Is there a “worldwide conspiracy” in the financial system?
By Stephen J, Gray
In the last number of days there have been numerous articles regarding, “The interest-rate rigging scandal…” This scandal affects just about everything people purchase or invest in. The Guardian U.K. newspaper of June 30, 2012 in an article by Jamie Doward stated:
“In a 28-page statement of facts relating to last week's revelation that Barclays had been fined a total of £290m, the US Department of Justice discloses how a network of traders working on both sides of the Atlantic conspired to influence both the Libor and Euribor interest rates – the rates at which banks lend to each other. It was, in effect, a worldwide conspiracy against the free functioning of the market....” [1]
“Let the marketplace decide,” is the constant slogan of the free marketers. One wonders will these same people advocate that those involved in this “worldwide conspiracy” be brought to justice after the banking “marketplace” rigged the system? Will any of these bankers get jailed? Will any of the finance ministers in the governments of the “nine government agencies” mentioned below be held to account?
“It is believed 16 banks in addition to Barclays are being investigated by the Department of Justice. Inquiries into alleged market manipulation are being carried out in the UK, the US, Japan, Canada, the European Union and Singapore and involve nine government agencies.” [2]
Who were these, “nine government agencies?” Were there politicians involved? Did any of the money printing Central Bankers know about this “global scam?” These are just a few of the many questions still unanswered. The banking fraternity are all connected to each other therefore it is hard not to believe that this “worldwide conspiracy” involves numerous important personages in the monetary system!
The independent U.K. newspaper of July 1, 2012 stated: “The IoS can also reveal that the Bank of England was aware of concerns over Libor five years ago, and discussed it in at least two meetings with representatives of some of the City's biggest financial institutions....Court documents filed in the US accuse Bank of England officials of failing to act on questions about "the integrity of Libor" raised during meetings of the Money Markets Liaison Group as early as 2007. The meeting was chaired by the BoE deputy governor, Paul Tucker, and attended by officials from institutions including at least seven that have since been named in Libor investigations....” [3]
…
“WHAT IS LIBOR?”
“It stands for the London interbank offer rate and is the interest banks charge to borrow from each other. Banks rely on this money to lend to customers and businesses. Its equivalent in Europe is called Euribor.”
“HOW DOES IT AFFECT ME?”
“The rate banks pay to raise money affects how much they charge on loans and mortgages. An increase in Libor can add hundreds of pounds to households’ annual mortgage repayments or a loan to a small business.”
“This was seen with dramatic effect in the run up to the financial crisis, when Libor soared and lenders raised their rates. It is also used as the benchmark for trillions of pounds in complex financial investments.”… [4] Daily Mail, July 1, 2012.
Trillions of taxpayers dollars were spent bailing out these pin striped suited bankers. Meanwhile, the ordinary person lost their homes, their jobs and their savings, their investments tanked. No bailouts for them but their taxes bailed out the bankers. What will it take before something is done to clean up this rotten, festering, fraudulent financial system? The perpetrators get away with fines; and who will pay their fines? The taxpayers will of course, in extra fees and charges courtesy of the monetary fraudsters running the system. The mafia are amateurs compared to these monetary manipulators. Justice has become a farce as witness none of the big perpetrators of the sub prime mortgage scandal has gone to jail. And none of the latest banking scam artists will either if the system runs true to form. Some of them have been known to advise governments, and so the corruption continues at the highest levels. The money changers are in charge and the taxpaying serfs are available to be looted, used and abused because that is how gangsters operate. Has organized crime become legitimate in the halls of power? Will the people continue to accept their debt and tax slavery to the manipulators of the financial system? Or will there be a day of reckoning?
Stephen J. Gray
July 2, 2012.
Endnotes:
[1]http://www.guardian.co.uk/business/2012/jun/30/banking-scandal-barclays-lawsuits-libor
[2] http://www.independent.co.uk/news/business/news/banks-face-lawsuits-worth-billions-over-libor-scam-7902918.html
[3] http://www.independent.co.uk/news/uk/politics/exclusive-top-tories-dragged-into-banking-scandal-7901941.html
[4] http://www.dailymail.co.uk/news/article-2167239/Bob-Diamond-refuses-quit-Barclays-chief-resignation-chairman-Libor-rate-fiddle.html
More info at links below:
http://www.salon.com/2012/07/02/bankers_constantly_lying_defrauding_most_still_not_in_jail/
http://www.guardian.co.uk/commentisfree/2012/jun/29/barclays-scandal-not-inappropriate-crime
http://www.dailymail.co.uk/money/news/article-2166863/Barclays-did-act-despite-THREE-warnings-Libor.html
http://www.dailymail.co.uk/money/markets/article-2166937/Scandal-Barclays-rigging-key-rates-lead-criminal-charges.html
http://www.bloomberg.com/news/2012-06-28/banker-to-the-bankers-knows-the-numbers-are-lying.html
http://www.marketoracle.co.uk/Article35394.html
http://www.rollingstone.com/politics/news/the-scam-wall-street-learned-from-the-mafia-20120620#ixzz1ySCEgqjl
