The Biggest Price-Fixing Scandal Ever – and the VESTS Solution

The Daily Bell -

Uber financial investigative journalist Matt Taibbi has discovered what we too realized when we began to scrutinize the financial industry. In his latest article, he writes, “Everything Is Rigged: The Biggest Price-Fixing Scandal Ever.”

The article’s cut line is, “The Illuminati were amateurs. The second huge financial scandal of the year reveals the real international conspiracy: There’s no price the big banks can’t fix.”

Taibbi’s incredulity is evident throughout the article, as well it should be. The interest-rate swap market is part of the larger derivatives market that totals over one billion TRILLION dollars.

Taibbi can hardly believe what he’s learned because he recently did an expose of the so-called LIBOR scandal, in which it was revealed that a handful of bankers and traders were manipulating the inter-bank interest rate.

At the time we pointed out that when you allow a group of young men to take affirmative responsibility for hundreds of billions of dollars of bank lending every day, some sort of collusion is inevitable.

We also didn’t think much of the scandal itself, pointing out that those who control these large banks seem intent on creating a neo-Pecora commission. This US commission in the 1930s held hearings in Washington, DC and ultimately created the SEC (along with its variants globally) and the rest of the regulatory apparatus that remains with us in the 21st century.

Given the endless financial scandals that keep sweeping across the industry, it is fairly obvious that this regulatory system needs a good deal of improvement. In fact, I think that it may be no coincidence that so much is being revealed now. The idea is surely to create the conditions for another international regulatory effort that will end up further controlling what is left of free-market capital raising.

It is a global game for globalists. The game is to regulate everything and then to position oneself above the regulations and above the governments that wield them. This gives you tremendous power over everyone else. One of the tools being used to whip up sentiment for a larger regulatory revisiting is scandal and more scandal. There have been revelations of so-called crooked practices in a number of areas lately, mostly in the area of industry pricing. It turns out that many standard prices are set via indications of interest rather than outright competition.

We can see the same system at work in the gold market, where a small group of wise men set the price for physical gold every day. And now, as Taibbi and others have revealed, the dysfunctional system also affects interest rate swaps. This has incensed Taibbi, who opens his article as follows:

Conspiracy theorists of the world, believers in the hidden hands of the Rothschilds and the Masons and the Illuminati, we skeptics owe you an apology. You were right. The players may be a little different, but your basic premise is correct: The world is a rigged game. We found this out in recent months, when a series of related corruption stories spilled out of the financial sector, suggesting the world’s largest banks may be fixing the prices of, well, just about everything.


One Response to The Biggest Price-Fixing Scandal Ever – and the VESTS Solution

  1. Pingback: Jesse’s Café Américain: Matt Taibbi Discusses the Market Rigging in the Swaps and LIBOR Markets By the Banks « olduvaiblog


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