RBS Chaos and Barclays Libor Cesspit Prompts Slow Motion Run on British Banks
By: Nadeem Walayat
Jul 12, 2012
The Bank of England is worried, very worried, because for the past 4 years Britain’s central bank has been busy battling to prevent financial armageddon from taking place by means of stuffing every orifice of the too big to fail banks with free money courtesy of the electronic money printing presses to the tune of £375 billion to date, the consequences of which is that everyone in Britain pays the price in terms of high inflation that money printing brings to ever escalating degree as countless historic examples such as Weimar Germany and Zimbabwe illustrate where this trend ultimately leads.
Against the desperate effort to save the financial system, all of Britain’s biggest banks have been determined to destroy the financial system as a consequence of the bonus system that encourages employees to bank bonuses on the basis of fictitious profits conjured out of thin air by shuffling around trillions of derivatives exposure on and off the bank balance sheets. The ongoing LIBOR scandal gives one small glimpse under the hood of the cesspit that goes by the name of Barclays Bank, with probably ALL of Britain’s big banks to result in similar LIBOR manipulation scandal revelations as the mainstream press plays catchup to what in effect is a 4 year old story as I touched open several aspects of during the past few weeks.