The LIBOR Scandal is the Biggest Scandal in History - Every Human on the Planet has been Ripped Off!

Originally posted by idealord
LIBOR rates are what EVERY loan rate is set by, mortgages, business loans, credit card rates. Sixteen banks set the rate every day through a series of phone calls. These rate agreements were treated as an inside cartel and the bankers used them to make TRILLIONS of dollars.

Every major bank is involved. Not just Barclays, every bank. The communist/socialist financial rag, the Financial Times, (joke) called last week for the immediate firing of every banker in an executive position. There is no semblance of ethics at all in the system.

The British press and the British political system is all over this, but you will hear almost nothing from the US MSM. It's too big, it will be cause tsunamis of law suits, and it is the beginning of the end for the banking cartel.

Here's a great video which explains it all for you:

At this moment Fox Business just reported this story. Great work Idealord for providing the Youtube education!

Matt Taibbi, Rolling Stone contributing editor, and Dennis Kelleher, president and CEO of Better Markets, analyze the Libor interest rate-rigging scandal engulfing the banking industry with "Viewpoint" host Eliot Spitzer.

This is all the more reason to forgive all debt. It was a totally rigged system. A complete fraud. And the fact that the U.S. media is mostly ignoring this story just goes to show how in the tank they are for corporate interests. We knew that, however, this story is just so huge - to NOT cover it causes a bit of cognitive dissonance.

To an extent, I agree with the poster on the front page who said what else is this scandal obscuring? Will the implosion of the banking sector usher in a new system even more tyrannical or oppressive? Is it any coincidence it is happening in 2012 which is thought by so many to either herald doom or an entirely new paradigm for humanity?

So many implications for this...

Calm down OP. This is actually MINOR compared to what the private central bank does, which in effect cordinates all the raping and pillaging of ALL economies on a global scale. If people think this is huge god help you when you go deeper down the rabbit hole.

The world is not what you and 95% of the people think. Government is run by billionare or even trillionare cartels that make the sicillian mafia look like 5 year old toddlers playing on the porch with ballons. Like I said calm down man.

Originally posted by woodwardjnr

Originally posted by Cassius666
What if rates were fixed to be lower? Then you benefitted if you took out a credit.

What if they went higher and you lost your home or business. No compensation I imagine.

Taking out junk loans knowing they will default and ridding yourself of them by selling them off to banks and investors who thought they get good loans and then having the public bail it all out, is a different issues. Those news suck for the people who were players and players playing by the rules. It is not as tangible for the average joe. Rates have been at record lows for the past decade or so. If players in the financial market screw each other over does not affect you.

Originally posted by SeekingAlpha
Fantastic Video. Thanks for posting. Please forward to your friends and spread the news.

It's very clear that contrary to the republican platform that govt. needs to get out of private business, govt. should be regulating these businesses. Sorry but time after time these banks and big businesses will screw everyone around them just to make a dollar. With the lack of keeping these businesses in check, there is no accountability and that is why you are seeing a rampant display of corruption in all aspects of business.

These clowns should be serving 10+ years behind bars for this. Enough is enough.

You're a clown if you think the government isn't already completely captured by the international banks. You're not going to fix this problem by voting for Obama because he said he will regulate the banks.

The banks will WRITE THE LEGISLATION THEMSELVES.

Wake up, please.

Every Human on the Planet has been Ripped Off!

Nope.. only the ones using credit cards (why would you want that?) and having mortuages. The rest.. I bet there are quite a few, were not.

My mother sayd -finger up in the air and looking very serious indeed - that you cannot use money you don't have.

That simple lesson is the one thing that kept me out of being scammed. First save money, than buy stuff. not the other way around paying what.. 15% more for stuff?. Yeah tha'ts a rippoff.

jeezzduuuuh

reply to post by Trolloks


I like where you are going with that.

Imagine the indignation over sentencing people all over the world if they all robbed banks without violence. They simply and very blatantly stole. Imagine if every bank had only a few trusted employees and everyone else as a form of protest simply stole money back from banks and gave it out.

It would be better if they didn't keep it, like modern robin hoods.

The point would be to get caught. Then at your trial cite every instance you can remember of bankers being at large after stealing much more and keeping it for themselves.

It would do the most damage to them. It would create a PR nightmare for any judge and all the legal system.

How could they justify punishing people who are going homeless and hungry for taking back some of the wealth that was stolen from them in order to survive.

That could be OUR revolution THEY could not usurp and make violent so as to make it illegitimate.

We need to think out of the box if we want to make progress in areas they are not prepared for. They are ready for a militant uprising now, that is why they need for us to make a move. Then its martial law all the way to FEMA camps.

We need more than sit ins.

Gandhi evaded the salt tax by teaching and recommending making free salt.

We need to find similar strategies. Let's make micro credit unions from neighbor to neighbor.

No more than a basic contract that we can make between one community to another.

It could start as small business loans/ working capital that local communities administer to their businesses.
If we eliminate the middle men we could starve them out. Force THEIR hand instead of ours.

reply to post by Riposte


Not only do the banks write the legislation themselves, but government pawns barely look at the documents they sign, and many officials can't even get access to them if they are classified. The government rubber stamps everything with very few, if any, exceptions.

As it is the core problem is being overlooked. Banks are not there to make money, they are there to be part of a functioning economy, to provide the means, to do buisness that translates in tangible value. Construction, progress, supplying the economy with the needed currency.

