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The Biggest Financial Scandal In History?

We always knew that the financial markets were rigged, but this is getting ridiculous.  It is now being alleged that 20 major banks have been systematically fixing global interest rates for years.  Barclays has already been fined hundreds of millions of dollars for manipulating Libor (the London Inter Bank Offered Rate).  But Barclays says that a whole bunch of other banks were doing this too.  This is shaping up to be the biggest financial scandal in history, and criminal investigations have been launched on both sides of the Atlantic.  What those investigations are likely to uncover could shake the financial markets to their very core.  In the end, this scandal could absolutely devastate confidence in the global financial system and it could potentially bring down a number of major global banks.  We have never seen anything quite like this before.

What Is Libor?

As mentioned before, Libor is the London Inter Bank Offered Rate.  A recent Washington Post article contained a pretty good explanation of what that means….

In the simplest terms, LIBOR is the average interest rate which banks in London are charging each other for borrowing. It’s calculated by Thomson Reuters — the parent company of the Reuters news agency — for the British Banking Association (BBA), a trade association of banks and financial services companies.

Why Does Libor Matter?

If you have a mortgage, a car loan or a credit card, then there is a very good chance that Libor has affected your personal finances.  Libor has been a factor in the pricing of hundreds of trillions of dollars of loans, securities and assets.  The following is from a recent article by Maureen Farrell….

These traders influenced the pricing of the London Interbank Offered Rate or Libor, a benchmark that dictates the pricing of up to $800 trillion of securities (yes trillion)

$800 trillion?

That is a number that is hard to even imagine.

Most American consumers do not even know what Libor is, but it actually plays a key role in the U.S. economy as the Washington Post recently explained….

In the United States, the two biggest indices for adjustable rate mortgages and other consumer debt are the prime rate (that is, the rate banks charge favored or “prime” consumers) and LIBOR, with the latter particularly popular for subprime loans. A study from Mark Schweitzer and Guhan Venkatu at the Cleveland Fed looked at survey data in Ohio and found that by 2008, almost 60 percent of prime adjustable rate mortgages, and nearly 100 percent of subprime ones, were indexed to LIBOR

Who Was Involved In This Scandal?

According to the Daily Mail, in addition to Barclays it is being alleged that at least 20 banks (including some major U.S. banks) were involved in this interest rate fixing scandal….

Hundreds of bankers across three continents are embroiled in the interest-rate fixing scandal that has left Barclays chief executive Bob Diamond fighting to save his job.

As pressure intensified on Britain’s highest paid banking boss to quit, MPs heard a string of other financial institutions across the world were under investigation.

At least 20 banks are believed to be under suspicion, with growing demands for a criminal investigation.

There are also indications that the Bank of England itself may have been involved in this scandal.

What Did They Do?

Employees at Barclays (and apparently at about 20 other major banks) were brazenly manipulating interest rates.  A recent Yahoo Finance article described how this worked…

To help the bank’s trading positions between 2005 and 2009, and most notably during the global financial crisis of 2007-09, the bank made false submissions to the Libor-setting committee, which agrees rates daily in London.

At the request of its own traders of interest-rate derivatives, Barclays made false submissions relating to Libor and Euribor (the eurozone benchmark rate). By doing this, Barclays personnel aimed to help their trading colleagues to profit by manipulating Libor.

Rigging the world’s leading benchmark for interest rates is pretty serious stuff. Indeed, in the words of the FSA, “Barclays’ behaviour threatened the integrity of the rates, with the risk of serious harm to other market participants”.

Many in the financial world have been absolutely horrified by the details of this scandal that have been emerging.

One recent CNN article declared that “the stench” coming from London is now “overwhelming”….

The Libor scandal has confirmed what many of us have known for some time: There is something smelly in the London financial world and the stench is now overwhelming.

But It is only when I read the Financial Services Authority report — all 44 pages of it — that is became clear just how widespread, how blatant was the fixing of the benchmark interest rate Libor and Euribor by Barclays. Brazen is the only word for it.

The emails and phone calls reveal that on dozens of occasions those who stood to gain by the decisions asked for favors (and got them) from those who helped set the interest rates.

You can read many examples of the kinds of emails that were exchanged between traders in New York and traders at Barclays in London right here.

What Does This Scandal Mean For The Future?

This scandal is making the global financial system look really, really bad.  Confidence in global financial markets has already been declining, and these new revelations are not going to help at all.  The following is how an article in the Huffington Post put it….

The ballooning interest rate manipulation scandal at Barclays, coupled with stock market instability, is likely to fuel fresh doubts about the integrity of the stock market, insiders said.

“Every time people begin to gain a little confidence, something else comes up,” said Randy Frederick, managing director of active trading and derivatives at Charles Schwab. “If it’s not Europe, it’s [troubled] IPOs, or JPMorgan or Barclays. Something new blows up and people say, ‘I knew it was rigged.’”

In addition, we are undoubtedly going to see a huge wave of lawsuits come out of this scandal.  Those lawsuits alone will gum up the financial system for a decade or more.

So needless to say, this is a very big deal.

Sadly, the revelations that have come out about Barclays in recent days are probably just the very tip of the iceberg.  Before this is all over, we are probably going to find out that most of the major global banks were involved.

At a time when the global financial system is already on the verge of a major implosion, this is not welcome news.

This financial scandal is just another reason to be deeply concerned about the second half of 2012.  The house of cards is starting to look really shaky, and nobody knows exactly when it will fall, but anyone with half a brain can see that things are progressively getting worse.

A “perfect storm” is rapidly developing, and when it strikes it is going to be very, very painful.

  • paul

    Better buy a house for your cash so you have a place to weather the storm in.

    • http://www.emailmeform.com/builder/form/47VbpL4a4D9elSYce3 Prepared Pastor

      A few years ago I found a few secluded acres selling for only $5,000 due to divorce. I spent another $5,000 building a small solar cabin on it using materials mostly from Craigslist and Freecycle. We would not want to live that far out if we didn’t have to, but it’s nice to know we have a place to go that provide its own heat, meat, power, and water.

    • SEA SURFER

      If the financial system collapses then house prices will collapse with it. Better to rent and wait for the approaching drop. Then, when there has been a bottoming buy.

      • ian

        timing the market?

    • Alasha

      would not property taxes still have to be paid, paul? i dunno it jst doesnt seem b one simple answer for all

      • grandpa

        its become quite obvious to everyone that chaos is coming but the way eyes are being opened there will be no one to collect taxes…

        • Alasha

          lol!!! there will ALWAYS be someone to collect taxes, grandpa…. methinks. lol

    • Rodster

      As was mentioned I think there will be a huge drop in prices when things collapse. It’s not uncommon of finding street signs with someone selling a 2br/2bd house for 40K in certain neighborhoods.

