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LIBOR is the inter bank lending rate on the loans that banks lend to each other. It is exactly the same as the Fed Fund and Discount rates of the Federal Reserve. LIBOR (and EURIBOR) also set rates on mortgages, credit, and any type of loan. The LIBOR and EURIBOR rates were lowered so printed money was borrowed cheaply and in turn was lent to central banks and governments. They collected the difference in interest and netted billions of manipulated profits. The groups prosecuting LIBOR are pension plan organizers, insurance firms, and governments that have and would have lost lots of money based on the interest rates manipulated by LIBOR. The lawsuits can be the final wake up call to reform and bring justice to the Western financial sector that has been the place of the most corrupted enterprises in world history.
There are number of issues I do not agree on with Austrian economists. I believe that Keynesianism cam be used effectively with some elements of the "free market" (austrianism).
I do not agree on:
hyperinflation in the near future
the reliability of the gold standard
the Dollar Bubble
(Friedman was a top advisor of Ronald Reagan)
The Audit the Fed Bill is quite unpractical to me. The Fed has been the force of stability (and instability) throughout history. Auditing the Fed can be very detrimental to the economy. The setting of rates among banks is absolutely necessary. Friedman agreed with instituting a non-political central bank. The people that run these institutions are the problem.
If we did audit the Fed, another system has to be set already with a foundation. My proposition is a system based on alternative energy. But I don't think this will ever happen, because free energy suppression has been successful. Depopulation will correspond with a Peak in Scarce Resources that will be the end of the age. I have posted the graph below before, but its here to reiterate my point:
Originally posted by ConspiracyBuff
For the record mixing a free market ideology with a Keynesian ideology is called crony capitalism.
The New Deal did not end the Great Depression during WWII; the war during WWII ended the Great Depression! You have got to be joking. Also the New Deal extended the Great Depression because anyone who paid attention in a graduate level econ course can tell you when government spends more than it receives in tax revenue – savings and investments are negatively impacted.
I highly suggest you read some Rothbard instead of the widely accepted economic propaganda garbage you undoubtedly have based your opinion on. Also you have no grounds to say anyone’s economic views are flawed after your miserable attempt to do whatever this post was.
edit on 4-8-2012 by ConspiracyBuff because: face!
Originally posted by theshepherd2
Monetary reform is the only way we will achieve world peace, "free" energy, and a planet I would be proud to pass on to my kin.
Originally posted by ConspiracyBuff
reply to post by Ruffian
You did say the New Deal ended the Great Depression in your conclusion paragraph. If this was a paper I would give you a B-.
I never said I was of the Austrian School of thought; you make that assumption because you do not have the knowledge base to realize there are more than a handful of economic theories.
You do realize Modern Money Mechanics, which is what the Fed bases is monetary policy off is loosely based on the Austrian School of thought right?