to be firm, to assert myself. People expected me to manage my own personal needs, but what they didn't realise was that my needs were conflicted: I needed a financial safety cushion just as much as I needed some time off. When the offer of overtime was wafted under my nose, and the management team wouldn't stop phoning me up at weekends, they didn't have to twist my arm very hard to get me to work Saturdays, Sundays, nights. I needed the money, and I needed to feel like I was important and valued again, having only just escaped being an invisible homeless bum, tossed out of civilised society, never to return.

My experience as an IT contractor, my seniority as somebody who's run large teams, as a Development Manager, an IT Director, a CEO... I'm no fool. I knew that I was working at an unsustainable pace, making myself sick, but what choice did I have? I had so much to fix, and money and hard work can fix most problems. I knew that I needed a holiday, but I was vulnerable to being pressured into doing things that I would never do, under normal circumstances, due to the fragility of my situation.

My colleagues were kind enough to drop hints, and to tell me the tricks that they were employing to avoid management pressures and the general panic that was endemic on the project. They could see I was tired, and going slightly mad. They were worried, and it was kind of them to think of me, on a personal level. However, they didn't really know just how bad things were in my private life. They didn't know just what a journey I had been on. They didn't know what I was running away from.

When I snapped, I didn't know where to run for safety. I thought the safest place would be hospital. I was desperate. I could easily have run for drugged-up oblivion again, even though I was 5 months clean at that point, and one month sober. I could easily have run for the kitchen knife, and slit my wrists in the bath. I was desperate. So close to recovery, and yet so far.

I needed to chuck my freeloader flatmate out of my apartment. I needed to quit my contract and get something easier. I needed to not have the expectation, the weight of responsibility I had unnecessarily brought upon myself, in my desperate insecurity and desire to feel wanted, needed, useful, important, after my entire sense of self had been smashed to a pulp by the dehumanising experience of destitution.

Hospital was a safe place to do it.

Then, unable to grasp the nettle of what needed to be done, which could have been as simple as saying "I need another two weeks off work, to go on holiday, because I'm fucked", I decided to just run away. I booked a flight to San Francisco, leaving myself just a few hours to pack my bags and get to the airport. What was my plan? I had no idea. Even suicide seemed preferable to continuing to live with such crushing pressure, fear and hopeless odds stacked against me.

After a few days amongst friends, I decided that I wanted my contract terminated, immediately. I fired off a provocative email to the CIO. Jackpot! The guy who was responsible for us consultants emails me to say that he wants to see me... in Wimbledon, miles away from HSBC headquarters. I mail back to ask why, but he deftly avoids telling me my contract is terminated via email, despite me pressing him on the matter. Does nobody get the hint?

I come back to London, pissed off that nobody has had the guts to actually call me out to my face, or even by email, and that I've not been able to extend my stay in California. Out of spite, I decide to embarrass the consultancy and the management team, by going into HSBC HQ, blagging my way in even though my security pass has already been deactivated. I march up to the program director and ask him if he's happy with my work, is there a problem? In front of the whole team, he says he's happy with my work and there's no problem, he's pleased to have me back at work.

I milk a few hello-goodbyes with colleagues who I like and respect, while watching the people who want me gone squirm with discomfort. I'm loving every second of watching who's got integrity, humanity, and who's decided that I'm no longer flavour of the month. It's a masterclass in office politics, even though we're all contractors, all consultants. I'm committing every exquisite detail of my final minutes in the office to memory, as I deliberately waste time having my breakfast, before making my way to Wimbledon to wind up the poor messenger whose job it is to try and help the consultancy and the management team save face, by terminating my contract.

By this time, my access to email has been revoked, even though a colleague who accompanies me out of the building, pretends like everything is normal and like we're just having a friendly chat - as opposed to being escorted off the premises by a security guard. I know. Do they know I know? Surely they must.

