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LIBOR? The Real Scandal Is The Fed

The latest brouhaha in the financial world is the “scandal” that the banks that set the LIBOR (“London Inter Bank Offer Rate”) have been “manipulating” interest rates. The LIBOR is important because it sets the benchmark interest rate for many of the top lending institutions in the world and directly affects the rates at which financial instruments such as student loans, mortgages, and bonds are set throughout the world, including here in the U.S.

As with all such “scandals”, the U.S Justice Department is leaping to the rescue to score some political points. As a recent NY Times articles entails:

The criminal investigations come at a time when the public is still simmering over the dearth of prosecutions of prominent executives involved in the mortgage crisis. The continued trouble in the financial sector, including the multibillion-dollar trading losses at JPMorgan Chase, have only further fueled the anger of consumers and investors.

But the Libor case presents a potential opportunity for prosecutors. Given the scope of the problems and the number of institutions involved, the rate-rigging investigation could provide a signature moment to hold big banks accountable for their activities during the financial crisis.

“It’s hard to imagine a bigger case than Libor,” said one of the government officials involved in the case.”

It would seem that this anonymous “government official involved in the case” doesn’t have much of an imagination, because I can imagine a bigger case in about 2 seconds. While I have no doubt there may be legitimate corruption to investigate in this current case involving LIBOR, it’s nothing compared to the Federal Reserve system and central banking as a whole.

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The government stealing

The government stealing is not a sexy story for the media. Everyone expects to have a certain amount confiscated every year, through tax and inflation. Until we wake enough people up they will continue to be tantalized by scandals such as LIBOR or Penn State. And will continue to look to frauds and murderers like Louis Freeh to investigate. The entire system is broken.

Stay Focused - Fed is the Real Issue

Solid analysis on the real culprits at hand here. Keep in mind the Fed has been hard at work making all of us poorer since 1913. This LIBOR scandel is a mere blip on the screen.


One big knot

The whole thing needs to be unraveled, or more like dismantled.

how about

set aflame?

*Advancing the Ideas of Liberty Daily*

Fed Ready to take necessary meausures to Stimulate the economy..

right into financial collapse.