"Bleed, bleed, poor country!
Great Tyranny! lay thou thy basis sure,
For goodness dares not check thee!"
William Shakespeare, Macbeth. Act IV. Sc. 3.
The LIBOR scandal is shaking the remaining confidence that people have in the financial system.
It is the equivalent to rigging the US benchmark interest rates with advance insider knowledge to benefit the banks' personal accounts to the loss of everyone else.
Oh wait, they already do that, don't they?
Bear in mind, the Federal Reserve is a private institution, owned and managed by the Banks. The government itself uses the bankers to achieve their own policy ends, both domestically and abroad, and turns a blind eye to their more brazen extracurricular privateering for their own accounts out of professional courtesy, and blackmail.
What is equally outrageous is the long term manipulation of gold and silver, which are also foundational benchmarks of the monetary system.
The manipulation in the metals has been exposed for some time now, and is virtually in plain sight.
The same parties involved in LIBOR are involved in manipulation across multiple markets, actively mispricing risk and misallocating capital to serve the greed of the privileged few.
And the pity is so few people get it. But they will. As I had forecast, this is the year of revelations.
When it comes out they will say, 'we did it for the sake of the system.'
And don't be a sap, because after all, everybody knows.
(h/t Capitalism Without Failure)
"Separate But 'Equal'"