Tag Archives: libor

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

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.

Posted in Op-eds | Also tagged , , and | 51 Comments

Opinion: Brussels vs. the banksters

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 …

Posted in Op-eds | Also tagged and | 14 Comments

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

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 …

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Recent Comments

  • User AvatarPaul Reynolds 17th Jul - 12:09am
    This is an interesting debate, intended as exoteric but veering towards esoteric ! Some comments reflect quite a popular view in the Lib Dems, which...
  • User AvatarZak 16th Jul - 11:41pm
    @David Raw I'd recommend you check out the Adam Smith Institute policy page. There's honestly some of the best liberal policies on there. @Fraser I...
  • User Avatarfrankie 16th Jul - 11:34pm
    In all, 14 Tories rebelled against the government’s adopted ERG amendment (new clause 36): Heidi Allen Guto Bebb Rochard Benyon Ken Clarke Jonathan Djanogly Domonic...
  • User AvatarFraser Coppin 16th Jul - 11:08pm
    @Paul Walter - It's fine, I fully expected that this article would ruffle a few feathers, and that's fine. We're having a conservation about one...
  • User AvatarAlan Greenfield 16th Jul - 10:43pm
    A week is a long time in politics - things can change really quickly - keep going - we know we are right on this...
  • User Avatarfrankie 16th Jul - 10:18pm
    Jennie, i suspect that the majority of "those who want to get into parliament, and who will give up their liberal ideals to get there"...