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The Real Libor Scandal

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The latest news completes the picture of banks and central banks manipulating interest rates in order to prop up the prices of bonds and other debt instruments. We have learned that the Fed has been aware of Libor manipulation (and apparently supportive of it) since 2008. Thus, the circle of complicity is closed. The motives of the Fed, Bank of England, US and UK banks are aligned, their policies mutually reinforcing and beneficial. The Libor fixing is another indication of this collusion.

Unless bond prices can continue to rise as new debt is issued, the era of rigged bond prices might be drawing to an end. It would seem to be only a matter of time before the bond bubble bursts.


*Nomi Prins is a journalist and Senior Fellow at Demos. Her latest book is: "It Takes a Pillage: Behind the Bonuses, Bailouts, and Backroom Deals from Washington to Wall Street" (Wiley, September, 2009). She is the author of "Other People's Money: The Corporate Mugging of America" (The New Press, October 2004), a devastating expose into corporate corruption, political collusion and Wall Street deception. "Other People's Money" was chosen as a Best Book of 2004 by The Economist, Barron's and The Library Journal.  Her book "Jacked: How 'Conservatives' are Picking your Pocket (whether you voted for them or not)" (Polipoint Press, Sept. 2006) catalogs her travels around the USA; talking to people about their economic lives. Nomi worked on Wall Street as a managing director at Goldman Sachs, and running the international analytics group at Bear Stearns in London.

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Dr. Roberts was Assistant Secretary of the US Treasury for Economic Policy in the Reagan Administration. He was associate editor and columnist with the Wall Street Journal, columnist for Business Week and the Scripps Howard News Service. He is a contributing editor to Gerald Celente's Trends Journal. He has had numerous university appointments. His book, The Failure of Laissez Faire Capitalism and Economic Dissolution of the West is available here. His latest book,  How America Was Lost, has just been released and can be ordered here.

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(as I thought you were about to declare...)The rea... by Josh Mitteldorf on Saturday, Jul 14, 2012 at 12:29:42 PM
Without regulation the doors are open to every sor... by Marika on Saturday, Jul 14, 2012 at 4:51:22 PM
Super Human? No Josh there is a such thing as mor... by Jack Heart on Sunday, Jul 15, 2012 at 5:50:12 AM
soft sell, understate that what is taking place is... by bogi666 on Sunday, Jul 15, 2012 at 2:18:39 PM
The real scandal is that all markets -- not j... by Josh Mitteldorf on Saturday, Jul 14, 2012 at 12:39:50 PM
The real scandal is that until 1980, we had a mana... by Josh Mitteldorf on Saturday, Jul 14, 2012 at 12:46:57 PM
Your other posts were sage and addressed the probl... by John Little on Sunday, Jul 15, 2012 at 12:21:07 AM
Score one for Little John. Nixon was bought and p... by Jack Heart on Sunday, Jul 15, 2012 at 6:42:22 AM
that the Bush crime family is at the center of the... by intotheabyss on Sunday, Jul 15, 2012 at 8:09:13 AM
JFK assassination although he wasn't in the govern... by bogi666 on Sunday, Jul 15, 2012 at 2:40:59 PM
understate that what is happening is criminal frau... by bogi666 on Sunday, Jul 15, 2012 at 2:24:02 PM
with public banks. How do we educate the public th... by intotheabyss on Saturday, Jul 14, 2012 at 7:26:32 PM
have allowed governments everywhere to keep increa... by Paul Repstock on Saturday, Jul 14, 2012 at 11:53:32 PM
The deficit can be paid off in lead its far cheape... by Jack Heart on Sunday, Jul 15, 2012 at 6:54:03 AM
intention is to create a NOW;1 currency,1 bank,1 g... by bogi666 on Sunday, Jul 15, 2012 at 2:34:34 PM
You are wise with the knowledge of years inside th... by John Little on Sunday, Jul 15, 2012 at 12:24:26 AM
And, despite all the inevitable denials, who are t... by Keith Pope on Sunday, Jul 15, 2012 at 2:19:36 AM