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World economy is a rigged game that normal folks lose

Discussion in 'The Okie Corral' started by MaxxAction, Apr 27, 2013.

  1. MaxxAction

    MaxxAction

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    Time to wake up folks!

    http://www.rollingstone.com/politic...-financial-scandal-yet-20130425#ixzz2RfSq098J

    Conspiracy theorists of the world, believers in the hidden hands of the Rothschilds and the Masons and the Illuminati, we skeptics owe you an apology. You were right. The players may be a little different, but your basic premise is correct: The world is a rigged game. We found this out in recent months, when a series of related corruption stories spilled out of the financial sector, suggesting the world's largest banks may be fixing the prices of, well, just about everything.

    You may have heard of the Libor scandal, in which at least three – and perhaps as many as 16 – of the name-brand too-big-to-fail banks have been manipulating global interest rates, in the process messing around with the prices of upward of $500 trillion (that's trillion, with a "t") worth of financial instruments. When that sprawling con burst into public view last year, it was easily the biggest financial scandal in history – MIT professor Andrew Lo even said it "dwarfs by orders of magnitude any financial scam in the history of markets."

    That was bad enough, but now Libor may have a twin brother. Word has leaked out that the London-based firm ICAP, the world's largest broker of interest-rate swaps, is being investigated by American authorities for behavior that sounds eerily reminiscent of the Libor mess. Regulators are looking into whether or not a small group of brokers at ICAP may have worked with up to 15 of the world's largest banks to manipulate ISDAfix, a benchmark number used around the world to calculate the prices of interest-rate swaps.

    Interest-rate swaps are a tool used by big cities, major corporations and sovereign governments to manage their debt, and the scale of their use is almost unimaginably massive. It's about a $379 trillion market, meaning that any manipulation would affect a pile of assets about 100 times the size of the United States federal budget.

    It should surprise no one that among the players implicated in this scheme to fix the prices of interest-rate swaps are the same megabanks – including Barclays, UBS, Bank of America, JPMorgan Chase and the Royal Bank of Scotland – that serve on the Libor panel that sets global interest rates. In fact, in recent years many of these banks have already paid multimillion-dollar settlements for anti-competitive manipulation of one form or another (in addition to Libor, some were caught up in an anti-competitive scheme, detailed in Rolling Stone last year, to rig municipal-debt service auctions). Though the jumble of financial acronyms sounds like gibberish to the layperson, the fact that there may now be price-fixing scandals involving both Libor and ISDAfix suggests a single, giant mushrooming conspiracy of collusion and price-fixing hovering under the ostensibly competitive veneer of Wall Street culture.


    Read more: http://www.rollingstone.com/politic...-financial-scandal-yet-20130425#ixzz2RiO4iUmZ
     
  2. Tiro Fijo

    Tiro Fijo

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    But the Kenyan needs their money to finance his schemes.
     

  3. silentpoet

    silentpoet

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    I consider rolling stone as reliable a source as a truck stop bathroom wall.
     
  4. MaxxAction

    MaxxAction

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    Right....

    Not like anyone else has EVER warned us about the destructive ability of banks if given unchecked power.

    For God's sake man, the majority of the founding fathers of our nation opposed central banking and warned us of such things!

    "I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."---Thomas Jefferson

    Also, all one must do to understand how likely it is that what the article in question says is true is look up how Fractional Reserve banking and lending works, it, in and of itself is a scam and the biggest reason why things cost 7 to 8 times more today than they did in the 70s.
     
  5. devildog2067

    devildog2067

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    Define "cost 7 to 8 times more."

    In terms of what? Nominal dollars, sure. But so what? Wages rise with inflation just as prices do. By any reasonable measure almost everything we buy is cheaper today that it has ever been in human history. We have more "stuff" now than people have ever had.
     
  6. ray9898

    ray9898

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    Logic? Who needs logic?
     
  7. MaxxAction

    MaxxAction

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    BS.....

    you have to be an utter fool to believe such nonsense.

    Sure, if you have a job making 50 or 60 k, you can survive, but even in the last year the cost of feeding my family of 6 has gone up about 30%, but my wages certainly have not.

    Gasoline is twice what it was five years ago. I still have to drive the same amount of miles a year, but unfortuneately cannot give myself a bump in wages to cover the difference in cost, my wages have not increased.

    in 1968, I went to the dealership with my dad to pick up his new pontiac grand prix. Fully equipped SJ, 3580.00 out the door. At the time he was making about 9k a year. So it took about a third of his year's wages to pay for that car.

    To make a similar comparion today, one would need to be making 120k per year.

    Do you not understand fractional reserve banking??

    This concept allows the bank to pull play money out of their asses (print it) lend it to countries like ours, and the banks you deal with, then charge you interest on their ****ing play money. And many people are perfectly content to sit by and let themselves get ****ed by these bastards who are destroying our future by taxing us to pay the interest on money that doesn't have any value.

