Friday, July 6, 2012


Ask for the proof, and along comes...the Seattle Times Jon Talton;
The London Inter-Bank Offered Rate, or Libor, is an interest-rate benchmark that affects borrowing costs and credit for some $800 trillion in financial instruments. And the banksters have been manipulating it for their profit. 
Evidence for that last sentence being conspicuous by its absence, but that not need detain us.  We're more amused by Mr. Talton's conclusion;
But the solution is simple: A 21st century Glass-Steagall and criminal prosecution of the top playerz.
The UK never had a 'Glass-Steagall' to repeal in the first place, nor is it explained how it would have prevented false rates on 'inter-bank' lending.

America's Banking Reform Act of 1933 (aka, Glass-Steagall) created a cartel of 'commercial' banks that were free from competition from 'investment' banks.  So, if any of the former wished to publish false rates at which they were supposedly borrowing, they'd have even less reason not to do so (absent competition).

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