The Biggest Financial Scam In World History
2012-07-09 0:00

By "George Washington" | ZeroHedge.com



There have been numerous big banking scandals recently.


But the Libor scandal is the biggest financial scam in world history.  See this and this.


The former CEO of Barclays said today that banks across the world were fixing interest rates in the run-up to the financial crisis .


Professor of economics and law Bill Black notes:


It is the largest rigging of prices in the history of the world by many orders of magnitude.



Indeed, the scandal effects an $800 trillion dollar market - 10 times the size of the real world economy.


Matt Taibbi explains that this is the "mega scandal of all mega scandals", because Libor is the "sun at the center of the financial universe", and manipulating Libor means that "the whole Earth is built on quicksand."


Local governmentscredit card holders, students, small businesses, small investors, homeowners and virtually everyone else in the entire world has been impacted by the manipulation.


Credit card debt - almost a trillion dollar market - is pegged to Libor. So are student loans - a trillion dollar market.


Mortgages are a bigger market: around $10 trillion dollars in the U.S.  The Washington Post notes today:


60 percent of prime adjustable rate mortgages, and nearly 100 percent of subprime ones, were indexed to LIBOR.




[...]



Read the full article at: zerohedge.com




Related Articles
WikiLeaks launches crusade over financial blockade
Financial Collapse At Hand: When is "Sooner or Later"?
Financial Illiteracy of Those Who Mock Conspiracy Theorists
Soros Warns of Violent Riots In America, Financial Collapse, Government Clampdown
Was September 11th a Cover-up of a Financial Fraud?


Latest News from our Front Page

Norway’s sneaky arms exports to Israel
2015-05-06 22:57
It may come as a shock that Norway, the home of the Nobel Peace Prize and the Oslo accords, is funneling weapons to Israel. Palestine is second only to Afghanistan in the amount of aid it receives from the Norwegian government. Last year, Norway’s aid to Palestine totaled nearly $100 million. Palestine solidarity activists stage a die-in outside the Norwegian parliament in ...
TV2 Denmark Documentary on HPV Vaccine Shows Lives of Young Women Ruined
2015-05-06 21:17
TV2 Denmark has done something no mainstream media network in the United States will dare to do: look into the controversial HPV vaccine that many have claimed has ruined the lives of so many young women, and publish an investigative report. In December of 2013 Katie Couric did a show on the HPV Gardasil Vaccine where she dared to interview the ...
Unique historic color video shows Berlin in July 1945
2015-05-06 5:38
New footage has emerged of Berlin in the aftermath of World War II. The video, filmed in July 1945, shows famous landmarks like the Brandenburg Gate and the Reichstag in ruins as ordinary citizens try to go about their everyday lives. The video, shot around two months after the city fell in 1945, shows the utter destruction the German capital underwent ...
Universities Don't Understand Safe Spaces
2015-05-06 1:07
Youtube description: Apparently people don't understand why allowing people to grow up in a perpetual hug box is bad for them. This article's writer does give me some faith in humanity though. Source: youtube.com
#TexasAttack What You Are Not Being Told!
2015-05-06 1:45
A video giving us a clearer picture of what's really going on behind the recent attack in Texas, Garland. Source: youtube.com
More News »