The Libor Scandal and its Further Reaching Implications……

4 Jul

Corrupt Banking Practices……

As the CEO of Barclays, Bob Diamond, falls on his sword estimates of the ‘golden handshake’ he will receive for his miss-management vary between £20 and £30 million.  Not a bad result for the man at the top caught out fraudulently manipulating the Inter-bank lending rate for financial gain.  Mr. Diamond may or may not have been aware of the full extent of the corruption at the core of his organisation, however, either way Mr. Diamond appears to have done okay from the fraudulent practices which took place on his watch.  Mr. Diamond already had a remuneration package to the tune of £7 million per year, plus bonuses.  I don’t suppose he will be signing on at the DWP and treated like the ‘work shy scrounger’ the rest of us are automatically assumed to be, regardless of circumstance.  For a man of such immense wealth the poultry £67.00 per week the rest of us are expected to survive on, would make little difference.  No doubt Mr. Diamond has a sizable nest egg upon which to draw until he finds another responsible, well paid position in senior management at a FTSE top100 company…….

Regardless of Mr. Diamond’s current employment status, as information becomes available there are more sinister things afoot.  Emails between Barclay’s management and the Bank of England seem to imply that they were aware of, and a party to the fraudulent manipulation of Libor.  More precisely, the manipulation was agreed to by Mr. Tucker, the permanent Secretary at the Treasury, Sir Nicholas Macpherson or Government Ministers, increasing pressure for a full Public Enquiry.  Yet another example of the inappropriate relationships which exist between senior Politicians, bankers, the Treasury and, not forgetting of course, the media tycoons without who’s backing the whole corrupt system could not operate……

The Government, having been caught with their proverbial ‘pants down’ have announced an enquiry into banking practices, the outcome of which we can all be pretty sure will exonerate all parties of any wring doing and no criminal charges will be brought, unless they find some lowly traders to prosecute in a show trial to demonstrate that nobody is above the law.  Have any of the key players been arrested and questioned by the Serious Fraud Office?  No, and nor are they likely to be…….

So Where are the Bailouts Coming From…….?

I did a little research this morning to establish which countries are operating at a trade surplus.  Check out the numbers for yourself at http://en.wikipedia.org/wiki/Government_budget_by_country#Nations

You will note that very few of the world’s economies have a trade surplus.  Of those that do, a quick calculation will demonstrate that, those with a surplus are completely wiped out by the countries with a deficit.  Which brings us back to the question of where the multi billion Pound, Euro and Dollar bailouts are coming from, seeing as all of the countries put together do not have any funds with which to provide for these measures……?

They are Conjured from Thin Air (with interest of course)…….

 

I did little research to find out the total amount given in bailouts.  I could not find a total but here’s a list of just a few of the ones I was able to ascertain:

USA- $212 billion

Greece- €110 billion

Cyprus- €10 billion

Ireland- €21.3 billion

Italy&Spain- €1600 billion

This list is by no means complete but with a total of €1912.57 billion, all of which incur interest and with approximately 0.1% growth in the world’s economies, you can see how this is clearly unworkable.  Who pays the interest?  The governments who borrowed it or more precisely, the taxes collected by the governments who borrowed it ie; me and you…….

And as I have already explained, the ‘money’ never existed in the first place.  It is simply the Central European Bank, International Monetary Fund, World Bank and Federal Reserve who, despite being independent of the sate and privately owned, in effect have printed more money.  This is referred to as ‘counterfeiting’ if you or I were to do it……

It is enslavement of the people through debt.  A process dreamt up by the Rothschild’s, Rockefellers, Morgan’s and other notorious banking dynasties about 100 years ago……

It is a house of cards which is bound to collapse, sooner or later……

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