Unable to send a goodbye email, I ask a colleague who is also called Nick Grant, but who works in Leeds, to send an email on my behalf to a mailing group that contains everybody on the project. It's naughty as hell, but I'm enjoying twisting the knife. What is it that I've really done wrong, other than getting sick and having to go to hospital? What is it that I said, other than what needed to be said, the truth? But I know the game. I know that nobody wants a loose cannon. Nobody wants anybody rocking the boat. I didn't play by the rules. Does anybody realise that this is my way of quitting with immediate effect, and without having to work my notice period?

It might seem like sour grapes. I needed that job. I liked my colleagues. I loved that social scene. That contract saved my life.

However, how do you reconcile your social life, your personal difficulties, your needs, with the role you've been forced into?

What's the difference between a contractor and a consultant? A contractor knows they're a mercenary. They're there to earn as much cash as quickly as they possibly can, and they accept that they can be terminated at the drop of a hat. A consultant just doesn't realise they're getting a bum deal. There's no such thing as an IT consultant. It's just a made-up thing now that software houses and long-term IT contractors have fallen out of favour, with the dreadful rise and rise of outsourcing and this stupid idea that software is ever going to be cheap and easy.

So, to the Winners. Thank you for saving my life. Thank you for putting up with my rocky start, my dreadful ego, my shouting. Thank you for putting up with my arrogance, and for laughing at my over-ambitious ideas. Thank you for trying to keep me humble, and remind me of the rules of the game. Thank you for taking me into your lovely social world. Thank you for the emotional support. Thank you for treating me like a human being, not a software robot. Thank you for dealing with the fallout that I inevitably caused, when implosion happened. Thank you for not hating me, as I wandered into the territory of delusions of grandeur and heroics, and self-important jumped-up craziness.

You might not realise this, but you saw a rather twisted, weird, screwed up version of me, as I clawed my way up a cliff face of recovery, from the bankrupt, homeless, junkie, friendless, single, lonely, unhappy, insane husk of a man that I was, in mid-June last year.

It's been quite a year. God knows what happened with the Customer Due Diligence project, but I'm glad the due diligence on me didn't work, because the Winners and HSBC ended up unwittingly saving my life and getting me back on my feet. I don't think I would have ever had that opportunity if my dark private life was known in advance.

I'm sorry if it feels like I used you. Hopefully, it feels like a good thing happened. Hopefully you feel happy to have played a role in bringing a person back from the brink, even if I was a sneaky bastard, and somewhat underhand about the whole thing, as well as going a bit bonkers at times.

Silver linings, eh?

The photos I've put up include some rather unflattering images of a rather battered and bruised body, that just about hung together with sticky tape to somehow carry me through some brutal times. My private life wasn't exactly 'healthy' leading up to last June.

Tags: #career #banking #hsbc #computing #london #suicide #addiction #homeless

This is a story about the collapse of civilisation...

What is it that causes empires to collapse? Why have fascinating ancient civilisations crumbled into ruins? Well, one prevailing theory seems to be that these societies failed to forgive debts, before there was a popular uprising.

There's a disrespect for working people that's highly prevalent in the world. We have a patronising attitude towards people who get themselves in heaps of credit card debt, or take out mortgages that they can't afford. We seem to assume that the when loans go bad, it's is somehow the fault of the borrowers.

In actual fact, having sat in on phonecalls with many people who are in a distressed debt situation, they did nothing more than try to make ends meet and have a lifestyle that should be considered completely normal in a developed Western country.

Most people who've got into a debt-spiral did so because there's no way to legitimately dig their way out of the hole. They already work the maximum hours that they're able to, but yet their earning potential has maxed out. When the car breaks down, they have to borrow to meet the shortfall, and this tips them into a downward spiral, because they'll never be able to find the extra cash, due to punitive interest rates.

The story is almost always the same. When things start going wrong, people hover up every bit of available credit in order to maintain their perfectly reasonable lifestyle. People still need to replace their clothes, and cheap clothes wear out very quickly. People still need to get to work, and transport costs are significant. People even need to service their addictions. Without tobacco and alcohol, many lives would simply be unbearable. These are not luxuries, and people are not profligate for expecting a minimum standard of living.

