Ellen Brown on Libor, consequences and implications: “It’s time to try the public solution.”

At one time, calling the large multinational banks a “cartel” branded you as a conspiracy theorist. Today, the banking giants are being called that and worse, not just in the major media but in court documents intended to prove the allegations as facts. Charges include racketeering (organized crime under the US Racketeer Influenced and Corrupt Organizations Act or RICO), antitrust violations, wire fraud, bid rigging and price fixing. Damning charges have already been proven and major damages and penalties assessed. Conspiracy theory has become conspiracy fact.

In an article in the July 3 Guardian UK titled “Private Banks Have Failed – We Need a Public Solution,” Seumas Milne writes of the LIBOR rate-rigging scandal admitted to by Barclays Bank:

It’s already clear that the rate rigging, which depends on collusion, goes far beyond Barclays and indeed the City of London. This is one of multiple scams that have become endemic in a disastrously deregulated system with inbuilt incentives for cartels to manipulate the core price of finance.

… It could of course have happened only in a private-dominated financial sector and makes a nonsense of the bankrupt free-market ideology that still holds sway in public life.

… A crucial part of the explanation is the unmuzzled political and economic power of the City…. Finance has usurped democracy.

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