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    It's Not Libor Stupid, Central Banks Are The Problem

    Carol
    Carol
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    Join date : 2010-04-07
    Location : Hawaii

     It's Not Libor Stupid, Central Banks Are The Problem Empty It's Not Libor Stupid, Central Banks Are The Problem

    Post  Carol Sat Jul 21, 2012 1:05 am

    The Libor scandal is about to get a whole lot worse. And, that’s the good news.

    Not only are at least twenty more big banks under investigation as part of a massive fraud to manipulate interbank lending rates that affect some $800 trillion in loans and derivatives, but the Bank of England is about to take center stage in the scandal.

    And that’s bad news for central banks around the world.

    Well, actually, it could be good news, as in really good news if it’s the beginning of the end of what central banks do to manipulate free markets to the benefit of their only real constituents, the world’s big banks.

    First the good news.

    It’s already come out that traders at Barclays with huge derivatives positions leaned on co-workers who sit on “panels” that submit internal bank borrowing cost data to Thompson Reuters, who averages the middle lot of submissions to determine Libor (London Interbank Offered Rate) “fixings” (not my word, but actually the established nomenclature for what it apparently is that they do…as in “fix” rates) all under the auspices of the British Banking Association.

    read more: http://www.forbes.com/sites/shahgilani/2012/07/06/its-not-libor-stupid-central-banks-are-the-problem/


    _________________
    What is life?
    It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.

    With deepest respect ~ Aloha & Mahalo, Carol
    Carol
    Carol
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    Posts : 31864
    Join date : 2010-04-07
    Location : Hawaii

     It's Not Libor Stupid, Central Banks Are The Problem Empty Re: It's Not Libor Stupid, Central Banks Are The Problem

    Post  Carol Sat Jul 21, 2012 11:43 am


    Stephen Colbert's 7-19-12 report on LIBOR... another masterpiece!
    VIDEO: Stephen Colbert's 7-19-12 report on LIBOR... another masterpiece!
    http://www.colbertnation.com/the-colbert-report-videos/416696/july-19-2012/libor-interest-rate-scandal


    _________________
    What is life?
    It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.

    With deepest respect ~ Aloha & Mahalo, Carol

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