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Thread: Criminal banking cartel dominates US, British governments

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    Default Criminal banking cartel dominates US, British governments

    From my friend Webster Tarpley, on Iranian press.

    Fri Aug 3, 2012 PRESS TV
    By Webster G. Tarpley
    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.

    MORE- http://www.presstv.ir/detail/2012/08...minates-us-uk/
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    The banks are dishonest? Shocking!
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