An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
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Friday, December 6, 2013
Eric Tymoigne and L. Randall Wray — MMT 101: A Response to Critics Part 6
Can we see some posts which clarify the libor rate manipulation which was used by banks so they would win the casino derivative swaps so credit unions and municipalities would have to pay ?
If interest rates rose then the banks were supposed to pay to the credit unions and cities like Detroit.
If interest rates fell, then the credit unions and cities like Detroit were supposed to pay.
So the banks rigged the libor so that they would win.
Now Detroit has lost and pensions are taken away from police and firemen.
The banks also increased the margins on their customer's lines of credits because they knew they would be rigging the rates to go down so they could win on ALL FRONTS.
i.e. small business lines of credit and probably home equity lines of credit :
the lines of credit rates consist of wall street prime and a margin.
Since they rigged the main rate to go down, the margin had to be fudge factored so they increased this on their products.
Since the prime rate was rigged, then that means the Federal Reserve helped.
Thank you Matt.
ReplyDeleteCan we see some posts which clarify the libor rate manipulation which was used by banks so they would win the casino derivative swaps so credit unions and municipalities would have to pay ?
If interest rates rose then the banks were supposed to pay to the credit unions and cities like Detroit.
If interest rates fell, then the credit unions and cities like Detroit were supposed to pay.
So the banks rigged the libor so that they would win.
Now Detroit has lost and pensions are taken away from police and firemen.
The banks also increased the margins on their customer's lines of credits because they knew they would be rigging the rates to go down so they could win on ALL FRONTS.
i.e. small business lines of credit and probably home equity lines of credit :
the lines of credit rates consist of wall street prime and a margin.
Since they rigged the main rate to go down, the margin had to be fudge factored so they increased this on their products.
Since the prime rate was rigged, then that means the Federal Reserve helped.