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Timak

New Matt Taibbi Piece

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I found it interesting Rolling Stone

London pretty much the crime centre of the world.

Great article. A "should read".

Quote:

"After scandals involving libor and, perhaps, ISDAfix, the question that should have everyone freaked out is this: What other markets out there carry the same potential for manipulation? The answer to that question is far from reassuring, because the potential is almost everywhere. From gold to gas to swaps to interest rates, prices all over the world are dependent upon little private cabals of cigar-chomping insiders we're forced to trust."

Computer power at the fingertips of these modern-day pirates - as never known in all history - has enabled all this ......

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I think that brokerage is in New Jersey, not London. Also Spain mentioned.

Interesting that the Libor fixing class action was mostly dismissed because Libor was not meant to be competitive.

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Great article. A "should read".

Quote:

"After scandals involving libor and, perhaps, ISDAfix, the question that should have everyone freaked out is this: What other markets out there carry the same potential for manipulation? The answer to that question is far from reassuring, because the potential is almost everywhere. From gold to gas to swaps to interest rates, prices all over the world are dependent upon little private cabals of cigar-chomping insiders we're forced to trust."

Computer power at the fingertips of these modern-day pirates - as never known in all history - has enabled all this ......

I believe all things balance (eventually), so computer power will be the undoing of this situation too.

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City of London Corporation is above the law

http://en.wikipedia.org/wiki/City_of_London_Corporation

Hence why all the global criminal capital floods there

This isn't new. In every empire there have been private cabals that pursue their activities for profit and power. If anything these hidden worlds are far more public now than ever before. 12-15 families owned the London Metal Exchange setting the value of metals across the world. The point is that people need someone to take control and provide a market with some rules. The government is pretty useless at it. After the rules are created they are gamed for profit (or loss) that is what people trade for money - RISK!

There is no utopian world where systems are not gamed by humans and everyone lives in a happy world of plentiful opportunities if you just fall out of bed in the morning. The closest we got to that were the expansionary phases of the economy post war and 1998-2007 government overspending and artificial interest rates. Communism doesn't work because some humans just want to "win" at all costs; others just want to work all the time and some just want to do nothing. In that system capitalism (real capitalism not what we have now) with a time limited safety net is the best solution we can really have. An imperfect solution for an imperfect world.

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This isn't new. In every empire there have been private cabals that pursue their activities for profit and power. If anything these hidden worlds are far more public now than ever before. 12-15 families owned the London Metal Exchange setting the value of metals across the world. The point is that people need someone to take control and provide a market with some rules. The government is pretty useless at it. After the rules are created they are gamed for profit (or loss) that is what people trade for money - RISK!

There is no utopian world where systems are not gamed by humans and everyone lives in a happy world of plentiful opportunities if you just fall out of bed in the morning. The closest we got to that were the expansionary phases of the economy post war and 1998-2007 government overspending and artificial interest rates. Communism doesn't work because some humans just want to "win" at all costs; others just want to work all the time and some just want to do nothing. In that system capitalism (real capitalism not what we have now) with a time limited safety net is the best solution we can really have. An imperfect solution for an imperfect world.

This post is like a breath of fresh air in what has become a centre for whinging victims!

Thanks!

Edited by Reck B

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  • 239 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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