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He said Libor rigging affects "a thousand trillion dollars" in contracts of one sort or other globally. It exceeds global GDP 15 or 20-fold.
Barclays reflects a corrupt system. Other major banks operate the same way. Western politicians permit it. "They uphold the doctrine that whatever banks do is right."
They're failing. They're zombie banks. The entire system is corrupt. It's crumbling. Barlays is in the center of the UK storm, but watch out. Expect more globally, much more. It's coming.
The seriousness of what's known is that a system portrayed as just and sound is failing. At issue is rampant speculation at the expense of stimulating real economic growth.
Casino capitalism doesn't work. Economies suffer. So do ordinary people. The entire banking system risks collapse. Buying time alone is possible. Barclays is part of a far greater unresolved problem.
John McMurtry calls it the cancer system. The longer it goes unaddressed, the worst things get. "Organic, social and ecological life" harm grows.
Life-system collapses define the problem. Societies are consumed. Humanity suffers.
The system is too corrupt to fix. At issue is clearing it out and replacing it with an entirely new paradigm.
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