Libor: the bankers who fixed the world’s most important number
I don&#x27;t get how someone can write about Libor and not get into more details about the structure. I consider it one of the most important and yet most under-reported key stories of the 08 crash.<p>My primary issue isn&#x27;t with LIBOR persay, because, as the name implies, it&#x27;s a <i>London</i> bank rate. My primary issue is with the fact that the Fed board of governors so quickly and easily chose it as the rate, in effect ceding a <i>huge</i> part of their power (interest rate setting) to fucking London bankers! They had all the power to choose an American rate or create one of their own, but chose not to.<p>To me, this is a perfect example of the danger of the Fed and it&#x27;s unsupervised, unchecked power of agency, and it leads credence to the anti-fed sentiment and documentation I have read.<p>That the Wall Street bankers truly are subservient to The City (London) is more of a threat to US national security than ISIS.