      Last week I saw a sign advertising a 3/2/1 with a pool for 46K.

      • Alasha

        Boy! this economic downturn really needs to head my way … here on the outskirts of nyc, Rodster. The Real Estate agents act as if most of the foreclosures were ILLEGAL and there was and never was a bubble. Heaven Help us!

        • Alasha

          spose 2say ” act as if most of the foreclosures were NOT ILLEGAL” gtumble, grumble

  • Cinderella Man

    My biggest question is if a person steals $500 their ass goes to jail, if a person steals $500,000,000 they get to just resign or talk before a committee about how “sorry” they are and it will never, ever happen again. But yet it goes on and on. These bankster theives will never get their come-uppance!!! Dammnit this pisses me off to no end!! Why arent people more outraged by this? Im telling ya it really destroys any little faith I had in the “justus” system. You read that right the “justus” system means that just us are above the law and you the little sheepletard are nothing. You get fined, taxed, all your property taken by the very same bankster bastards that break the law all the time. Who wants to bet that any of these Barclays guys see any prison time?? Hmmm anyone? I think I will see the tooth fairy before I see REAL JUSTICE return to this world anytime soon!!

    • Kevin2

      Cinderella Man

      Teddy Roosevelt said; “An uneducated man robs a train while an educated man steals the railroad”.

    • Revolt

      Americans need to rise up before it’s too late. I say it’s time for a Revolution to take out our Government and Wall Street. Who’s with me?

      • http://survivalrealestate.com TJ Jackson

        This statement is a good way to find out if there really are “FEMA” camps.

      • BFH

        Patience, my dear man. I assure you a day reckoning is approaching for the politicians and banksters. A revolution is coming and when it does these guys will have targets on their backs.

  • Rodster

    This is why a global economic collapse is inevitable. There is NO way in hell all the countries around the world have $800 trillion dollars in assets to service all of the outstanding debts.

  • mark

    When I had an adjustable rate mortgage on a 18 unit apartment building, I had a choice of Libor or 11th district cost of funds. I went with the cost of funds index as I sure did not want rates in Europe to control my monthly payment. The banksters will ding you for every charge they can sell you or get away with. The biggest scandal will be the Fed if the books are ever made public. Ha that will never be allowed to happen.

    • salvadordaly

      A note on upcoming Fed audit vote, be a part and not just whistle Dixie!

      By now, you’re probably aware that Congressman Ron Paul’s bill to conduct a full audit of the Fed is heading to the House floor for a vote this month.

      The real question is, how many other Americans realize this vote is about to take place?

      Given the historic nature of this effort and the overwhelming support (nearly 80%!) Audit the Fed has from the American people, we need to ensure as many people as possible find out it is about to be voted on in the House!

      You and I both know the American people won’t learn the full story about this effort from the mainstream media.

      That’s why, on Thursday, July, 12, Campaign for Liberty will hold an “Audit the Fed Moneybomb” to raise funds to rally the American people to turn up the pressure on Congress to pass H.R. 459 and S. 202!

      C4L stands ready to contact millions more Americans so we can not only pass Audit the Fed in the U.S. House, but carry a grassroots tidal wave of momentum into the U.S. Senate this fall.

      If the funds are there, C4L will flood the internet with Audit the Fed banner ads, run Audit the Fed television commercials, recruit new supporters with direct mail and email, and make sure that politicians are bombarded with a simple message from the grassroots: Audit the Fed, now!
      Fully auditing (and then ending) the Federal Reserve is C4L’s top priority.

      Together, you and I have taken the fight right to the Fed and put it on the defensive.

      Now, it’s time to win the battle for transparency at our
      nation’s central bank.
      So please, plan today to give on July 12 and help us make the Audit the Fed Moneybomb a resounding success.

      With your continued support, C4L is excited about our opportunity to turn Audit the Fed into the law of the land.

      In Liberty,

      Tim Shoemaker
      Director of Legislation

      P.S. Audit the Fed is headed to the U.S House floor this July, so we need to make as many Americans as possible aware of this historic vote.

      On Thursday, July 12, C4L will hold an Audit the Fed Moneybomb to raise funds to recruit millions more Americans to our cause.

      The mainstream media isn’t going to give them the full story about our effort, so it’s up to us.
      Please make plans today to give to this Moneybomb and help us turn Audit the Fed into the law of the land!

  • Otown Right Guy

    Everyone who has a LIBOR-indexed loan needs to file a suit against these criminal bankers. They need to be criminally charged and jailed too.

    • justanoguy

      That will end up like the recent Bankster settlement…. everybody actually harmed will get JS and the majority of funds will go to stupid housing “programs” AKA redistribution of wealth.

  • Washington

    Reality Check: What Makes America Exceptional?

    http://www.youtube.com/watch?v=Capbt84nWwE&feature=plcp

  • Newton

    Cinderella
    That’s because there is no Justice
    It’s Just Us
    And you and me ?
    We ain’t part O the clan brother, never have been, never will be.

    the banksters ALWAYS get their money ALWAYS. These white shoe boys of Princeton and Harard and Yale – you know, the Jon Corzinesof the world, they rip you off and then go before a Senate hearing with a placard
    That reads

    ” The Honarable Jon Corzine”

    You literally cannot make this stuff up Cinderella.

    I dan guaratee

  • Gay Veteran

    NOBODY will go to jail because the banksters OWN the politicians.

    “…Malfeasance remains unchecked, unless something like the LIBOR scandal blows up. This isn’t the only problem with the British banks. Like their U.S. and European counterparties, the balance sheets need a thorough going-over to determine the true extent of the global financial debacle. The banks are not just lying about LIBOR.”

    “Sometimes Being Responsible Means*****ing People Off”
    By Janet Tavakoli
    http://market-ticker.org/akcs-www?post=208144

    • Revolt

      “NOBODY will go to jail because the banksters OWN the politicians”

      That is why we need a Revolution in this country. If the American people will get off their lazy butts and take charge we could overthrow the US Government and the Bankers. Americans would have to be willing to sacrifice everything including their lives for FREEDOM. Thousands of Americans died in the Revolutionary War so that we could live in a Free Nation. Over that last several decades our freedom have been slowly eroding away and if something isn’t done soon, we will be complete slaves to the system. I am willing to give up my life for this country so that my children and grandchildren could have a much better future, are you?

  • K

    As you said, some of us already knew the markets were rigged. This would be a wonderful time to clean house, do not hold your breath. I predict, fines will be paid, suits will be settled, nothing will change. Oh, in the case of the lawsuits,they will include those nice non-disclosure forms. Really hope I am wrong.

