On LIBOR and Plutocracy

Just after I posted the article about the rigging of the municipal bond market, we saw a story break that 18 major banks have been rigging the all-important LIBOR interest rate for at least since 2003, probably for decades. The same financial industry has also committed massive mortgage fraud, engaged in CDS fraud, financial rating rigging, and so on and so forth, ad infinitum, ad nauseum.

These are the same guys that are buying elections, from state houses on up to the presidency. They own the nation. This is not some wild-eyed suspicion. Look at the numbers: THEY OWN THE NATION. Ask Jack Abramoff: THEY OWN THE NATION. We have a plutocracy, firmly in place, and we have a diverting safety valve in the form of show elections.

What will end this? One day, a president will be sick and tired of how the bankers treated him as they bankroll his opponent heavily. That president will then enact some executive orders to bring in the heads of those financial heads and bring them to heel. Throughout history, in conflicts between money power and armed power, armed power wins.

I’m going to be traveling to Russia this week. I will see a nation that had a brief plutocracy before Putin won the showdown between money and arms. I feel like I’ll be traveling to America’s future. It’ll be interesting what I see there, in a land that might just reflect what awaits us tomorrow.

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