A senior London banker has become the first person to be prosecuted for fixing the London interbank offered rate (Libor), a scandal that resulted in billions worth of losses for savers as banks fraudulently boosted their profits.
The banker, who has not been named for legal reasons, faces up to 10 years in jail after being charged with fixing the inter-lending rate by the Serious Fraud Office (SFO).
The notion that only the rich should be allowed to have any enjoyment in life is deeply offensive. It is fine for the Bullingdon Club to get plastered on Krug and cocaine and smash up restaurants. That is all jolly japes and high spirits. For a desperate man to seek solace in four cans of Tennant’s strongest or a bottle of Buckfast is however a dreadful sin and sign of social irresponsibility.
The post A Helot Society appeared first on BSNEWS.
By Ellen Brown (Web of Debt Blog) In an inscrutable move that has alarmed state treasurers, the Federal Reserve, along with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, just changed the liquidity requirements for the nation’s largest banks. Municipal bonds, long considered safe liquid investments, have been eliminated from the list of high-quality […]
The Detroit Water and Sewage Department is conducting mass water shut offs in Detroit Michigan which will effect over 120,000 account holders over a 3 month period (June-September 2014) at a rate of 3,000 per week. This accounts for over 40% of customers who are using the Detroit Water system and has been dubbed a violation of Human Rights by various organizations. 70,000 of those accounts are residential accounts which could amount to anywhere from 200,000-300,000 people directly effected.
When an article appears in Foreign Affairs, the mouthpiece of the policy-setting Council on Foreign Relations, recommending that the Federal Reserve do a money drop directly on the 99%, you know the central bank must be down to its last bullet.
The post Even the Council on Foreign Relations Is Saying It: Time to Rain Money on Main Street appeared first on BSNEWS.
"When it comes to the sovereignty of our country and the conviction that we can no longer be extorted and that we can’t become burdened with debt again, we are emerging as Argentines.
. . . If I signed what they’re trying to make me sign, the bomb wouldn’t explode now but rather there would surely be applause, marvelous headlines in the papers. But we would enter into the infernal cycle of debt which we’ve been subject to for so long."
At one time, manipulating interest rates was the Fed’s stock in trade for managing the money supply; but that tool too has lost its cutting edge. Rates are now at zero, as low as they can go – unless they go negative, meaning the bank charges the depositor interest rather than the reverse. That desperate idea is actually being discussed. Meanwhile, rates are unlikely to be raised any time soon. On July 23rd, Bloomberg reported that the Fed could keep rates at zero through 2015.
Matt Taibbi, explains how Countrywide, a loan scam at the center of the sub-prime mortgage crisis, "almost blew up the world."
The post Matt Taibbi: Why Isn’t Wall Street in Jail? appeared first on BSNEWS.
The leadership of the Church of England showed themselves to have the morals of sewer rats today after hundreds of police were drafted in to prevent a peaceful protest by disabled campaigners.
The post Shame Of The Church of England: Dean of Westminster Allows Hundreds of Police To Attempt Stamp Out Of Disabled People’s Peaceful Protest appeared first on BSNEWS.
Any economist who is real and unpaid by Wall Street, the government, or the Establishment knew that the +2.6 percent forecast was a crock. Americans’ incomes have not grown except for the one percent, and the only credit growth is in student loans, as those many who cannot find jobs mistakenly turn to “education is the answer.” In an economy based on consumer demand, the absence of income and credit growth means no economic growth.
