Criminal banking cartel dominates US, British governments
… by Webster G. Tarpley, Fri Aug 3, 2012
Hmm, the most damning quote in the article could well be the following one below. Question. When are these psychopaths and greed-drenched criminals going to be brought to book openly and shamed en-mass for the public to see? Hellooo … surely lamp posts have more than one good use for just hanging light bulbs.
“… the US and British banking systems are indeed parasitical criminal enterprises which serve no positive social purpose, but which absorb government and other resources in such a way as to make economic recovery in their respective nations impossible.”
A series of enormous financial scandals over the past few months provides new proof of the existence of an international banking cartel in the form of an ongoing criminal enterprise devoted to market manipulation, money laundering and embezzlement, and enjoying the collusion of the US and British governments at the highest level.
The LIBOR scandal may well represent the biggest corruption case in the history of the world. Every morning at 11 a.m. UK time, 16 leading banks operating in the City of London report, under the auspices of the British Bankers’ Association, the rate of interest that they would expect to pay to borrow money from another bank. Of these 16 numbers, the four highest and the four lowest are removed from consideration, and the remaining eight are averaged together.
The result is LIBOR, meaning the London Inter-Bank Offered Rate, which is published by Thomson Reuters at 11:30 a.m. London time, and which represents the main point of reference for short-term interest rates around the world. The interest rates paid on almost $1 quadrillion ($1,000 trillion) of Eurodollar contracts, interest rate swaps, and various other derivatives are based directly on LIBOR. This entire process is almost completely unregulated by government agencies, relying instead on the word of honor of bankers who have repeatedly shown that they are predators and liars.
The banks taking part in the LIBOR fixing include Barclays, Royal Bank of Scotland, HSBC, Lloyds Bank TSB (which absorbed HBOS in January 2009), Bank of America, Citigroup, J.P. Morgan Chase, UBS, Credit Suisse, Deutsche Bank, Westdeutsche Landesbank, Société Générale of France, Bank of Tokyo Mitsubishi UJF, Norinchukin of Japan, Royal Bank of Canada, and Rabobank of the Netherlands. The list of LIBOR participants is actually a membership list of the world’s “too big to fail” banking cartel of the most powerful – and the most insolvent – financial faction on the planet.