Financial Scandals Keep Pouring Upon the World – Has Integrity Taken A Holiday?
“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around (the banks) will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” – attributed to Thomas Jefferson
Like the frozen facial expression of the barmaid, who repeatedly serves up suds from the same barrel, so is the seemingly never-ending saga of the World’s financial scams that have put earth’s human population into a mental stupor. No one seems to care that the biggest financial scandal the world has ever seen, is happening as we speak.
Mention the word LIBOR and a hypnotic trance seems to turn rational human beings into zombies. Instead of the mass media reporting on something that affects nearly every human being on the planet, the media continues to give more air time and mindless commentary to earth shattering events such as the Tom Cruise and Katie Holmes divorce, sharks near public beaches and fireworks gone wild. With this kind of social engineering, delivered by media manipulation, it is going to be a long hot summer, indeed.
The fact is that LIBOR (okay, wake up!) is THE biggest financial scam in world history! According to the Washington Post, the big banks have criminally conspired since 2005 to rig an $800 Trillion dollar market. You see, over $800 Trillion dollars of investments are pegged to the LIBOR rate. That, fellow zombies, means that almost the entire world’s economy has been manipulated and along with it – YOU! The lies don’t get much bigger than this.
Have people become so manipulated, especially in the United (Socialist) States of America, that they are permanently in a catatonic state? Or doesn’t anyone care if they are perpetually manipulated by Big Brother, so long as they can drink beer and watch reruns of Dog the Bounty Hunter?
So, what is LIBOR? Simply stated, LIBOR is the average interest rate which banks in London charge one another for borrowing. The process involves traders at 16 leading banks sending in their estimates of the interest rates at which their banks could borrow money. This is done electronically, or by phone call if necessary. The lowest quarter and highest quarter of the estimates are discarded and a computer calculates the average of the remainder. The resulting calculation is that day’s LIBOR. There are 150 LIBORS published daily, which includes the calculation repeated for each of ten currencies and 15 loan durations (from overnight to 12 months).
So, what does this reporting and calculating effect? Worldwide assets to the tune of nearly $400 Trillion are indexed to LIBOR, and many of those assets are consumer debt (again, that’s you) instruments like mortgages, car loans and credit card loans. In other words, if you have a loan the chances are it is indexed to LIBOR. So, if LIBOR rises you are effected – and not in a good way. Your costs may go up.
The bigger problem is that when banks started manipulating LIBOR, they were breaking laws intended to protect people. No wonder then, Barclay’s admitted last week to rigging LIBOR and agreed to pay $450 million dollars in penalties toU.S. and British regulators. And Barclay’s chief, Robert Diamond, resigned on Wednesday.
There are still about 12 more banks that are under criminal or civil investigation in various countries. No doubt, all of the banks are trying to initiate some form of damage control to mitigate (cover-up) their wrongdoing and lying.
So, for the rest of us zombies it’s time to wake up, shake off the cognitive dissonance, like a dog trying to shake off pesky fleas, and come to terms with the corrupt and growing bank apocalypse. Remember too, that both Thomas Jefferson and Andrew Jackson warned against the evils of central banking. The financial system is a house of cards, built on lies.
And if you still think there is nothing you can do, contact your Congressman and ask them to support HR – 459, which is coming up for a vote in July. That’s the bill that calls for an audit of the Federal Reserve. With increased transparency, lying and corruption cannot hide. Americans should demand no less.
“Beauty is in the eye of the beholder
and it may be necessary from time to time
to give a stupid or misinformed beholder a black eye.”