Grant Williams in his latest discusses Barclay’s manipulation of LIBOR and how the massive media attention of perhaps the largest case of fraud in world history will induce a fundamental change in how the mainstream media treats financial conspiracy theories.
As we have pointed out (and discussed last week with Turd Ferguson), the LIBOR fixing scandal likely may end up being the black swan event that publicly exposes the cartel’s manipulation of gold and silver.
Attempts to manipulate free markets invariably end badly – after all, they are, supposedly, by their very nature, free. Over the past few weeks, the exposure of the Libor-rigging scandal has monopolized the headlines of the financial press. The rather obvious implication being that given almost half the reported inputs that help establish the Libor rate are discarded immediately, Barclays simply CANNOT have manipulated the Libor rate alone. Period. At best this is a cartel, at worst it’s outright fraud on a scale that is completely unprecedented. In Grant Williams’ humble opinion, the Libor scandal will mark a fundamental change in the treatment of financial conspiracy theories in the media.