Counterpunch: The meaning of Libor-gate

Libor rigging, interest rate swaps et al are parts of a bigger IR rigging scandal perpetrated by the BoE and the Fed to mask the insolvency of their banking systems (by supporting prices of assets on their balance sheets) and to stimulate demand for their Treasury bonds despite budget and trade deficits. Savers and buyers of IR swaps (incl. municipalities/local authorities - advised by the sellers of those swaps) are harmed by the fraud. Why do politicians collude? Because if they called the BoE/Fed to account the latter would ask: "do you want IRs to rise? have you the money to bail out insured depositors? and what would IR rises do to real estate? and do you want gilt prices to collapse, wiping out bond funds and a lot of wealth? "No", they reply, "fraud is better than collapse"