  • none

    GOOD NEWS: Micheal !

    I figured out why people are finally lowering the usage of their credit cards.

    I went on a trip recently, and was robbed. Luckly I carried my back-up visa with me.

    I never recived a bill for two months? I called them up and found out that I was cancelled. The banks are disqualifiying as many people as possible.

    My mistake? I was using a Black Visa signature* card. The kind you see on all those T.V. commurticals with people doing all those “rich people” type things.

  • Pastor Glenn

    I can tell you right now that it’s dead certain that these same types of people have been manipulating the ‘cost’ of gold, silver, oil and everything else they can get their hands into.

    The other half of the same debased coin is that these same people own virtually all of the politicians in almost all countries, and those they do not own, they murder.

    It’s surely not a coincidence that JFK was going to push the ‘Fed’ out of money and go back to legal money coined by Congress, and lost his life by assassination.

    But look up, cheer up; true justice is closer than you think.

    Christ is returning soon – and He is coming for His people.

    More important than watching thieves do what they do, is to pay attention to what Christ has done for you and accept His free gift of salvation, followed by repentence and (wow what a novel idea!) obedience to Him. Something almost no churches teach in 1st world nations.

    • David G.

      Are you Mormon? You sound like a Mormon. Faith (choosing between good and evil), Repentence, Baptism, the gift of the holy ghost. Just sayin’ that you believe aint gonna cut it. You gotta do what the Brother of Jesus said. Show your faith by your works, wither they be good or wither they be evil. That’s what this life is about. Figuring out the difference between good and evil, then choosing good, and refining your soul into something better than it is. And depending of Jesus Christ’s atoning sacrifice to make up the difference when we fall short. Now that’s some old time religion I can get behind.

    • Tim

      “Christ is returning soon – and He is coming for His people.”

      Amen, Pastor Glenn. There will be nothing but eternal peace and righteousness in His kingdom.

    • GSOB

      What Christ has done is not applicable to all people.
      The fool says in his heart says that there is no God.
      The fear of the Lord is the beginning of widsom.

      It is not of him who wills or of him who runs, but of God who shows mercy. Salvation is not free for the taking by just anybody at anytime.. out of their own human, naked, accord. That is impossible.

      God’s love towards his elect as evidenced in the redemption ministry of the incarnation of the Son of God.. salvation is not a promiscuous love, free for the taking for whomever wants it. Nor is it a flirtatious call to repentance.

      Remember.
      It is God who does the calling. We are subject to him and not the other way around.

  • Buzzy Watts

    Are any of their statistics even remotely accurate? LIBOR is a scam, unemployment is a joke, financial prudence will lower your credit rating, the stock indexes are completely detached from the real economy, and no way do 50% of us get anything close to median income.

  • Chestertonian

    Michael, in my opinion, is almost certainly right in saying that the coming economic storm will be very, very painful. Some of our readers don’t want to hear this, but the best insurance in such dire circumstances is to try to fully give your heart to doing God’s will, to the extent that we can honestly know it. We can learn from what it took for Christendom to emerge from the disaster of the collapse of the Roman Empire c. 400-500 A.D., how to lay the basis for a better, more humane society after the collapse. St. Benedict has been called the patron saint of all of Europe because his monasteries implanted a spirit of humble hard work and a spirit of charity and self-sacrifice in the dying pagan culture, even while Visigoth barbarians were invading his country. The financial institutions and people who precipitated this crisis may be evil; they will answer to God for that. But we believers must prepare ourselves to work and to suffer and to be frugal and even to defend ourselves against unjust attack, all for the glory of God. Call wrong, wrong and call good, good, but let us not be bitter and consumed with thoughts of entitlement, but rather be full of prayer and penance…and preparation. Thanks be to God.

  • davidmpark

    This is exactly why I’m saving and earning to buy a house cash-on-the-barrelhead.

    And the 800 trillion?! Well, now we know where all the money went.

  • http://PissedoffinMaine Steve reddy

    I write the White House every day and ask why Jon Corzine is not in jail,you are right, the dumb bastard who steals 1,000 in food will do time but the bankster who defrauds all of us gets NOTHING done to him! I would like to have the pitchfork concession in the coming years!

  • Rain23

    The big criminals don’t change their ways, they just shift from arms to medicine to food production to banking or drugs, wherever they can make the most money with the least oversight. Ethics don’t enter into it.

    I once had the misfortune to be a temp at one of these places. A lawyer whose secretary was on leave asked me to white out the percentage fee on the original of a completed contract and make him copies to fax. Not much change on my salary, but a wad of cash when you’re talking about 0.2% of millions of dollars. I politely told him I couldn’t do that but I would be glad to print out a new document for the other party’s signatures. He cussed me 7 ways from Sunday, told me he would see that I never got work with any lawyer in town. I told him I couldn’t alter a notarized document, to which he replied “People of that ilk don’t like to be bothered with details. Everyone does this. You people don’t understand finance in the real world. Just fix this **** report.”

    I called my supervisor and they sent a different temp over. I have no idea what she did with the situation. What really got me was the guy saying “Oh, I shouldn’t use educated words, sweetie. You don’t even know what “ilk” means, do you? Do you people even finish high school or do you just type?” He just never considered that an underling would know or care whether it was ethical to change the numbers in a contract after the other party had signed.

    I wouldn’t trust these guys to hold a flashlight in a dark room. They’d do a deal with someone for the batteries, then insist it wasn’t their fault we’re in the dark, we just need more flashlights. Instead of defrauding other corporations, they’ve defrauded nations. Much harder to cover for than 0.2% on an altered shipping contract. Thieves are thieves. The bigger boys just have better payoffs.

    • DaytoDay

      Great comment Rain.

      I interned in a major corporate law firm in high school, (Back when I was still a deviant) And yea, everything LOOKS professional on the surface (Dotted I’s, crossed T’s, clean appearance, etc…)

      I interned there for 6 months and by the 2nd month, I was hooking up the paralegals with weed, right outside the entrance of the law firm… At the time I thought they were the “coolest” people in the world, because the people who are lawfully responsible to uphold the law are the one’s breaking it, (Also, because they bought me Crown Royal every weekend and gave me a flask with my initials for my graduation)

      To give you an idea of how powerful this law firm was/is, on of the 1st of the months, a paralegal was handing out the checks, and as she was walking by me she said, have you ever seen a 100k check? (Which was one of MANY) That one was issued for one of the partners.

