"Decency, security and liberty alike demand that government officials shall be subjected to the same rules of conduct that are commands to the citizen. In a government of laws, existence of the government will be imperiled if it fails to observe the law scrupulously. Our Government is the potent, the omnipresent teacher. For good or for ill, it teaches the whole people by its example.
Crime is contagious. If the Government becomes a lawbreaker, it breeds contempt for law; it invites every man to become a law unto himself; it invites anarchy."
Louis D. Brandeis, US Supreme Court Justice, Olmstead v. United States, 1928
Gentleman, start your presses, and rig the markets to both enhance the effect in some and to hide it in others. And this produces a mindset towards manipulation in all the key market participants.
Bob Diamond is a sociopathic child of a monied culture of privilege and deceit, a collegiality of crime.
They may try to bury the stench of corruption in the banking system by further diluting the value of money, but this will not restore vitality to the real economy. It will only continue the malicious trends and increase the misery of the people. And this energizes the feedback loop of repression.
Eventually the monied interests must accept reform, but because of the credibility trap this will be something that is more likely forced upon them when they go too far.
US Non-Farm Payrolls Report for June on Friday. It may appear a little better than expected, or it may not.
The monthly figures, as are several key market indicators and prices, all a part of the show, masking the real trends at times like these. This was shown clearly in the manipulation of LIBOR by the Bank of England, in addition to the extracurricular privateering of the banks for their own accounts.
Central banks worldwide cut key interest rates
By David McHugh, Associated Press
5 July 2012
FRANKFURT, Germany – The European Central Bank has cut its key interest rate by a quarter percentage point to a record low of 0.75% to boost a eurozone economy weighed down by the continent's crisis over too much government debt.
The move followed a rate cut by China's central bank and new stimulus measures by the Bank of England as global financial authorities seek to shore up a slowing global economy.
Stock markets rose briefly on the news, mainly because China's rate cut was unexpected. But the gains did not last long as investors seemed worried about the extent of the slowdown in the global economy. Germany's DAX was up 0.4% while the Dow futures were flat...
Denmark cuts rates, one to negative for first time
By John Acher and Ole Mikkelsen
5 July 2012
* Central bank cuts main policy rate by 25 bps to 0.20 pct
* Cuts CD rate by 25 bps to negative 0.20 pct
* Keeps current account rate unchanged at 0.0 pct
* Lifts current account limits
COPENHAGEN, July 5 (Reuters) - Denmark's central bank cut interest rates by a quarter point on Thursday, shadowing the European Central Bank's action earlier in the day, in a historic move that put one of its secondary rates below zero for the first time.
"The interest rate reduction is a consequence of the reduction by the European Central Bank of its monetary policy rates by 0.25 percentage point," the Nationalbank said in a statement. (a spiral of competitive devaluations of fiat currency - Jesse)
The Nationalbank cut its lending rate to 0.20 percent from 0.45 percent and lowered its certificates of deposit (CD) rate to negative 0.20 percent from 0.05 percent to match the ECB's move and to curb strength in the Danish currency...