Jim Rickards has weighed in on the subject of the manipulation of Libor:
In fact, this may be the mother of all scandals—the one that finally leads to criminal charges and the insolvency of major banks.
The mother of all scandals is central banking and the monopoly of money, credit, banking and currency. It doesn’t seem Rickards will point this out. The elephant in the room is still safe from his analysis.
The fraud is breathtakingly easy to understand once past a small amount of jargon. Indeed, the simplicity of the fraud is the greatest threat to the perpetrators because here at last is a fraud that is easy for juries to understand and for prosecutors to prove.
This is quite true, however is it any more true here than in the mortgage fraud?
…the insolvency of a major bank in the face of LIBOR rate rigging charges cannot be ruled out. In that case, good riddance. The big banks have perpetrated a crime wave longer than that of Bonnie and Clyde. If it has taken the law this long to catch up with them, it's better late than never.
Rickards, like most commentators, goes after branches and not the root. The ultimate “crime” isn’t with Libor or the mortgage frauds. Expose the monopoly of central banking for what it is: central economic planning over the most important commodity in the market – money (including associated credit and currency). It is the monopoly that is the enabler of all of these various schemes.
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