      Also, the paralegals did ALL of the work and most of the time the attorneys were never in the office, the associate lawyers (3-4 times a week), the partners (once a week, to once a month)

      So, I guess crime does pay?

      “Thieves are thieves. The bigger boys just have better payoffs.”

      And you wonder why people call them parasites???

  • McKinley Morganfield

    “Barclays has already been fined hundreds of millions of dollars for manipulating…. ” The banksters simply consider this a mere, in consequential cost for doing their duplicitous deals. What should happen is hundreds of billions of fines and jail sentences.

    There must be a reset, let the global financial system implode, time to take the pain and begin to develop an economy based on savings and hard work.

    • LordRhynn

      I for one would love to start over and grow up with naught but me hunting bow and me Shetland pony for companionship. Traveling the world and nibbling on dried and spiced mutton and “having adventures”.

      Hell of a lot more interesting than writing computer code and sitting in traffic long enough to qualify as having a second job, on the way to go write that computer code.

  • No One

    You mean the banks are corrupt cesspools? I would have never guessed.

  • An American

    I wished the economy would just collapse so we can get on with it. I am so tired of the doom and gloom projections. Let it collapse and we can take care of ourselves. Taking care of ourselves will not be easy but it will be better than going to a 9 to 5 job making owners, elists, Gov’t wealthy off my slave work.

    • Revolt

      So quit your job and just pretend that the economy has already collapsed. This way when it does you won’t have to make any real changes :)

  • http://Theeconomiccollapse Gregge Johnson

    I won’t comment until Gary2 does. Michael your scaring him.

  • Lum

    Can anyone give an example of how this might have affected the housing crash in the US?

  • Frank Rizo

    Well… fellas…this is it. The titanic has hit the iceberg. So, have you a boat handy?

    I doubt that.

    Swiming won’t do the trick because these are icy waters.

    Transatlantic civilization will go to hell an will remain in that location for a long….long….long….time, waiting to be reincorporated to humanity at a later time.

    You all are a bunch of stupid people without any balls to fight for your worthless lives.

    So….

    Go to hell !!!!

    • McKinley Morganfield

      “You all are a bunch of stupid people without any balls to fight for your worthless lives.”

      Hemorroids acting up?

    • Nexus789

      I think the Titanic has hit the iceberg, reversed then rammed it again a few more time just to make sure.

    • JasonD

      Haha jerky boys

    • JasonD

      Open your ears, jackass!

  • Mick68

    Living in Canada, and not in a big city, I’m not too concerned about FEMA camps or some NATO police breaking down my door. That’s the beauty of living in the least densely populated country in the world, it would take FOREVER for the NWO police to get to everyone and it just wouldn’t be worth it in the end. LOL

  • Randy

    Everything is so corrupt. I can’t believe we aren’t still living in caves. However, it looks like that is where we might be living soon. Ironically I was talking with an older gentleman the other day that I work with in the office. He has three caves in the area he has checked out and put on his bug out list. Scary when your fellow coworkers are thinking on the same line.

    • Alasha

      caves here we come!! u thk we can still get wifi n there? lol. unbelievable

  • OldPhart

    By definition of the LIBOR rate setting standards, if Barclays was declared guilty, EVERY other bank is guilty.

    LIBOR is set when banks submit their fantasy estimates of what they would be charged ‘if’ they took a loan from another bank. Not from any actual borrowing.

    So each bank submits a fantasy for each category of LIBOR. The top four and the bottom four are scratched automatically as outliers. The remaining are averaged.

    If LIBOR was manipulated it was impossible to accomplish by any single entity, so if one is guilty ALL are.

    Not mentioned, but should have been, is that the LIBOR rate is all pervasive. That rate is passed down to the cost of your fast-food hamburger or the hamburger meat itself.

    We are talking about literally trillions of dollars in daily exchanges that are affected by changes to LIBOR.

    Rents, car purchases/leases/rentals, hair salons, heavy equipment, and fleet purchases (in 2007 we purchased 100 new cement mixer trucks and 20 aggregate haul trucks, interest based on LIBOR, payments exceeding $100k per month).

    The thing is, once the investigation begins to point fingers at the true source that enabled such anal rapes, i.e. the British government, all news will suddenly turn back into lollipops and unicorns.

    This scandal will sail across the Atlantic and launch salvos at Wall Street because ‘our’ banks are, and have been, just as deeply involved with buying governments as the Limey’s have.

    And just as quick, our facist government will whine to their power masters that the Oligarch controlled media must cease reporting. Naturally they will comply because of the heavy investments made over the years to buy the political machinery.

    Mark my words, this is another very serious issue that will soon mysteriously disappear…kind of like where the $1.2 BILLION of MF Global money wound up after John Corzine stole it.

  • Eric

    “Everything’s *************** up, and nobody goes to jail,”

    http://www.rollingstone.com/politics/news/why-isnt-wall-street-in-jail-20110216

    —-

    Anyway, congress critters, who are legally exempt from any insider trading regulations, are not going to do anything about financial hanky-panky.

  • chiller

    No doubt the reason for all the US banks drawing up their “living wills” recently. This is a perfect example of how deep in the pockets all the MSM is as they don’t touch this story. Is the whole friggin world in the bankers pocket?….looks like it. Time to dismantle the whole rotten to the core system and stretch a lot of necks.

  • http://lnx-bsp.net/ Tel

    I’m sure the banks are worthy of their share of blame, but so is big government. The fact that these rates are set by committee already should tell you the rates are rigged, and every reserve bank of every major nation openly admits to tampering with interest rates. Every single one of these banks was regulated and supervised by government, so don’t go telling me this is capitalism.

    We already know the fair way to set a price, the word you are looking for is “auction”.

    Sure, no one cares if a few bankers take a public spanking to satisfy the disgruntled hoards, least of all myself. However, if we want to actually fix the system and get back to productivity, a genuine free market is required, not a rigged market, not a “just trust the government regulators” market, not an elite committee either.

    • GSOB

      Audit of and the collapse of the Federal reserve is what’s needed.
      A purging out of corruption and debt bubbles.

      Prepare for the correction.

      A true Statesman in office, a Doctor, Veteran, Congressman…
      Ron Paul is long over due.

      So let it be done.
      Amen

  • too late now enjoy the collapse

    Relax doomsters. We don’t need no edumacashun or manufacturing we have social networking and basketball. Have you noticed how “cool” the president is? Massive influx of turd worlders? No big deal we are still number one! I’m waiting for my welfare check and ebt card from uncle sugar. I’m going to vote for uncle sugar again this November so I don’t lose my benefits I deserve since you owe me.

  • Note from Idaho

    It has become increasingly apparent that our financial system is simply a racket.

