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Message Subject THE ECONOMY & YOU # (Daily Updated Videos & Articles)
Poster Handle RoXY
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The Big Banks are Amateurs When It Comes to Manipulating Interest Rates
by Washington's Blog
July 10, 2012

Who Are The Biggest Manipulators of All?
People are justifiably furious over the big banks’ manipulation of hundreds of trillions of dollars of assets. This violates the banks’ most central function: loaning money based upon the going rate.

Indeed, the Libor manipulation is so serious that even mainstream economists are starting to call for heads to roll.

The Bank of England and Federal Reserve’s encouragement of Libor manipulation is not an isolated incident. Rather than being an aberration, it is their central effort.

Indeed, the big banks are rank amateurs when it comes to manipulating interest rates. Central banks have been manipulating rates in very substantial ways for a hundred years or more.

David Zervos – Managing Director and Chief Market Strategist for Jefferies, with $3 billion under management – points out: Central bankers try to influence rates directly and indirectly EVERY day. That is their job. From the NYFED website this is description of the monetary policy objective – “the directive for implementation of U.S. monetary policy from the FOMC to the Federal Reserve Bank of New York states that the trading desk should “create conditions in reserve markets” that will encourage fed funds to trade at a particular level. Fed open market operations change the supply of reserve balances in the system, and by affecting the supply of balances, the Fed can create upward or downward pressure on the fed funds rate.”

CONTINUE: [link to globalresearch.ca]
 
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