BrotherJohnF discusses the LIBOR manipulation scandal by Barclays, RBS, and likely many more TBTF’s to come in his latest Silver Update: LIBOR LIARS
Hera Research has released an interview with John Embry on gold, silver, and the European debt crisis.
Embry discusses the current corrections in gold & silver, his outlook over the next 6 months, and the end-game for our Western fiat financial system.
Embry states that ‘ before this is over we’ll have a new currency system, probably backed by gold‘.
Doom, Boom, and Gloom’s Mar Faber spoke with Bloomberg this morning on the Eurozone debt crisis, and stated what Jim Willie told readers would be the outcome of the Euro crisis back in 2008: rather than the Southern PIIGS, Germany should be the one to abandon the Euro-zone. Faber states that ‘If I were the Germans, if I were running Germany, I would have abandoned the eurozone last week’
Our friend Sean from the SGTreport has released a MUST LISTEN interview with Harley Schlanger the national spokesman for the LaRouche Organization.
Harley says, “We are about to have the most devastating collapse in world history, of the whole global financial system… If we don’t do something to stop this, we’re going to lose EVERYTHING. We’re going to have either hyperinflation or an implosion of the banking system which will reduce the value of the Euro and the Dollar to nothing.”
Full interview below:
It appears that the Supreme Court’s upholding of the PPACA precisely because it is a tax has created a new Constitutional issue.
The PPACA originated in the Senate, and the Constitution requires that all tax laws originate in the House.
So in an ironic twist of fate, Obamacare is now invalid for entirely different Constitutional reasons than the individual mandate.
The Patient Protection and Affordable Care Act (Obamacare) may now be invalid because the Supreme Court ruled that it relies on a tax for implementation.
Submitted by SD Contributor SRSrocco:
A FEW WORDS ON CONSPIRACIES
If you go to any local courtroom and sit and watch a full day worth of court cases, chances are you will witness several cases based on a “CONSPIRACY”. Furthermore I would like to list several well known large cases of where CONSPIRACIES have been present:
ENRON. WORLD COM. BERNIE MADOFF. MF GLOBAL. AIG. FANNIE MAE.
and the list goes on and on…
While based towards the current fiat system like all MSM publications, the BBC has released an at least somewhat two-sided discussion on whether a gold standard would be beneficial at solving our current Western debt crisis.
Do we need to re-forge the link between money and something tangible?
A popular solution to the financial crisis has been to print more money, but is there another way of fixing our economy? Would the financial system be more stable if each pound, dollar or euro in our pocket was once again backed by gold?
BBC News reports that Barclays Chairman Marcus Agius will resign Monday over the ‘devastating blow to the bank’s reputation‘ caused by the revelations that Barclays attempted to manipulate LIBOR lending rates.
CEO Bob Diamond has so far refused to resign, stating that authorities have ‘found no evidence that knowledge of the manipulation went any higher than immediate desk head supervisors.’
So Bob, its fine that you were fully aware of your firm’s false reporting of Barclays’ borrowing rates, as long as authorities weren’t able to find hard evidence proving the fact?
Marcus Agius is to resign as the chairman of Barclays in the wake of the Libor lending rate scandal.
The BBC this morning has published details from a 2008 meeting with the Bank of England’s Paul Tucker with Barclays Bob Diamond in which the BOE allegedly advised Barclays’ submitters to provide data to the British Banker’s Association LIBOR setting committee’s that the bank was paying lower borrowing rates than was actually the case.
Tyler Durden is already all over the report, pointing out that JP Morgan and Bank of America at the time were reporting borrowing rates far below even nationalized competitors (which intuitively should have had lower borrowing costs than still private banks such as The Morgue).
With market rumors that a US bank will be dragged into the LIBOR scandal, Zerohedge predicts IF the SEC actually decides to hand down a wrist slap to a US bank over LIBOR manipulation (more like outright fraud), it will be either Bank of America or JP Morgan as the most egregious offenders.
We already know that Barclays has been exposed to be manipulating Libor on an epic scale. And even with all this, it still could manage to only be in the third best quartile? If they were manipulating their Libor submissions they sure sucked at it. Which of course is why even the BOE got involved.
However, it begs the question: what about the Libor submissions of the three then “healthiest” banks: Bank of America, JP Morgan and Deutsche Bank. If Barclays was manipulating and gaming Lie-bor, only to fall even below the median submission, does this mean that these three banks were all furiously coming up with totally meaningless numbers? And how long until the SEC comes up with a US scapegoat bank to mimic the FSA’s bold action on Barclays?
BrotherJohnF’s latest Silver Update: Silver & Euros