Tag Archives: libor

Daniel Furr

Opinion: Britain has become a corporate state, not a free society

By Daniel Furr | Fri 24th August 2012 - 8:52 am

In the months after the financial crisis in 2008, I recall a conversation with an American friend of mine; we discussed the fallout and numerous rescue packages by countries. Financial media outlets, such as Bloomberg and CNBC, described the capital injections into financial institutions as a sign we are “all socialists now” – according to my American companion, this was far from the truth. In reality, Western economies have turned the page to fascism, not socialism.

When he mentioned this to me, I confess, it was rather amusing to listen to; very sceptical of such claims, until the request to research the facts myself led me to a worrying conclusion. The truth of matter is that we are not far off from what British fascists in the 1930s thought the financial sector should administrate to the rest of society.

Continue reading »
Posted in Op-eds | Also tagged , , and | 51 Comments
Giles Goodall

Opinion: Brussels vs. the banksters

By Giles Goodall | Sat 28th July 2012 - 1:21 pm

European Parliament building European Parliament building

Almost no-one in the UK would these days dispute the fact that the country’s banking sector needs a serious overhaul to correct the runaway behaviour which helped nudge Britain (and others) into the financial crisis. The Liberal Democrats have rightly been most persistent in demanding reforms, in particular a break-up of retail and casino banking, as recommended by the independent Vickers Inquiry.

The latest scandal about fixing the benchmark Libor interest rate plumbs new depths – even by the standards of Britain’s banks. Here were …

Continue reading »
Posted in Op-eds | Also tagged and | 14 Comments
Stephen Tall

Barclays and the Bank of England: BAD rate-rigging and GOOD rate-rigging

By Stephen Tall | Wed 4th July 2012 - 11:15 am

The Barclays rate-rigging scandal has conflated a number of issues — Bob Diamond’s bonus, ‘casino’ banking, failed regulators — making it hard to get behind the media’s shouty headlines to understand the issues which should really concern us. Here’s my brief show-your-working attempt, starting with what Barclays.

What Barclays did right: ‘fess up

LIBOR (London Inter Bank Offered Rate) is the rate at which banks in London lend money to each other for the short-term. It’s used as a proxy measure of market confidence in individual banks, as well as a benchmark for setting mortgage interest rates.

Barclays has admitted filing misleading …

Continue reading »
Posted in Op-eds | Also tagged , , , , , , , , , and | 15 Comments
Advert

Recent Comments

  • colin murfin
    There are numerous untried ways to generate more tax Heres a few 1. Change NIC for employers to a tiered system like PAYE ie 0% for low paid 200% for hi...
  • Ernest
    I agree. We need to explain the bases of liberal democracy. To build a fair,free and open society with the values of liberty, equality and community and to w...
  • Tim
    It just isn't true to say we used to tax the rich more. The richest 1% now pay more than twice the proportion of income tax that they did in the 1970s. Although...
  • PM
    "the general public perception that somehow the BoE Base Rate is linked to the cost of borrowing" This is because it is. The banks can always ...
  • Pawel Urbanski
    Jana - I like it. It is addressing the issue practically. The pitch is never empty and the operator loses nothing. The harder part comes later. Rules, even cont...