Comments by "Curious Crow" (@CuriousCrow-mp4cx) on "Barclays' crisis goes into a third day" video.

  1. Unfortunately, justice takes a long time, because the LIBOR Scandal was found not to be a scandal, and those prosecuted have been found innocent on appeal. What goes on in the global financial system is, since global financialization, reflects geopolitical shenanigans as much as financial support for globalisation. In other words, there's a lot that goes on that isn't made public, and reflects the politics of a globalised world that is opaque but powerful. The LIBOR Rate Setting arrangement was just one part of an offshore, unregulated banking system which first emerged in the middle of the 20th century to get around US capital controls, which created a demand for USD. To meet that demand private banks lent out USD reserves to governments, multinationals and other private banks. It was so profitable that it became a private association of banks lending and trading foreign currencies in an unregulated market, that even now mostly trades in USD, but overtime moved to trading and lending other in demand currencies and sovereign debt. And even though other countries complained, London was the major centre for this unregulated trade. And successive uk governments absolved any responsibility for it. Indeed, American top rank investment banks discovered the market, and joined. And even Uncle Sam used it to placate OPEC and provide petrodollars. As an offshore market it's activities began to impact the global financial system, and it may have been in part responsible for the inflation of the 1970's by its irresponsible lending. London's LIBOR rate was the interest rate charged for financing in this unregulated market. And became a benchmark for interest rates in contracts. All whilst being unregulated. And it's activities financed the folly and greed of the 2008 GFC. And the history of the Market is based on deceit and secrecy. Ask anyone what the Eurocurrency Market is, most would not know it even existed. But that's what London's role in the postwar financial system was - secretive, hidden, and deceitful. So, in that light, the rise of Londingrad was inevitable once we decided to worship the Golden Calf of the Financial Sector under Thatcher. Humanity is just hairless apes on two legs after all, so folly is inherent in the human condition, and by extention the other vices too. Fear and Greed is amongst us as much as Love and Charity. It's just that Prudence keeps getting kicked around as someone else's problem or an inconvenience, until her big brother Reality puts his boots on and gives everyone bruises. A final thought - the biggest donors to the Conservatives was the Financial Services sector. The Corporation of the City of London is the only private institution to have a seat in the House of Commons without having to be an MP. It's behind the Speaker's Chair. The Lord Mayor of the City of London has his calendar managed by the Foreign and Commonwealth Office, and not even King Charles or his agents can enter the Square Mile without permission of the Lord Mayor of the Corporation of the City of London. The Financial Sector is a power to itself. Been so for centuries here, but now it's a problem everywhere, because it's become too big, too powerful. It wants to run everything. But it can't even run itself.
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