LIBOR, THE FUNERAL OF THE SYSTEM
DrMarty | July 14, 2012 at 02:13 amby
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LIBOR is huge. And this is not some "scandal". This is a funeral.
And you see all kinds of people now arriving at that funeral, bringing as their offerings different pieces of the corpse, whether it be Barclays, or the bankruptcies of the cities and the states, or the case of the New York Fed and Tim Geithner. But the word is out -- the system is dead and the funeral has now arrived.
The LIBOR scandal is more fundamental than anything we've looked at or been aware of prior to now. This is huge. This criminal scheme has been operating in and against the United States for almost a decade, through three administrations. And Geithner -- he's the skunk.
What has been happening by means of this LIBOR operation must be called what it is: murder, thievery, robbery on a massive scale -- this is criminality on the highest level, and it's resulted in the deaths of countless Americans. What was done to hundreds of cities across the country is nothing less than homicide. Defrauded cities and states of billions, trillions.
There is no alternative now than to create an entirely new system. LIBOR shows that this system is rotted out completely. There can be no gradual reform. There's now way to "unwind" this. What's needed is an abrupt change in the system.
No alternative. And the LIBOR system must be denounced as being CRIMINAL. It must be found to be criminal. Call it, explicitly, a crime -- and prosecute it as such. This comes under a criminal statute. Must be shut down completely, those involved must be called out as criminals, and the whole damned system must be replaced.
How? Glass-Steagall. Just as FDR did, Glass-Steagall is the law which defines this system as criminal. Criminal charges must be brought, not just civil. When you're guilty of killing citizens of the United States, even if it's by means of economic "policy", it's a criminal offense. What Congress would tend to do is prosecute this as a civil offense, but this must be prosecuted under criminal statutes. Even if under current law what was done was not criminal, a new law must be created according to which this is criminal. Glass-Steagall.
We're not commenting or nagging. We're out to bring this entire thing down.
And look at the role of the rating agencies in this! These rating agencies have been the instrument of murder, of inducing self-murder among nations. LIBOR and the rating agencies are one and the same thing.
Geithner is the bridge. Geithner must be investigated under criminal law -- the crime of being guilty of depriving people of their lives! Call it homicide. Murder.
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