    FED produces money in print or electronically out of thin air, banks borrow at a 0% interest rate (ZIRP), buy US debt for short periods (treasuries) sell back the debt and make a profit. This allows politicians to keep borrowing and extending their credit line (National debt)

    So the average Joe with any cash A. puts it in a safe account making 1% interest or B. is forced to gamble on Wall Street whereby the traders make a nice commission.

  • Kraig

    I think its the second biggest financial scam in history. The first is social security. Its the biggest ponzi scheme in history hands down. Kraig

  • Cinderella Man

    Michael I think its time for another breakdown of society article. On Sunday there was a beating of a homeless man in the back of the Gold Bar in Helena mt caught on tape. You can go to Beartooth NBC Helena MT to view it. Or google Gold Bar beating video Helena Mt and the links will be there.. It is very disturbing to watch two youths beat an unarmed man savagely they hurt him so bad he has a fractured skull.

    • Michael

      I cringe when I hear of that kind of thing happening in the heartland of America.

      Michael

    • Rodster

      It’s sad when you read of this happening. It was pretty disturbing and frightening reading and hearing about the Miami Beach zombie cannibal.

      This societal breakdown has more to do with God being taken out of peoples lives. Without getting preachy and I won’t. Does anyone think Jesus would beat the snot out of a total stranger or chew the face off a homeless man? No !

      We were a much better Nation when we answered to God rather than to the ACLU and Washington Politicians.

      OK i’m off the soap box. ;)

  • Ricky Ricardo

    Is this like the oil companies having the same prices at the same time? I remember a couple diaper companies that were in cahoots that got into big trouble because they had the same price for their diapers.
    Doesn’t everyone now think it is time to do a thorough audit of the Federal Reserve? Now that would shock Whistlers Mother!

  • JAH666

    Great summation, Michael! This scandal has been festering for months now. The complex nature of global finance has been the primary factor keeping this under wraps. How many of the average sheeple ANYWHERE even knew what LIBOR was until this broke! It took people associated with sites like Zero Hedge with a lot of brains and understanding of the mechanics of global financial structures to slowly piece together the truth and THEN to get it out into the open. Having it out in the open FORCED governmental and law-enforcement entities, first in England and now world-wide to actually do something about it. The banks control the governments, remember…

  • Matt T

    The financial system will not implode, will not fall, and will be with us until we die. The most powerful criminals (bankers) run it and we are no match for them. The second most powerful criminals (politicians) regulate it and we are no match for them.

  • Donald Wilson

    If this was the Mafia these criminals would have their knees bashed and for the really pieces of garbage would have just disappeared poof vanished game over. Unfortunately this is not the Mafia but a bunch of worthless pieces of shit. Good luck everyone.

  • SC23

    So you’re telling me greedy evil bastards rigged a system set up by evil greedy bastards?

    The more I explore finance, the more I find currency to be a method of enslavement and theft. As strange as it may sound, I have decided to have as little of it as I possibly can.

    On a similar note, I found that in the US, if you make less than ~$1900/mo you can call the IRS and tell them you are too poor to pay taxes. Your mileage may vary, but at $1300/mo avg over the last year they told me I didnt have to pay some back taxes until my income went up. I dont plan for that..so in effect I am tax-free as long as I stay at or below where Im at. Interest and penalties still apply just for the record.

  • Jake

    I believe I have found articles on this site before, by being directed here from other places, and have read the truthful articles and then just moved on. Anyway I am 43 and have known the truth of our money system since high school. What people need to realize is I have been at this game for over 25 yrs. Our country/gov has not obeyed/followed/put itself under the authority of the constitution for almost a century. I agree with about everything Michael says here. I have been trying to tell people about our country’s corruption and have been trying to wake people up for a couple decades, but most people don’t listen. I don’t do this anymore, it is too late for that. It is too late to try to run for congressional office to change things, it is too late to try to vote out one president from one side of the isle to choose another from the other side of the isle. The truth is, both isles lead to the same destruction, there is only one political party and the owners of this nation, world, own both sides. The thing I think that can be done to save/protect your family now, is just walk away, prepare spiritually, physically, and mentally for what is coming. Stay under the radar and do your best to survive. The masses will only wake up once they are confronted with starvation or death, and in some cases, they still won’t realize what has happened to them. Just in the last year, there has been so much damning legislation passed it is totally unbelievable. The tipping point for all of this was the patriot act passed under the Bush Jr. administration. It has been over since then. I say again, trust in Jesus, please prepare, and love everyone you can, time is short.

    • Zedge Hero

      Hey now, I have a choice and a voice, I can either vote for the White guy that works for Goldman Sachs or the black guy that works for Goldman Sachs. It’s tougher than you think, the black guy is cool and smooth and the white guy looks like an big time actor. It’s tougher for a dumb american like myself than you think!

    • GSOB

      Great. Thanks for the veteran prepper confirmation. I’m like minded. All that we can do is just survive.
      All that we can do to help ourselves is stay alive.

  • Gnat60

    The article says, “At a time when the global financial system is already on the verge of a major implosion, this is not welcome news.”

    I would like to add that the Big banks are THE Reason the global financial system is imploding. AND it was planned that way.

  • Washington

    Reality Check: Influence Peddling? Biggest Contributors To The 2012 Election Thus Far

    http://www.youtube.com/watch?v=-ce8GOOMYL8&feature=plcp

  • Washington

    As US Closes June With $15,856,367,214,324.44 In Federal Debt, US Debt/GDP Hits Post WWII High Of 101.5% Submitted by Tyler Durden on 07/02/2012

    http://www.zerohedge.com/news/us-closes-june-1585636721432444-federal-debt-us-debtgdp-hits-post-wwii-high-1015

  • Barn cat

    None of this stuff will stop until the people involved go to prison. That will never happen because of all the money that goes to both parties.

  • mondobeyondo

    Corruption in the banking industry?? Wow, what a shocker!

  • Bryan

    I’ll throw the turth out there but in this quickly dying world I hope it might matter to just 1 of you…..Hebrews 4:13 EVERYTHING!! is uncovered and laid bare before the eyes of him to whom we must give account. you sin shall surely find you out….and you reap what you sow! NO ONE will get away with anything in the end…there is this great future event called the Great White Throne Judgement…

  • Antonio Gonzalez

    No my friends, the record is for USA, read “Why economists did not see the financial fraud that eventually
    collapse the economy. Testimony before the U.S. Senate.

    Then you can see Madof is a good boy.

  • markthetruth

    Bring on “EMP” !!!!!!!!!!!!!!!!!!

    Shut the world down….

    It we be a better place..