The problem is that all those banks are in it to make money. Well the banks are at the source know the ins and outs of making money and can and will do that. If that particular goal is too high on the priority list, you get a banking sector that is only looking to enrich itself at the cost of strangling the economy.

Nothing will happen unless we got off our asses and quit posing crap online.
Organize, demonstrate, protest, even, dare I say, get MAD!

the greedy immoral scum banksters and traders need to be rounded up and jailed, and left penniless. they dropped us all in the sh*t to fund their insatiable lust for MORE money, MORE houses, MORE sportscars, MORE mistresses, MORE champagne and caviar, MORE MORE MORE. simple disgusting greed. lock 'em all up.

Forgiving debt means erasing it, which our currency today is technically debt, therefore we would have to make a new "currency" to replace the one we erased.

Oh and for a treasure trove, Google around with the terms "Libor" and "Bank of International Settlements".

For example of the high quality documentation available through this cunning Google phrase, I have come up with such hits as :

Libor Manipulation PDF - by FTI Consulting

Please review this document people, it's quite informative.
If anyone want's to challenge it's claims, please do so and cite something to substantiate it.

Another document:

What Drives Inter-Bank Rates? Evidence from the Libor Panal

The authors of this article obviously published it through their BIS positions.

To really understand what is going on, we need to view this thing from all angles. Especially from the top down, as the BIS (Bank of International Settlements) is near the apex of the global banking pyramid.

Beware however, that the notion that anyone in the Mainstream Media would be revealing the "quicksand" that our system is technically built upon, creates political, economic, and intellectual instability among the population.

Such bizarre turn of events leads one to become suspicious of ulterior motives or unseen agendas.
Caution must be exercised here before anyone makes any choices of exactly how to react constructively.

We need to study more, share our findings, allow the information flow to get kicked up a few more notches.
This is the best strategic approach currently, information warfare.

Also I would highly suggest utilizing and demanding that the law be upheld and that criminals be apprehended, charged, tried, and if guilty, prosecuted.

If anything is to be won, we must grasp it legitimately within our rights.
Dealing with corruption with more corruption is not the answer.
We need merciful justice, rather than vengeance.

reply to post by idealord


Why is the LIBOR based on a PHONE CALL???? Shouldn't this be based on actual data?

Originally posted by HunkaHunka
reply to post by idealord

 

Why is the LIBOR based on a PHONE CALL???? Shouldn't this be based on actual data?

From the BIS Libor panal:

Even at the aggregate level, there is evidence that large, internationally active banks behaved differently during the turmoil than smaller banks whose operations are more focused on the domestic market. In several currencies, the gap between the rates quoted by international banks and domestic money market rates widened noticeably

AKA
They are getting Rich. $$$$

Time to start building Guillotines. The only true way to stop the problem.

Seriously, giving someone so well connected a prison term of say 10 years, will not solve the problem. Their prisons are like country clubs, and they will be on their phones manipulating from the shadows.

True old laws that protected us from these banker scum need to be put back on the books or dusted off and used. If old laws aren't enough then write some new laws.

While you are at it. End the banks giving any politician money or other perks. Do it and go to jail for life, or to the Guillotines.

You say Guillotines are too harsh? Well this cabal has ruined the economy of the world, and in each of their countries they have committed TREASON. What else do you do with people who have damaged their country is such a profound way?

Have you followed Iceland? The bankers have been leaving the country like rats abandoning a burning ship. Iceland has been fixing the problem quietly and rather successfully and they have been taking the money out of the banks coffers rather than the taxpayers pockets. Rather enlightened I must say. But then they are the oldest democracy in the world, and the people rose up and gave their politicians a true dressing down.

Finally, in the cross section, we do not find systematic evidence that banks with higher perceived credit risk quoted higher Libor rates than their peers on a given day.

Please read that critically.

Notice "than their peers", and that is why the video in the OP was suggesting it is a cartel.

The key to understanding what they mean by "banks", is "with higher perceived credit risk".
This is opposed to banks with "lower perceived credit risk", which shouldn't be mistaken as "peers", because "peers" are "of a like kind".

These guys know legalese speak very well, and you have to untwist their words. The way they talk it's like nothing really bad is going on, despite admitting throughout the document that some really fishy things were actually going on in some respect or another.

Originally posted by Benchkey

You say Guillotines are too harsh? Well this cabal has ruined the economy of the world, and in each of their countries they have committed TREASON. What else do you do with people who have damaged their country is such a profound way?

What good did the french or russian revolution accomplish other than setting back the inevitable? You cut one head of a masonic hydra and two more develop the next day. We are dealing with systemic root corruption at a biblical level.

Capitalism is what enables the conspiracy and money is not the end goal. Money is a way TO BUY enough influence to set up and finish some dubious evil agenda. I can think of ufo&alien non-disclosure via an international security state which classifies absolutely anything it wants; ie no questions asked! We are dealing with a global dictatorship which is approximately 3,500 year old.

I am sure I am speaking chineese to most folks and it is futile but one must try none the less. The problem is the guillotine IS NOT CRUEL ENOUGH! When confronted with an eternal enemy you must preserve it and torture it for as long as possible. A third world prison is barely good enough for me and I mean absolute filth allowed to encourage walking critters biting the victim. I am talking electroshock therapy, punctured organs, extreme heat therapy, pulling nails, homosexual activity, etc.

reply to post by muzzleflash



Well done MuzzleFlash, those documents and the way you explained
this incredibly complex story helped me understand it better than I have
ever understood it before.