The One Ring to bind them all wasn't destroyed in Mordor

By | July 5, 2012
It landed in the Bank Cartel instead.

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

12 thoughts on “The One Ring to bind them all wasn't destroyed in Mordor

  1. Sophie Wrobel

    +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.

  2. Kevin Smith

    +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.

  3. Sophie Wrobel

    +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.

  4. Kevin Smith

    +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.

  5. Malthus John

    Even then they won't.  Not until they are dismantled, de-monified, or nationalized, which will likely only come from revolutions. 

  6. Kevin Smith

    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.

  7. Mariusz Kaczmarek

    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.


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