    We all might even meet in person somehow…

    the end

  • nowwthen

    No denying that these are some of the smartest and shrewdest people in the world with the ability to buy advice from even smarter and shrewder people. Makes me believe that for every one time they’ve been caught there’s a thousand times they’ve gotten away with screwing the rest of us. Intelligence has never been an indicator of ethics.

  • Graham

    Michael:-

    It has become apparent that you have blocked a post I made on here, and likewise on “The American Dream” website yesterday. The post was specifically aimed at informing your readers exactly where to look in order to find out who the “eilite” are, the common denominator that binds them all together, in addition to their often televised and published admittance of their “group” affiliations. Why would you conceal this information?

    Surely somebody who imparts so much negative data about the destruction they have caused, and are still causing to this day, would be more than happy to see his readership being armed with such factual data?

    Why allow posts that are often extremely abusive towards others in the forum? It seems somewhat contradictory. Numerous other sites are starting to expose the truth I imparted, yet it appears to remain a “secret” here.

    Please explain. By email if you wish.

  • sistrunkqueen

    These are some strange times. Why is it when I travel overseas I get better reception than in America? I am a black American woman who will leave again for greener pastures overseas. Mark my words, if Obama loses this election I won’t return to America until the next election. A lot of my black American friends overseas feel the same too. We don’t want to live under the republican boot again. I did it for eight years and it was very hard. Not Again!

    • nowwthen

      Maybe because the political correctness nazis have made it too risky for European Americans to approach you for fear that they are not educated enough in the ways of the politically correct to avoid unintentionally making what you might view a racist statement. If I don’t converse with you I cannot offend you. And, yes, I understand the lack of diversity this causes in my life is my loss.

  • Mark

    I did not hear about the libor rate until a few weeks ago. I was doing research on interest rate swaps and how it lowers the interest rate. I wonder what will happen to the interest rates and the derivatives market?

  • stevefraser

    Anyone concerned about Obama’s SS: “…internal security force funded at the same level as the Military…” (Obama speech, 2008).

  • S. Suchindranath Aiyer

    Actually, “rate fixing” has always been the basis of the LIBOR system.It used to be called “market negotiated” The Bank of England’s suggestion that this be done is known as “Moral Suasion” in text books on Central Banking. This shocks those who never knew.

  • Rhett Bunker

    The masters make the rules for the wise mean and the fools.
    Dylan

  • Carl Jones

    This LIBOR thing is yet another decoy from the truth. Ok, Central Banks are involved in LIBOR, but its a much smaller charge than actually being responsible for the entire designed financial collaps.

  • Mable

    Pretty sure the Federal Reserve is the biggest financial scandal in history.

    Every US dollar created by a private corporation with zero transparency…and then loaned into circulation AT INTEREST.

    So, when the economy grows, that means more US money has been created and taxpayers then owe interest on it.

  • TtT Engine

    The BAD/THE FIX has been winning since 8-15-1969 [Woodstock]. The good samaritans of this web-cite are those for example, that strive each day to realize their Judaio-Christian values by living them, as best they can. The raw stench coming out of the financial/political/religious world has been raising glaring red flags for decades. The prime-rate is FIXED crazy low so that the U.S, Gov. has more time to print, borrow and spend today for tomorrow’s ruin. What has that cost the average Joe in his savings account ? The unemployment rate is FIXED artificially low as to not reflect the 25 million workers out of work. The housing losses/statistics were FIXED. The losses from the 2008 financial collapse were/are FIXED artificially low. Oil prices are FIXED artificailly high because of world-wide monopoloy power and has nothing to do with supply/demand. I believe oil is a replenishable resource or there is such an abundance of it in the world we were lied to for decades stating that we were running out of it. This was done to FIX the price way higher than it should have been. Al Goreleonie and his enviro thugs have FIXED/”massaged” enviro stats so they can pull off world-wide governance and taxation. Wall Street is playing with house money and is Las Vegas with men wearing $5,000 suits and $1,000 shoes. Hedge Funds are legalized insider trading and financial market FIXING/No risk trading of the highest order. Lehman was a thinning of the herd. JP might be next. The top 25 hedge funds managers all earn in the hundred of millions and billions of dollars. Soros almost bankrupted England by manipulating their currency. Hedge Funds bet and won on the housing/Lehman collapse. Do horse tracks pay on waging that a horse is going to lose ? As wrong/guilty as Pete Rose was, he never bet on the Reds to lose. I attended an IPO seminar given by a reputable round table and the message was the winners are literally picked/FIXED right in front of you and the losers go home with their head in their hands. Elections are routinely FIXED around the world. Putin, Achmadinejad and Chavez are prime examples of this. Maybe Jimmy Carter can give us a consult on FIXED elections. Is America next, I ask you ? Vote for Mr. and Mrs. Rogers [oh yeah, Ann is definately wearing pants in that show] on November 6, 2012 [if we make it that far]. Damn Mitt is all we got this time around. HEY Preppers don’t forget the most important item, your soul ! Christi Fidelis !! ps(1) Affirmative action has been fifty years of FIXING. That really FIXED our ghettos, right ? ps(2)Teddy Ken Eddy[the father of abortion] getting FIXED with a Catholic burial ? Not quite ! What a disgrace ! ps(3)The CCB sitting down and FIXING up “healthcare aka deathcare” with the PPP. How’s that 30 pieces of silver working out fah yah ?

  • http://www.westcoastladybugs.com RUSS SMITH

    Hi!, Patrons Of The Economic Collapse:

    Look at it this way: nobody knows how all the chaos will end which means nobody knows what prices etc. will be either except we do know that the Middle Class is going to be totlly wiped off the economic map broke. What wll housing prices be priced by totally broke Middle Class surfs? If the $ totally collapses then $ priced assets won’t actually be worth a plug nickel will they? Nobody will be buying gas in order to drive to work so jobs won’t have any meaning will they? During the Great Depression my grandfather, who ran the Diamond Match Lumber Yard, told his neigbor that $35/month was too much to pay a month for any house and raw, undeveloped land sold for a mere $.50. A mortgage in Germany during the heighth of Germany’s hyperinflation in 1923 sold for a mere 1 US penny, acording to the Bob Livingston News Letter. We had better adjust and enjoy the good times while we still have them with us, because whenever the banks destroy themselves and the $ becomes totally worthless, the real dark ages of uncertainty will be in the drives’ seat without any sense of reality direction with which to guide any of us to the lands of safety with or without Homeland Security!