    Yeah, sounds perfectly sane, nothing to worry about.
     
  8. Rabbi

    Rabbi The Bombdiggity Lifetime Member

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    Think long and hard about this...(you said it)

    No matter what the detail are...how else could it possibly work? If you do *normal* things, the best you can hope for is *normal* results. You are not going to get very far ahead doing the same/similar things as everone else.

    Again, how else could it possibly work? No matter what kind of money we use, no matter what kind of laws we pass, no matter who is running the show, there will be a few rich people...and then there will be everyone else. (of course, our system has produced the largest number of those few rich people the world has ever seen, there is something to be said for that)

    It can not work any other way. That is not how math works. If you give everyone a million dollars, then a million dollars wont be worth anything. To be "rich" (to have more than most other people) you have to actually have more than most other people.

    If it was easy, then lots of people would do it and it would have little value. Value comes from scarcity and desire. You have to do something that few others can. YOU CANT BE NORMAL! Being rich, by its mathematical definition ISNT NORMAL!
     
  9. NeverMore1701

    NeverMore1701 Fear no Evil Platinum Member

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    Wake up and what, exactly? Just curious.
     
  10. Rabbi

    Rabbi The Bombdiggity Lifetime Member

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    Your life and access to resources is, overall, better now than it was in the 60's. End of story. No matter what the details are....and your details suck (such as the car thing, I can destroy that arguments but I simply dont care to, facts will never get in the way of how people like you who suck at math, feel)
     
  11. NorthCarolinaLiberty

    NorthCarolinaLiberty MentalDefective

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    "Your life is better now." LOL. Another one of your opinions that becomes axiomatic. Talk about feelings.
     
  12. cowboywannabe

    cowboywannabe you savvy?

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    as long as nobody really believes the federal reserve is federal or that it has a reserve.
     
  13. Cybercowboy

    Cybercowboy Support the 2nd

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    MaxxAction, if you want to make $60k a year, you could always get a job signing up people for foodstamps for the Obama administration.

    But seriously, if you aren't making $60k/yr or more in today's economy and have a family of 6, you are essentially living below the poverty line. No wonder you're struggling.
     
  14. MaxxAction

    MaxxAction

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    I make enough...

    but that isn't the point. The point is that it costs approximately 30% more now than it did 5 years ago to feed us, and twice as much to drive to work, or anywhere else for that matter. But have wages increased to cover that difference? Nah, not so much.
     
  15. MaxxAction

    MaxxAction

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    Rabbi...

    Did you even read the article??

    I just love how any time anything is posted that challeneges the status quo as far as what is an acceptable way to view the world, there are immediately people, yourself included, who start throwing around insults and pejoratives,(I.E. people like me who suck at math) seemingly without even considering the source material.

    I cannot imagine people who are capable of critical thought, but refusing use that ability simply because if they do their worldview might fall apart.

    There are worse thing than not being "smart" in the eyes of people like you Rabbi. Intellectual dishonesty and cowardice for the sake of preserving an illusion come to mind.
     
    Last edited: Apr 28, 2013
  16. airmotive

    airmotive Tin Kicker

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    And whose fault is it that you're not making more money?

    As for food prices....food is a commodity. Just like oil, ammo and gold. When people want more of any given commodity, or the supply of any given commodity goes down, the price goes up.

    Remember the last two years of drought? Dairy farmers slaughtered their dairy cows; grain farmers watched their crops turn to dust; fruit trees withered and died. Demand went up. Prices rise.

    In the last five years, I learned Spanish, took course work in metallurgy and management and volunteered to teach my particular expertise to new hires within my company. Demand for me went up. My price rose.

    Supply and demand.
     
    Last edited: Apr 28, 2013
  17. MaxxAction

    MaxxAction

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    Oh man...

    you guys are completely missing the point. I make plenty of money to survive. But, I am spending a lot more of it for EVERYTHING now that I did five years ago. Why??

    Because when the banks that were "too big to fail" got in trouble, the Federal Reserve (which is neither federal, nor is it a reserve) saw fit to collude with world governments to bail out their crooked asses by printing more money.

    The more currency that is in circulation, the less the currency is worth. Since then, we have had QE1, QE2, and some in congress want to repeat this cycle again, placing more money in circulation, devaluing what is already there as well as whatever additional currency comes in.

    If you are "rich" it won't make much difference, but if we continue on this path, you will have to either be rich, or rely on your government for your subsistence. It is lunacy, and most seem perfectly satisfied to sit by and allow it to continue.
     
  18. Altaris

    Altaris

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    Making money is really simple....


    [ame="http://www.youtube.com/watch?v=tO5sxLapAts"]South Park Underpants Gnomes Profit Plan - YouTube[/ame]
     
  19. G17Jake

    G17Jake

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    How are you losing?
     
  20. 427

    427

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    Exactly, what would you have us do? Tell us.