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Bloomberg reported yesterday that five whistleblowers who have been working as foreign exchange traders have stated that the $5 trillion foreign exchange market is rigged. They allege that the world's biggest banks have been systematically manipulating the foreign exchange rates used to set the value of trillions of dollars of investments and derivatives. The main target of this has been pension funds all over the world.
Not surprisingly the centre of this activity has been the City of London, just as with LIBOR.
The traders told Bloomberg that the banks were actively trading against their clients by making use of a 60 second window in which trading is supposed to be paused. The traders told Bloomberg that, "dealers colluded with counterparties to boost chances of moving the rates."
In political terms both Key and Brash are relative novices. They have been in Parliament for a mere term, compared with the Labour firm's eight terms. But voters should be able to look past their relative political inexperience to their huge "real-world" experiences, as Merrill Lynch operative and a former New Zealand Reserve Bank governor. In Key's case he can also point to the invitation he received in 1999 to join the Foreign Exchange Committee of the Federal Reserve Bank of New York as further evidence of his economic management credentials. Game on.
Originally posted by Happy1
reply to post by minkmouse
This is what the little person doesn't understand - This is how you get clobbered when you buy a house, get a mortgage, then have to pay for gas at $4.00 a gallon - and watch your house go underwater - and watch your credit card bill go to 25%.
These people are dealing with no money - in fact, losses - and betting to get money that they're going to lose money.
And the little people keep paying the bills because they don't want to lose the house they live in.
The house of cards these people are playing will eventually fall down.
I wish all of us little people had enough guts to stop paying our mortgages and credit card bills all at once.
Then put these people in jail - and confiscate the rest from their families and make them live in little trailers that reek of formaldehyde.
Originally posted by MyHappyDogShiner
reply to post by Happy1
Finally, somebody who figured out the truth.
I thought I was alone.
If we all just stopped, it would all just stop.
The system depends on our depending on it.
Slavery, in a word.
We are allowed to build our own cage, and work some crappy paying, soul crushing job pay for it, and ignorantly believe we are free.
The more one takes from a man, the freer that man is, unless he refuses to realize he is a slave, and then being free is his greatest fear.
We have all been domesticated.
Originally posted by stormcell
In the end it's only international buyers who can afford the new property prices, and the locals have to migrate or even emigrate.edit on 19-6-2013 by stormcell because: (no reason given)