When the interest of interest is acquisitively manipulated by the monetary institution itself, it’s just a matter of time zone before the dollar is converted into a mere wooden nickel. The country may have obliged blessings of God through Annuit Coeptis but the people certainly were not amused with this amuse‐bouche. And this time the corrosion of corruption broke all grounds as the scandal, almost impressively, started with tainting the rate submissions even before the officials down the government quarry had a chance to mine illegally. It was almost like the United States lost its independence from England all over again as Libor smoothly scammed the system reducing it to a warren of smoke and mirrors.
Banks in England deceitfully schemed their interest rates in attempts to maximizing their gains and profits. Since the US markets use Libor as well, the unfortunate effects ultimately percolated through its economy. From student loans to mortgages, the financial products that used Libor as a basis for reference rates were shaken from this farce and there was terrible turmoil when the discredit came to light.
Murmurs of the Libor case had started back in 2008 but the New York Federal Reserve hushed them down. However, when the size of the scam as damaging as this started rotting the country’s financial products, it was finally time for a shakedown and what tumbled out were insider operations that had raised the bar just too ambitiously and pretentiously high. And this time it was too little too late to write memos of ‘urgency’. The people finally knew.
The banks of England were fined and US had to pay their own dues but apart from the billions of dollars and pounds in a grinder of losses and gains, the common man’s concern became of the classified networking. The trigger hairs of this flytrap had already been detected years ago, but reached the public ears much later. Sensitive talks, settlements, calculations and cover-ups all took over 4 years to be exposed. Earlier, scams were instigated by one or few individuals down the system but this fiasco originated from the supreme institution itself; the Central bank of England. It became a helpless tragedy for the public: the system cheating the people, not the other way round.
It seems as if Big Brother wasn’t paying too much attention. Earlier in 2012, the Murdoch debacle shattered the media industry and everyone else around the world. Libor follows next in this exposé‐succession. Its an all‐new season of scams of ‘England Exposed’!