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The Real Libor Scandal

By       Message Paul Craig Roberts       (Page 2 of 2 pages) Become a premium member to see this article and all articles as one long page.     Permalink

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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.

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*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 books, The Failure of Laissez Faire Capitalism and Economic Dissolution of the West is available (more...)
 

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