I Don’t Get It - Charging Too Much or Too Little?
The central banks set the prime rate and then the chartered banks set their savings and borrowing rates. Does the next financial crisis hinge on the absurd and will we now see interest rates increase? How does the public stomach this media induced fraud? I have always stated that depositors were lured into the capital markets, as no reward existed with bank interest income.
The U.S. Federal Reserve gave untold trillions of dollars to major corporations at the onset of the latest ongoing recession. In almost all cases, these funds were given to banks and corporations at zero percent. Much of this money still sits in the coffers of these institutions. These trillions of dollars carry no risk or interest. So why is the public paying interest?
In an article I read today, it stated that over 70% of JP Morgan’s net income is derived through government programs and subsidies.
All banks should be privatized. There should be no privately owned central banks. We must revisit the importance of gold and silver in the valuation of currency. All banking and financial instruments should be outlawed. All bankers are outlaws. The entire financial system is a ponzi scheme.
By James Chapman, Becky Barrow, Ruth Sunderland and Rob Davies
PUBLISHED: 22:53 GMT, 28 June 2012 | UPDATED: 06:56 GMT, 29 June 2012
20 more banks were rigging interest rates: British bankers now facing criminal inquiry over scandal that was kept secret for years
• Barclays shares drop 15 per cent as pressure on Diamond grows
• George Osborne promises new criminal sanctions for market abusers
• RBS, HSBC and Lloyds all named as under investigation as scandal widens
Hundreds of bankers across three continents are embroiled in the interest-rate fixing scandal that has left Barclays chief executive Bob Diamond fighting to save his job.
As pressure intensified on Britain’s highest paid banking boss to quit, MPs heard a string of other financial institutions across the world were under investigation.
At least 20 banks are believed to be under suspicion, with growing demands for a criminal investigation.
Read more: http://www.dailymail.co.uk/news/article-2166242/Barclays-20-banks-including-HSBC-facing-criminal-inquiry-rate-fix-scandal.html#ixzz1zcet5jX6