If you look at the kind of savings you can make by economising and shopping around, it's fairly depressing. You might be able to save a few pounds by shopping at another supermarket on the other side of town, but what about the extra fuel you burned getting there, and the extra wear & tear on the car? What about the waste of your time, that could have been spent working more hours... if they were offered?

The fact of the matter is, that in free market economics, prices will find a level that is just about affordable for people on an average wage. If you price things too high, then everybody goes bankrupt and just refuses to work because the game is a stupid one. If you price things too low, then there's untapped profits and people rise out of poverty and refuse to do shitty jobs anymore. So, things have to be priced just right so that everybody is looking at their bank balance and eking things out to the end of the month, every month, month after month, year after year.

If you're a politician, landlord or a businessman, you want to find the price elasticity of demand so that you know how much you can charge as taxes, rent and the price of your products, such that demand is not unduly impacted. You want to charge the maximum tax, maximum rent and maximum price for everything, without people saying "fuck this" in huge numbers. Everything is priced based on the limit of what most people will just about put up with.

Unfortunately, people get ground down. Working your whole life just to pay taxes and service debts starts to get pretty irritating. People can see that they don't stand any chance of ever getting ahead in life.

We can see that there's a link between poverty and ridiculous dreams. Where people are poor, gambling is popular, and there's no bigger tax on the poor than a lottery. The lottery is the ultimate con, because it robs the very poorest people of a significant proportion of their income, whilst also giving them false hope that they might one day escape their situation.

Other ridiculous dreams include becoming a professional athlete, and becoming a famous pop singer or movie star. The number of Premier League footballers and TV celebrities is a piss in the ocean. In percentage terms, you're more likely to win a lottery or some kind of accumulator bet.

So many kids these days say that they want to be "famous" but they have no idea what for... singing probably. Vast numbers of people watch singing contests like X-Factor, Pop Idol and The Voice, and unwittingly, they are buying into this fairytale dream that they're going to be plucked from obscurity and poverty one day, and get to live this A-list celebrity lifestyle that's rammed down our throats with shows like Made in Chelsea and The Only Way is Essex, let alone Keeping up with the Kardashians.

Panem et circenses has paved the way for the political class to become ever more powerful, with the proletariat feeling that their vote would make no difference, and their time is better devoted to watching banal wannabe celebrities croon on a television show, as well as spending money to vote on premium rate phone lines.

Banks are "too big to fail" but the ordinary working person receives no government bailout for their financial woes, when it becomes evident that they can no longer service the debt that they have run up. However, there has been no popular uprising yet, because people are resigned to government and corporate control of their lives.

For me, the rioting and looting that we saw in the Tottenham and Croydon riots in London is indicative of a huge portion of society who are taunted with expensive consumer goods that they'll never be able to afford, and offered no jobs or legitimate opportunity, in order to acquire the material things that they desire.

Debt has been the only way that people have been able to get the celebrity lifestyle that's rammed down everybody's throats. All those flashy new cars are on hire purchase. All those gold-plated iPhones are bought with credit cards. All those lovely clothes are purchased on storecards. I don't think these people are idiots, and I don't think they're financially reckless. They've been told their whole lives that they're entitled to these things.

However, the more that people are denied the things that they've been promised - houses, cars, holidays and all the trimmings - the more they're going to wonder why they should work, only to get deeper and deeper into debt, and to have a miserable life where they're just counting down to payday, only for their hard-earned cash to be swallowed by rent, debts, transport, food, clothing and other life essentials.

We are asking too much of our working people, and at some point they're going to realise that it's not the immigrants who are to blame, but the ruling class.

The party never stopped for the elite. The good times just kept rolling. You can't prop things up forever, when working people are so unhappy.

Tags: #capitalism #banking #politics