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TDS - International Banking Actuality

submitted by KnivesOut

1 decade 1 year 9 months 1 week ago

Banking titans Rich Ricci and Bob Diamond are implicated in the Libor financial scandal, but an eighth-generation Hoare remains innocent of the rampant rate rigging.

2 Comments

renatojj says...

I agree with everything he says, but blaming (a non-existant) economic freedom for abuses in the banking sector is like blaming freedom of religion for islamic fundamentalists.

The "unregulated free market" is the usual scapegoat, when it's neither unregulated nor a free market. The banking industry is poorly but still highly regulated, which is why banking crooks so easily abuse their monopolies because regulation is what keeps competition out, and they use their political connections with said regulators to get away with their fraud. The excessive regulation is what denies us any alternative to crooked bankers and manipulated currencies.

The government shouldn't be involved in banking at all, let people regulate banks.

renatojj says...

For the longest time in human history, the state and the church were in bed together, it took society quite a while to realize that was a bad idea.

I just hope it doesn't take us so long to realize there should be a separation between the state and banks.