This is an excellent article summing things up on the LIBOR scandal and its implications. It's not really a secret, that those few heads of the banking industry have power to manipulate politics, economic crises, consumer indexes, depressions and economic growth – and are not afraid to use it, as the LIBOR scandal clearly demonstrates.
It really is a shame that this hasn't been getting that much press, given its utter significance and relevance to the Euro Crisis, Bankia, etc. See, the one ring that binds them all wasn't destroyed in the heart of Mordor. It landed in the hands of the Bankers instead, and sadly, ones who are more akin to Sauron than Frodo.
/via +Kevin Smith
Explainer: Why the LIBOR scandal is a bigger deal than JPMorgan
Explainer: Why the LIBOR scandal is a bigger deal than JPMorgan
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If you want to get the genie back into the bottle, you have to make derivatives trading illegal again
+Kevin Smith they won't fall. Anyone in the 99,9% will fall, though. Why do you think Portugal has soaring gold exports? Families are selling off their heirlooms to stay afloat. And guess who has all their property now? That's why they won't fall.
+Sophie Wrobel Admittedly speculation on my part but when it all comes crashing down those that have the farthest to fall crash the hardest. Economic karma if you will.
+Kevin Smith you lost me there: why would the bankers be unable to continue paying bribes to the politicians?
As far as I can tell, they'd be the only ones capable of paxing bribes – or withholding them as hostage to get what they want – as the already sparse wealth of the masses collects in their hands until a revolution tears them apart.
+Sophie Wrobel My assumption is that in a global depression the bankers would be unable to continue paying bribes to the politicians. The politicians would pass tough new laws in an attempt to get the bribes flowing again.
More human nature than economics.
Even then they won't. Not until they are dismantled, de-monified, or nationalized, which will likely only come from revolutions.
+Kevin Smith I doubt it will stop after they have caused a depression, either.
No regulations have been put back into place, or let alone tougher laws added after the financial debacle of 2008. It is only a matter of time before the multinational banks drive our economy off a cliff again. The hubris of these bankers is astounding. Unfortunately I do not think these problems will be properly addressed until they cause a full blown global depression.
+Sophie Wrobel: not necessary that should be media's responsibility. Let's scan tomorrow's headlines in the hope of getting more information on that but experience indicates the opposite.
Good points +Sophie Wrobel.
A video about it from a post of mine: https://plus.google.com/102744407669548081722/posts/cJfFvKdPtcB
+Mariusz Kaczmarek is that a challenge to ask me to make macroeconomics more accessible to the lay person? :p
To understand the whole Libor/Euribor issue one needs some basic (better extended) knowledge in macroeconomics or at least how the monetary system is working between banks, between banks and economy or/and between banks and governments.
Despite the complexity it should have been covered more. Pity.