Could the LIBOR scandal bring down the entire financial system?

YES! – This scandal shows that our global financial system has devolved into a global Ponzi scheme.
76%
NO! – The LIBOR is just a portion of the global economy, this scandal won’t make a difference.
24%

6 comments

megalomaniac
megalomaniac's picture
  Every chance possible, I

 

Every chance possible, I try to listen to Mr. Hartmann on his radio show because his is not on cable by me. What is wonderful about Mr. Hartmann is his extrasensory perception of callers. Just the other day a caller was on making kind testimonials and accolades towards Mr. Hartmann. Within an unreasonable short time period, at will, the caller turned one hundred and eighty degrees condemning Mr. Hartmann. To me what was interesting in the rhetorical exchange with this woman that had a certain resonance that particular pitch, that sonic compression or stretch that flags tobacco or alcohol. Or, she could have been a pill popper type person having this world order believe they are of primary importance in everybody's life or to anyone they meet. The lame Limbaugh libido funk circus mindset. The woman had her own business, and government should not interfere to continue in this free market system.

 

Mr. Hartmann is somewhat like dueling banjos. Once he gets the drift that a caller is nothing more than a nasty jackass, he at least gives those types the opportunity to be just that, a jackass. Giving time for a jackass to make assumptions wildly takes skill, especially with this new approach where everyone does help a business. To me, that concept is basically called the commonwealth.

 

Many who call say Obama does not understand the free market. You who, you mean the free market, which has secret banking, tax havens, inside stock trading short trading not published. The new, new phrase, toxic assets, predator banking, Gaussian Bell curve liars, real estate flipping, matrix pivot polling, and of course the energy core, the treasury with America’s federal reserve that lends money to anyone they choose any time, secretly, for any reason they choose. To get your credit score, call those secret baby trust fund guitar players we see on commercials. The new supreme rule “money” is free speech. So, since I have very little, can’t say much. Sheesh…now you got me going, the best free market commercial is by Ted Thomson the former Senator and presidential candidate advertising reverse Mortgages, watch when you get a chance. I really have a good laugh every time I see it. It actually exposes an infinite space of deception by placing a disclaimer in what appears to be hundreds of words so small for a second two they cannot be read. Total fraud…           

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Uncle Draggi
Uncle Draggi's picture
Will it, won't it, could it,

Will it, won't it, could it, would it, yadda yadda yadda.  Quite frankly, until and unless there are -real- and =serious= consequences for the people - "banksters", politicians, whomever - running and allowing these scams, all the indignation and yelling in the world won't change a damn thing.  Take each and -every- single one of the people involved in this, regardless of where they're from or who they think they are, confiscate every dime they have, no matter where they've got it 'hidden', and stand them up against a bullet-pocked wall without exception.  =THEN= you might start getting positive and responsible actions from the rest of the folks in the industry.  You know - "Pour encourager les autres".  Until then, you'll have nothing but a bunch of "sound and fury, signifying nothing."  More than just 'sad', but there it is.

arky12
arky12's picture
Not only this scheme, but the

Not only this scheme, but the whole scheme that started back in the late 1800's and how they manipulated the system to get the central bank, known as the Federal Reserve Bank.  Heard recently, that the 16th amendment which allows Congress to implement and collect taxes was never ratified?  Haven't checked that one out yet, but I intend to.  Supposedly, once the Fed Reserve was created, which lent the government money for which payments were to be made plus interest, they needed an income tax to pay the interest and the way it's set up is that we would never be debt free.  Talk about a ponzi scheme.

Christophe
Christophe's picture
I agree with Pan.  My wife

I agree with Pan.  My wife and I saw the 2008 disaster coming years before and scrambled to get RID of all credit cards and mortgage paid off.  We did it.  Were debt free except for our monthly utilities.  If we could afford a wind generator to produce our own power, we would be there.  We now have options.  My advice to anybody is to get OUT of debt and live within your means.  Life is much better now and we are muchhappier.

washnwmn
washnwmn's picture
They still have a way to go

They still have a way to go before it all crashes entirely.  Until then, and until those behind these illegalities are held accountable, and sent to jail, the corruption will continue.  They can put Martha Stewart in jail for practically nothing, a few insider tips while these bank and Wall St. CEO's get off with little more than a fine/ a slap on the wrist.  What's wrong with this picture?    What's most disgusting is to know we are all paying the price in outrageous interest rates on toxic interest only mortgages, student loans, and credit cards, as well as growing bank fees, and that Wall St. with their derivitive schemes are actually betting against those same loans and pushing them around from financial institution to financial institution, as I understand it...which may be wrong because not even Wall St. understands it.  All they know is money is being raked in and bonuses are being paid while hard earned work and honestly paid taxes by the rest of us are being used to bail out these banks and Wall St. blunders, Europe collapses and governments are in their pockets or owe too much to do anything.  What more proof is needed that the financial system cannot regulate itself? 

Thanks for letting us vent!

PanBlaiz
People are waking up to the

People are waking up to the fact that money is just paper, just as gold is a metal, the only power it has is the power you give it. Money cannot be eaten, drank and makes for terrible fire kindle because it burns to fast. We are finally starting to ask the question, "what is really important in this life?" and increasingly money is not the answer. Money is a mere tool that the 1% and banksters use to control the population by perpetual economic slavery. Instead of being shackled in chains we are shackled with debt and bills. This leads to a life as a wage slave where the worker earns minimum wage while the CEO makes 475% more than the average worker. How did we let this ponzi scheme enslave us?

Yes it is a ponzi scheme when the top 1-2% are benefiting from the fruits of the bottom 98-99%. It is about time that we rebel against our masters who seek only to control us for their benefit. Free yourself and humanity from the disease that is money. Start organizing barter and trade systems within your own community. Grow a garden for fresh produce. Or start a mutual credit system within the community with little to no interest; that is, make your own money. Yes, anyone can create money. Money creation is not the sole privilege of the banksters, anyone or any community can do it - legally! The banksters who seek control hope that you never find this out. 

P.S. Those that think gold will solve all our problems if we simply get rid of fiat money, think about it - who has already bought up most of the gold? The banksters. Switching from paper money to gold will not change anything because the same people will be in control.

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