Paul Craig Roberts: The Libor Scandal In Full Perspective + Meta-RECAP

Commerce, Corruption, Cultural Intelligence, Government, Knowledge
Paul Craig Roberts

The Libor Scandal In Full Perspective

The article about the Libor scandal, coauthored with Nomi Prins, received much attention, with Internet repostings, foreign translation, and video interviews. To further clarify the situation, this article brings to the forefront implications that might not be obvious to those without insider experience and knowledge.

EXTRACT:

Does this mean that the US and UK financial systems can only be kept afloat by fraud that harms purchasers of interest rate swaps, which include municipalities advised by sellers of interest rate swaps, and those with saving accounts?

The answer is yes, but the Libor scandal is only a small part of the interest rate rigging scandal. The Federal Reserve itself has been rigging interest rates. How else could debt issued in profusion be bearing negative interest rates?

As villainous as they might be, Barclays bank chief executive Bob Diamond, Jamie Dimon of JP Morgan, and Lloyd Blankfein of Goldman Sachs are not the main villains. The main villains are former Treasury Secretary and Goldman Sachs chairman Robert Rubin, who pushed Congress for the repeal of the Glass-Steagall Act, and the sponsors of the Gramm-Leach-Bliley bill, which repealed the Glass-Steagall Act. Glass-Steagall was put in place in 1933 in order to prevent the kind of financial excesses that produced the current ongoing financial crisis.

CONCLUSION:

To sum up, what has happened is that irresponsible and thoughtless–in fact, ideological–deregulation of the financial sector has caused a financial crisis that can only be managed by fraud. Civil damages might be paid, but to halt the fraud itself would mean the collapse of the financial system. Those in charge of the system would prefer the collapse to come from outside, such as from a collapse in the value of the dollar that could be blamed on foreigners, because an outside cause gives them something to blame other than themselves.

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Michel Bauwens: What is specific about the positioning of the P2P Foundation?

Access, Advanced Cyber/IO, Collective Intelligence, Cultural Intelligence, Knowledge
Michel Bauwens

What is specific about the positioning of the P2P Foundation?

“Like Oekonux, the P2P Foundation is a collective marked by diversity, but it also has dominant personalities and themes, with a substantial influence of the author of this article, who is also the initiator and founder of the initiative. So, when I make claims here below, and above, on the ‘P2P Foundation’s approach, they are my own approach, not necessarily the approach of every participant in our community and knowledge commons.

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Howard Rheingold: Best Apps and Services to Filter & Present News

Advanced Cyber/IO, Knowledge
Howard Rheingold

News Discovery: Here's The Cream of the Crop – Best Apps and Services To Find The News You Like

Robin Good: Here is a good and well written overview of some of the best news discovery tools out there.

These services, generally avaliable as mobile apps and/or desktop tools, aggregate a large number of relevant news sources in different categories of interest, and leverage in many cases your Facebook and Twitter network of contacts to suggest the type of stories you may be interested in the most.

Covered in the article:  Pulse Zite Google Currents Flipboard Taptu Prismatic News.me LinkedIN Today The Browser Longreads and more

Excellent overview. 8/10  Full article