1 vote

Why is the manipulation of LIBOR such a big deal?

Am I missing something? Central banks the world over manipulate interest rates as a primary function of business. I feel like I am living in the twilight zone when I hear all of this fuss over LIBOR. What is it about the nibbling mouse LIBOR that releases such a fervor of outrage, when the thundering elephant of central banking (the Federal Reserve most notably) has manipulated interest rates to ZERO?

This is so puzzling that, before I chalk it up to ignorant faith in a government organization (central banking) vs. the now popular skepticism in what are wrongly perceived to be private free-market institutions (the various large banking institutions which are not central banks), I must be certain that I have not missed something. Is this really just ignorance which has caused such misallocated criticism of the various forces behind interest rate manipulation?

If so, this will certainly be a cause to get government MORE involved in banking. More centralization. More intervention. Less freedom. Less prosperity. How sad.

Trending on the Web

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

OK so the fed tweaks US rates

this LIBOR thing removes basis for confidence in GLOBAL rates. Using the same bad actors. With what they've been caught with so far, this DWAFRS the hidden taxation of USD devaluation, it DWARFS the bailouts. it DWARFS the fake balance sheets of our financial institutions. And this proves collusion at the very highest levels to defraud the entire financial system, top to bottom.

I guess the only reason not to be shocked is when you are used to getting lied to on a daily basis. Of if you suspected the whole system was rigged.

Be brave, be brave, the Myan pilot needs no aeroplane.