    RUSS SMITH, CALIFORNIA
    resmith@wcisp.com

  • CAngel

    Another great article Michael, you explain things so well, much appreciated. I’m not a bit surprised and I believe that there is much more to come as more of the corruption is revealed. I once saw an interview with Jim Rogers where he stated that he thought this would be the end of the Fed and other Central Banks, that was back in 2010. I think he is right, but it just has to play itself out. Meanwhile it will make time for more people to wake up and realize the hold the banksters have over the entire world. Only when critical mass arrives can any real meaningful change happen.

    • Michael

      CAngel:

      You are welcome. All of this is going to take some time to play out, but there will be moments of great crisis. It isn’t going to be pretty.

      Michael

  • http://www.sh1ny.com Paul Blumenthal

    The biggest Financial Scandal in History is the current gold and silver price manipulation to prop-up failing FIAT currencies! Without the manipulation the current state of affairs would be completely unsustainable. As long as they can continue destroying the real money perceived value as long there can be this economy based on debt.

    Paul Blumenthal,
    http://www.sh1ny.com Founder

  • Martin

    J.P.Morgan is up to their eyeballs in precious metal manipulation. Andrew Maguire blew the whistle on them and then had his family car with his wife inside also involved in a very mysterious hit and run. Never heard another word from Andrew. The whole people backed Bankster system stinks — too big to fail– no — too big to exist.

    In an e-mail on February 5 Maguire wrote: “It is common knowledge here
    in London among the metals traders that it is JPM’s intent to flush out
    and cover as many shorts as possible prior to any discussion in March
    about position limits. I feel sorry for all those not in this loop. A
    serious amount of money was made and lost today and in my opinion as a
    result of the CFTC’s allowing by your own definition an illegal
    concentrated and manipulative position to continue.”

  • therooster

    Some necessary evils are written into the script. It’s about the ole boys buying time so the grass roots wake up to the market driven transition to real-time bullion based money. We’re all following the same script back to gold-as-money, but the remonetization must be from the bottom-up, organically, for the sake of rate-of-change in the transition. The USD cannot be allowed to crash and any top-down overt support of gold-as-money (in real-time) would be an immediate and abrupt threat to the dollar. The dollar’s ultimate role is not that of a currency, but as a real-time measure and supporting trade mechanism for real-time bullion based (weighted) payments. This is why the FIXED peg (BW @ $35 oz) had to be severed in order to set gold free for remonetization in REAL-TIME. The dollar’s role as a reserve currency is a stop-gap measure in history. Real-time gold is/will be the new standard …. growing each and every day. In the meantime, inflation will act as “the stick”, carried by the elite.

    These things must happen.

    You cannot pour new wine into old wineskins.

  • Kent

    Looks like free market capitalism really means that the banksters are free to rig the markets with impunity. Liar’s loan to ninjas and toxic sub-prime CDOs that led to the real estate crash in 2008 and now by far the biggest financial scandal in history, manipulation of Libor. When the US$800 Trillion derivative bets topple it will be the end of the free market capitalism and back to barter.

  • geronimo surgeon

    the only time Jesus got mad was throwing the money changers out of the temple nothing has changed. how bout wiping out the over class and underclass and have a giant middle 3 strata class.

    • Michael

      Geronimo, FYI, that was what Marxism is..can you say communism?

  • No One Of Consequence

    You know….those of you spouting religious nonsense need to SHUT UP.

    You are so confused it’s embarrassing.

    Jesus isn’t returning or coming back any time soon. Try to get that thru your thick skulls.

    This isn’t a “banking” crisis, or a “credit” crisis…we are in a CIVILIZATION crisis. We need to redefine our civilization. We need to stop commodifying all the Lord’s gifts.

    Economics is a HUMAN construct that we have designed ourselves. The LORD won’t be helping us with our folly. It’s up to human beings to develop a new framework for humanity.

    That framework CANNOT be based upon the wholescale conversion of the LORD’s gifts into piles of garbage in land fills. Our consumer / destroyer mentality MUST change. We cannot survive as a species this way.

    Waiting for God or Allah or Jehovah to do this for us is idiotic….are you all fools here?

    • jimmie

      Feel sorry for you that you don’t know the God of the universe and Jesus Christ the son of God.

    • Alasha

      “You know….those of you spouting religious nonsense need to SHUT UP.” awwww, No One Of Consequence, what happened to freedom speech or in this case – freedom to type? tsk. tsk. lol

  • Rick

    Man’s wisdom is foolishness before God!

    • Stephan Larose

      The invention of God is man’s greatest folly!

    • Alasha

      u go Rick!! time will tell and imma sorry No One Of Consequence.. my trust IS in the Creator…

      (Psalm 146:3-6) Do not put YOUR trust in nobles, Nor in the son of earthling man, to whom no salvation belongs.  4 His spirit goes out, he goes back to his ground; In that day his thoughts do perish.  5 Happy is the one who has the God of Jacob for his help, Whose hope is in Jehovah his God,  6 The Maker of heaven and earth, Of the sea, and of all that is in them, The One keeping trueness to time indefinite

  • http://www.TrumpetCallofGodonline.com Toma Joel

    Thus says The Lord: Who are all these before Me?! What people is this who have despised Me, these who walk proudly, hating Me and My Word?!…

    Ignorant and sinful people!…

    You have become as false gods in My eyes!… Detestable idols!

    Each one of you, from the least to the greatest, have turned from Me,
    To worship your idols and corrupted images!…

    YOU WORSHIP YOURSELVES!

    Yes, you uphold every false image and detestable doctrine, with which you spit in My face! You flee all accountability, and rest comfortably in your sin, bearing a multitude of bitter fruit in unrighteousness… LAWLESS PEOPLE!… You have despised Me and My Law! Therefore, around your necks shall it be strewn, and you shall bear its weight!… Every jot and every tittle!… Says The Mighty One, The God of Jacob!

    HERE I AM!… The God of ALL!…

    The God of recompense and judgment!

    My peoples, hear the Word of The Living God!… All peoples of the earth, hear the voice of your maker: You have all entered in!… The Day is here, and you have entered in!… THE DAY OF THE LORD!

    Therefore, bow down heavily…

    Fall on your faces, and wail loudly!… CRY OUT!…

    Die to yourselves, and grab hold of The Holy One of Israel,
    And pray that you are counted worthy to escape!

    I lie not!… YOU HAVE ENTERED IN!

    Lo, did I not say to you that your knowledge was useless, and all your thoughts and imaginings were in vain?… For I am The Lord, and I do according to the counsel of My own will.
    For the scholars cry, “FALSE!”, and the Christians plot in vain against My messengers… And the people of Israel walk proudly, exalting themselves by their own knowledge, though they remain ignorant, for the Truth is still hidden from their eyes.
    My own sheep stumble! The whole world falls down and is broken!… When, O peoples, will you cast yourselves down? When will you be humbled? When will you forsake your knowledge and be free?!… I AM THE LORD! EVEN I AM HE! There is no knowledge apart from Me, and there can be no understanding, save it was given you by Mashiach… HE is your Master!

