The Humble Libertarian

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Wednesday, July 25, 2012

What Americans Need to Know About the LIBORgate Scandal



With the breaking of the LIBOR scandal, it is indeed instructive on many levels that a prestigious publication like The Economist would title its magazine cover BANKSTERS, Britain's price-fixing scandal and its global impact. LIBOR is the London Interbank Offered Rate and it's a benchmark for setting interest rates.

Most folks in America are snoozing through LIBORgate. This is a huge mistake because the LIBOR scandal has cost American taxpayers and consumers/borrowers a ton of money. According to The Economist article, the LIBOR rate was used to set interest rates on $800 trillion worth of financial instruments.
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Judy Morris,
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