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There’s always something to howl about

The thugs who “regulate” our economy might be completely corrupt, but at least they’re utterly inept.

On Tuesday, the New York Fed said that it had received “occasional anecdotal reports from Barclays of problems with Libor” in late 2007, as the financial crisis was starting.

If you won’t look out for your own interests, you will have no shortage of “friends” among the ruling class.

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  • 2 comments

    2 Comments so far

    1. Thomas Johnson July 11th, 2012 7:22 pm

      No outrage amongst the Congresscritters or the elite media. LIBOR set the rates for a large number of adjustable rate mortgages. How many defaulted loans had unaffordable payment increases due to fraudulent payment increases? A lender could game the rate resets to boost interest earnings or inflate the price of mortgages in the market. Not that a Wall Street Bankster would do anything untoward!

    2. Greg Swann July 11th, 2012 11:05 pm

      This is me earlier today on Facebook:

      The systems by which honest traders identify and shun dishonest traders are disrupted and ultimately destroyed by government economic regulation. That is its actual intended purpose, to mask systemic, endemic crime committed by “statesmen” and their pals.

      The solution to financial crimes is private banks of issue: Each bank issues its own currency. This will not prevent embezzling or mal-investment, but the exchange rates among currencies will provide an early-warning system to prudent investors — as well as a signal of a potentially rewarding gamble to imprudent ones. Crime and stupidity will still hurt some people, but they will be few in number and the damage will be localized.

      Everything that you can cite as a systemic problem in the world is a side-effect of trying to delegate self-responsibility. This cannot be done, but the consequences of trying to will be astoundingly tragic.