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Raisethefist.com: LIBOR scandal just tip of the financial Iceberg?
LIBOR scandal just tip of the financial Iceberg?
by indybay.org Thu Jul 19 04:00:16 PDT 2012
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The latest furor over the LIBOR manipulation by Barclays may be just the tip of a financial titanic iceberg that may sink the entire globalized Clunkered Capitalist economic system. Why? Because the global "derivative" market of some $350 trillion(actually, nobody really knows how much this toxic sludge is worth--or worthless, to be more exact!?)is traded based on the assumption that the LIBOR index is a fair objective outcome of a truly "free market" system. If it turns out a handful of insiders are actually manipulating the interest rate(as apparently has been the case as exposed by the Barclay revelation), the whole Ponzi scheme of derivatives may come crashing down, precisely like a house built atop a mountian of cards. There will be nothing the Fed nor its honcho, "Bailout Ben" Bernanke, could do to save the resultant Implosion...
Capitalist apologists keep on insisting that these scandals are "isolated cases." Except that Lehman Brothers did it in 2007, Goldman Sachs has been doing it since Day One, and JPMorgan was forced to admit its manipulated hedge funds lost nearly 3 times what it admitted just a month ago. Is it deja vu all over again? The truth of the matter is, the "invisible hand" that supposedly guides the market are the banksters' sleight of hand tricks to fool other investors. Who ya gonna trust, Mr. 1%? If I were Jimmy the Greek, I wouldn't want to give any odds that these criminal "masters of the universe" would survive their own fraudulent devices! And POTUS Obama refuses to prosecute these financial terrorists--my goodness, what kind of Maui Wowie has he been smoking??
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