Ellen Brown on Libor, consequences and implications: “It’s time to try the public solution.”

At one time, calling the large multinational banks a “cartel” branded you as a conspiracy theorist. Today, the banking giants are being called that and worse, not just in the major media but in court documents intended to prove the allegations as facts. Charges include racketeering (organized crime under the US Racketeer Influenced and Corrupt Organizations Act or RICO), antitrust violations, wire fraud, bid rigging and price fixing. Damning charges have already been proven and major damages and penalties assessed. Conspiracy theory has become conspiracy fact.

In an article in the July 3 Guardian UK titled “Private Banks Have Failed – We Need a Public Solution,” Seumas Milne writes of the LIBOR rate-rigging scandal admitted to by Barclays Bank:

It’s already clear that the rate rigging, which depends on collusion, goes far beyond Barclays and indeed the City of London. This is one of multiple scams that have become endemic in a disastrously deregulated system with inbuilt incentives for cartels to manipulate the core price of finance.

… It could of course have happened only in a private-dominated financial sector and makes a nonsense of the bankrupt free-market ideology that still holds sway in public life.

… A crucial part of the explanation is the unmuzzled political and economic power of the City…. Finance has usurped democracy.

More

About Ann Kreilkamp

I'm a Ph.D. philosopher, author, magazine founder and editor, and consulting astrologer who took the Permaculture Design Course in 2007. In 2009 I deepened my committment to both "above" and "below" by starting to attend UFO conferences and founding a neighborhood permaculture garden (ganggarden.wordpress.com). See www.tendrepress.com for bio, etc.
This entry was posted in 2012, new economy, Uranus square Pluto, visions of the future, waking up, wild new ideas. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s