    Have you not felt these pangs, O earth?!
    Have you not recoiled in pain, O heavens?!
    Has not fear grabbed hold of you, O mighty nations?!…

    BLIND AND HARD PEOPLES, REPENT!

    I am calling all peoples to repent and to turn! My face is turned against you! My shoulders are set! My hand is stretched forward!… WOE! WOE! WOE! TO THOSE WHO DWELL UPON THE EARTH! The fire is kindled!… All flesh shall burn!
    I shall strike the animals, and they shall rage against you! I shall strike the waters, and they shall rise up against you! From bitterness to the raging of the seas, the waters shall oppress you!… Death shall increase quickly!
    I shall strike the mountains, and they shall speak and bring forth a great noise! They shall consume you and bury your cities! I shall strike the heavens, and it shall rain down fire and flooding rain, with a great multitude of hail!
    Lo, even the detestable birds who dwell there shall descend upon you, and torment you seven days! I shall strike the core of the earth, and it shall be shaken! And all manner of plagues shall ascend upon you from beneath!…

    For I am The Lord who reigns!…

    He who laid the foundations!…

    He who formed it and causes to be!…

    Behold, I am also He, who shall bring forth a swift end!

    For the whole earth is but a footstool beneath My feet!… A rock in My hand, made of limestone!… Easily broken!
    A great war has broken forth! The battle is waged! Yet The Lord’s hand is not at all weakened… Behold, My strength is increased, and My wrath overflows My cup!… I AM COMING DOWN!
    I shall rob, and I shall pillage, and I shall surely take My spoil! I shall oppress the oppressors and conquer the land! I shall kill the generals, and slaughter the captains, and tear all mighty men to pieces!… FOR STRONG IS THE LORD!

    http://www.TrumpetCallofGodonline.com – Hear the WORD of the LORD!

  • Ryan

    Toma Joel, I decided to read your post. i honestly have never read any religious comments before, so i decided out of curiousness to listen to what your book says. and honestly “from a point of veiw of a kind and open mind” found little connection between your gods fury and the subject of this artical. i found it hard to read too, the idea of words where frightning and graphic, i did not see much goodness or love in what you’re god had to say, all i have to say is can you understand how people get upset about religion when its so negative and dark. i know its about the “end times” but still. it does not seems like you’re god is mercyful or forgiving at all. he sounds as mean as a mass murderer

  • YGTBFKM

    Sorry. I can’t take anyone seriously who uses the word “Lo” in a sentence.

  • Stephan Larose

    A scandal of shocking proportions, but what more do you expect from a class of sociopaths and oligarchs who’ve watched their power encroached upon with the advent of civil rights and the rule of law? Now we have a class that functions on pure fear and ambition, trying to stamp out all possibility of their being held to account, and trying to prevent further progress for the masses. Anyone involved with these scandals should be jailed, and if they’re pardoned, they should surrender all assets and never again be allowed near politics or authority of any kind.

    The magnitude of these problems seems overwhelming, but in truth, the solutions are simple. We need:

    1. Direct, participatory democracy. Our “vote” system is dysfunctional and no longer reflects the desire of the populace. Citizens must now all become part-time politicians and vote on issues, not politicians or parties. This will ensure much greater transparency, much more effective/rational laws, far less mindless militarism.

    2. All debts that come from unbacked money printing or fractional reserve lending should be written off as these “moneys” never existed as anything more than data entries in computers, they were from the outset, virtual–a.k.a. “legally” counterfeited.

    3. The power to coin money, and ownership of the monetary system should be conferred on citizens of the nation. The supposed value of that coin is, after all, based on their existence and productivity.

    The new currency should not be debt based for government spending, the government can spend the money into the economy debt free. This will free the populace from the liability of untold amounts of debt/interest formerly used to pay back “national debts” issued by private institutions that simply printed the money out of thin air. This will free up tremendous resources and negate the need for payroll taxes and many other taxes.

    Furthermore, money loaned to commercial banks for business purposes would earn citizens interest.

    Inflation can be controlled easily by controlling the rate of money supply growth, this can be done through a variety of measures such as capping spending to population growth or some other criteria, retiring money according to various criteria (including taxation), limiting or banning outright fractional reserve lending (which accounts for around 90% of inflation in normal times).

    Let’s not surrender to hysteria, but calmly assume control of the situation, put the axe to all these dysfunctional institutions and create new ones that actually respond to human needs and furthers human evolution.

  • Dalton

    All these finance criminals in JAIL !!!

  • Kev

    interesting link here chaps.
    http://larouchepac.com/node/23265

  • ALAN

    The reality is that over 1.5 million high tech jobs have been created in America for foreign high tech workers. This is called “INSOURCING.” If you add these numbers to the employment figures, you can see that the President has done a great job!

    • Richard

      ALAN…we can all see that you have been drinking the pink kool-aid poured by Obama and the media by looking at the color of your face.

  • aaron burr

    stepan larose, Sociopaths and oligarchs will never give up their power to prevent your solutions. If they die first they will be replaced by other power corrupted socs and oligs; as long as power is possible each new crowd will treat the masses the same-like slaves. Do you have a way to limit the growth of power?

  • sre

    I’ve never seen any bigshot go to jail. Won’t happen this time either. Things will simply continue as they always have. The small and weak are eaten by the big and strong. The meek do not inherit the Earth.

  • Shakir Lotia

    Some banks will collapse! Then even bigger banks will gobble them up and the consumer will be screwed again.

  • http://www.infowars.com Anon

    These financial scandals, and the ‘Fed’ won’t be going away anytime soon, UNLESS YOU GET UP OFF YOUR FAT, LAZY A**ES, and DO SOMETHING!

    HR 459 passed by an overwhelming majority in the House, by a vote of 327-98!
    Now, this bill (S.202) needs a vote in the Senate!

    CONTACT YOUR SENATORS HERE:

    AUDIT THE ‘FED’!
    http://www.auditthefed.com/?mode=actionpage

    End the Fed! Whether Congress Wants Us To or Not!
    http://www.lewrockwell.com/boldin/boldin22.1.html
    http://tenthamendmentcenter.com/2012/07/25/end-the-fed-whether-congress-wants-us-to-or-not/

  • Anon

    Do you know how awkward it is to cite your information when you don’t provide a last name? I have no choice but to not cite you at all and only cite the site’s name.

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