On watching Max Keiser and Stacy Herbert discussing Barclays manipulation of LIBOR and Euribor, the two global benchmark interest rates, we cannot fail to be impressed by the lucidity with which they expose the sheer criminal energy of the banks and that political class which facilitates their getting away with it.
Oh right, did I hear you say that Barclay’s was fined almost three hundred million pounds §200 million by the U.S. Commodity Futures Trading Commission (CFTC)? Well, in view of the billions they have siphoned off, we might rightly view that “paltry” sum as peanuts. Moreover, no doubt, they will even have the audacity to recuperate that by once again manipulating the rates at which banks lend to each other.
Even, the billions, however, that Barclay’s have made off with, become less significant when we remember that all of the banks are doing this and while the RBS sacked ten of its traders over their alleged role in another LIBOR-fixing scandal, we can be sure that just as the three hundred million pounds are hardly likely to deter Barclays from further shenanigans, so too are the boys at the RBS continue to plunder the planet as I write this.
Of course, how can it be otherwise? With the Chicago boys having long since come home to roost and fictive capitalism having long since replaced a capitalism based on the means of production, there is now no alternative, for Washington and London in particular, to the rampant greed in the City and Wall Street.
Therefore, expect the next big scandal and expect investors to get wise, albeit peu à peu. No, it won’t happen overnight, but the Euro will survive, there will be a tax on financial transactions in Europe, and, we can hope, that a very different society will prevail from the one that disaster capitalists are offering us. Indeed,the recent scandals in the City might offer us some hope and we can almost feel that despite the garbage, which the mainstream manufactures of consent spout out at us, the winds of change are upon us.