An MMT site bringing you dogma-free economics without the pleadings of self interest
What puzzles me about this Libor business is that the whole thing seems like some ridiculous self-regulated honor system to begin with. Since the rules don't ask the banks to submit statements about actual borrowings, but only to propose the answer to a counterfactual about hypothetical borrowings, there is no confirmable sense in which the submission can be wrong, or a clear lie.
Winterspeak says craziness.Why LIBOR?
... because here at Barclay's Bank we believe in putting the Lie in LIBOR.
HUGE civil liabilities imo... look for Congress to get legislation going soon indemnifying all US banks from civil lawsuits...rsp
Dan,I thought is was the "bond vigilantes" in the "free market" that set interest rates???Uh oh!rsp
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