It is better to be an outcast, a stranger in one’s own country, than an outcast from one’s self. It is better to see what is about to befall us and to resist than to retreat into the fantasies embraced by a nation of the blind.
Chris Hedges

Thursday, July 05, 2012

Libor: The Smoking Gun

The Barclays Bank Libor-fixing scandal currently being investigated in the UK is huge. Libor is the cost of inter-bank borrowing between the 18 largest banks in the world. Trillions are traded between banks every day. The rate is set by contacting the 18 largest banks in the world and asking them what they would charge a brother bank; the top and bottom four are thrown out and an average is derived from the middle 10. This forms the basis for all lending: because all profits, at each stage are derived from the Libor rate, published each day. For Barclays to fix the rate, there would have had to have been at least four other co-conspirators for any price they quote to move the rate. It was an increase in the Libor that brought down Lehman Brothers and Bear Stearns. This was the trigger for the 2007 - 2008 collapse. Stop reading about Tom and Katie, Wimbledon, or Higgs boson particle. This should get us off our asses and in the streets.

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