As we were in our funk, we e-mailed a few people about "Libor" knowing that most
Americans have no clue as to what Libor is. Hopefully you are paying enough attention
to notice that it is now making the mainstream "NEWS". When we first heard about
LIBOR we were like WTF is that? We hope the following e-mails help the uninitiated
understand LIBOR and why you should (See Rick Santelli commenting on the scandal
And you just thought the government was ripping you off Not long ago I sent a post
to a few people about the "LIBOR" scandal with full knowledge that most Americans have no clue
as to what LIBOR is and how it affects them. Simply put, "LIBOR" is the most important figure in finance.
More important than the Fed rate. It is the mechanism by which the banks set interest rates for loans,
credit cards and interest paid on savings. So imagine if the world wide banks setting the LIBOR
rates daily were manipulating and using inside information from the Federal Reserve?
Guess what, it is happening?
Im passing this post from George Washingtons Blog on as it is one of the simplest to
understand explanations of just how screwed you and I are.
George Washington is a guest poster on Zero Hedge. Zero Hedge is highly recommended
as a site that needs to have attention paid to it because, their anonymous writers have a
clear understanding of that arcane part of the financial world that most of us never even
glimpse. Read this and I guarantee which ever political persuasion you claim, you will be
pissed. Because it is not about politics. Never has been. It has always been aboutMoney!
Libor: The Largest Insider Trading Scandal EverHe links to this article which is also good.
The rotten heart of finance A scandal over key interest rates is about to go globalenjoy
Whether you want to call it crony capitalism, socialism or fascism, one thing is for sure … this ain’t capitalism.Add to Technorati Favorites