The banks, whom we have criticized for being duplicitous, greedy, and uncaring, have been attempting to confess to us all along.
Just look at the image in this article.
That’s right. Those interest rates advertised on signs are, in fact, the best fixed rates.
The banks have made sure of it.
In case you haven’t been paying attention to recent news stories, let me bring you up to speed.
The British banking industry was rocked last week when Barclays Bank was fined hundreds of millions of pounds for participating in fixing the London Inter Bank Offered Rate, commonly known as LIBOR.
This description is from Yahoo Finance UK
What is truly breath-taking is the sheer scale of this fraud. According to one estimate, around $350 trillion (£223 trillion) of lending and derivatives is priced off Libor. That’s enough to pay for the whole of UK Government spending for around three centuries at current levels. Thus, if misconduct by banks caused Libor to increase by a mere one tenth of one basis point (0.001%), this amounts to $35 billion (£22 billion) a year in extra interest – that’s roughly the UK’s annual budget for transport and close to as much as council tax brought in last year. One official claims that 20 other banks helped to rig interest rates and that Barclays is poised to ‘blow the whistle’ on wrongdoing at its co-conspirators.
That’s right, Barclays isn’t the only bank that sets the LIBOR rate. More than a dozen banks participate in the process. As the investigation continues, it is clear that Barclays could not have acted alone.
If Barclays is guilty, and it is because it has already been hit with the fines, other banks must be guilty too. Most likely, this will not stop until it arrives at the Federal Reserve.
Do you see what I mean?
The banks have been fixing interest rates and advertising that they are doing it.
It has been in front of our faces the entire time.
They have told us…and we have ignored them.
This is more common than you may realize.
They are telling us other things too.
The are telling us the entire banking industry is upside down, teetering on the edge of collapse.
We are ignoring that too.
We have been willing to let bankers do whatever is necessary for the banks to remain open so we can keep putting our money there.
For example, immediately after the LIBOR story broke, central banks in Europe, Great Britain, and China dropped their interest rates.
The next day, the Danes went to a negative interest rate.
Somewhere along the line, Germany got into the act too.
The talking heads say this is to stimulate the economy because if customers have to pay to put money into a bank, they are more likely to withdraw it and put it somewhere else.
Common sense tells us the banking industry cannot exist without capital. Yet, the industry is telling investors “good riddance” by setting negative interest rates.
From my perspective, the banks are, like the soldier wounded beyond repair on the battle field, screaming at the general public. They are begging for a mercy killing.
The signs are there.
At least hundreds and possibly thousands of bank employees have resigned in the past year. Some are now disappearing or attempting suicide.
Certainly, these employees knew an interest rate scandal was about to break. They knew banks would close without it. They knew that, if they remained, they would be arrested. Therefore, they abandoned the sinking ships.
Now, negative interest rates are being used. That’s like a store paying its customers to take its products. No one can remain in business that way. The banks are telling its customers what I have been saying for months. “It is time to put your money somewhere else.”
Yes, the banking industry is asking us to allow them to die.
The signs are there.
The banking industry is taking its last breaths.
It is time for a new financial system based on precious metals and commodities.
The truth is in front of our face.
What will we do with it?