The Bank of England Made Me Do It by Tyler Durden July 3, 2012
Wonder who was pushing Barclays to manipulate its rate? Why none other than the English Fed. From BBG:
BARCLAYS SAYS BANK OF ENGLAND CALLED ON OCT. 29, 2008 ON LIBOR BARCLAYS SAYS DIAMOND MADE NOTE OF CALL BARCLAYS SAYS DIAMOND RECEIVED CALL FROM PAUL TUCKER BARCLAYS SAYS TUCKER SAID `CERTAIN' BARCLAYS DIDN'T NEED ADVICE BARCLAYS SAYS TUCKER SAID DIDN'T ALWAYS NEED TO BE SO HIGH (Supposedly LIBOR) BARCLAYS PROVIDES COPY OF DIAMOND'S CALL NOTE BARCLAYS SAYS DIAMOND DIDN'T BELIEVE HE HAD GOT INSTRUCTION BARCLAYS SAYS DEL MISSIER CONCLUDED INSTRUCTION HAD BEEN GIVEN BARCLAYS SAYS DEL MISSIER TOLD RATE SETTERS TO LOWER RATES
In other words, a central banks was directly and indirectly involved in manipulating interest rates. Say it isn't so. Fast forward two months when the BOE's Tucker testifies that the Chairsatan made him do it.
The Fed and LIBOR – The Biggest Manipulator of them All Via Peter Tchir of TF Market Advisors July 4, 2012
The Fed does everything it can to keep Libor low This chart says it all:
The Fed cannot affect LIBOR directly, but in general LIBOR trades in line with Fed Funds. You can see that historically as Fed Funds was changed, LIBOR responded appropriately. There was typically some small premium to reflect the “credit risk” of banks versus the Fed, but it was relatively small, and fairly stable. 3 Month LIBOR would deviate a bit as rate cuts and hikes were anticipated in the market, but in general, it was a fairly stable game.
That all started to break down in 2007. We saw the first real signs of LIBOR deviating from its normal spread to Fed Funds in the summer of 2007. The Fed responded by cutting the “penalty” rate for using the discount window, and in fact encouraged banks to use the discount window (I still can’t shake the mental image of someone sitting in a dark basement with a green eye-shade doling out money to banks that request it). Then the crisis got worse. Bear needed to be rescued. Facilities such as the Term Auction Facility that had been put in earlier were increased in size. The Fed backstopped some portfolios that JPM acquired as part of the Bear Stearns deal.
As the crisis re-ignited in the late summer of 2008 and peaked after Lehman and AIG, the Fed took step after step to reduce borrowing costs. The Fed was blatantly clear that it wanted borrowing costs to go down. They had the obvious tool of reducing Fed Funds to virtually zero, but when LIBOR didn’t follow, the Fed took further action. The Fed did not want bank borrowing costs to be high.
They increased dollar swap lines so foreign banks could borrow. The Fed stepped into the commercial paper market so banks wouldn’t have to use money to meet drawdowns on revolvers. TALF was another creation to take pressure of bank lending.
The FDIC allowed banks to issue bonds with FDIC backing (so not quite Fed program, but who is going to quibble).
Fears that MS and GS and GE would topple the banks were alleviated by making them banks.
The list goes on. The Fed has done a lot and trying to control LIBOR as a key borrowing rate is one of the things they have worked on, both directly and indirectly. URL: http://www.tfmarketadvisors.com/
I think there is a bill in congress to reinstate the Glass Steagall Act. That really need to be done. Don't know what effect that would have on the Libor mess.
Every thing is a lie when it comes to the banks. (Mega Banks) No surprise they would lie about the Libor. Frankly until this came about I had never heard of Libor but I haven't been in the banking business, etc.
No Rule Of Law. Gerald Celente is right justice, just us. I wonder if he is sorry that he bought his house?
Hope you watched the Rolling Stones video that I posted. That fellow has been hot on the trail on what is going on with the banks....E
PS... our wells are too deep (350 ft deep) to use that hand pump you told me about, so now trying to figure out what to do. Don't want to use windmill, cost $5,ooo & dead give away you have water.
The well depth is different than the static water level.
Why don't u call the pump maker. Maybe he can make a suggestion. Seemed like he was a guy that you could talk to.
1140 Amarillo Drive, Gardnerville, Nevada 89460-7504 Phone: 877.492.8711 (toll free) or 775.265.4908 Mon-Fri 8-5 Pacific Time (GMT/UTC -8:00) ------------
How deep can Simple Pump pump from?
The hand-operated pump can work from as deep as 350 feet static water level, the motorized pump from 200 feet -- when pumping to ground level and to ambient pressure. These limits are then affected if you are also pumping into a pressurized plumbing system or uphill. (See details.) http://www.simplepump.com/Support/Questions2-Capabilities.html ------------
How deep can Simple Pump pump from?
Because of Simple Pump's lever arm design, materials and superior manufacture, the average person can comfortably pump from deep wells, from as deep as 350 feet static water level -- for the common configuration of hand-pumping up to ground level, at ambient pressure (e.g., into a bucket). This is much deeper than any of our competitors.
The maximum for a particular well is determined by the combination of several factors, including whether pumping into a pressurized plumbing system, or using manual or motor to power. When using the Motor Extension, the maximum supported depth also depends on the capacity of the pump cylinder used, and the voltage at which it is run. (We will also advise you on these parameters, when you submit your request for a quote.)
To explain some of these interlocking limits, we need to explain the concept of “TOTAL HEIGHT”.
"Total height" equals:
Distance in feet from ground level down to your well water, i.e. the static water level PLUS number of feet vertical rise from your ground-level pump head to the destination PLUS 100 feet added proxy equivalent for pumping into pressure
Then, for either of these: Hand-operated pump: Maximum total height is 350 feet Motorized pump: Maximum Total Height is 200 feet
You can divide that maximum total height up any way you want: So you can hand-pump from a 350 foot static water level. Or you can hand pump from 200 feet static water level, plus pump uphill for 50 feet vertical rise (five stories), plus into household plumbing (100 feet proxy equivalent to pressure). Or other combinations of water level, vertical rise and pressure -- as long as the total of these three factors is less than 350 feet.
MAXIMUM INSTALLATION DEPTH
Installations performed by a PROFESSIONAL (well driller/installer or plumber) are not subject to any additional depth limitations, beyond those described above.
For installations by a NON-PROFESSIONAL there is an additional limit. With increasing depth, installation becomes more difficult, in terms of safely and effectively handling the longer (heavier) length of drop pipe kits. To allow a large margin of safety, the maximum installation depth, supported under warranty for non-professional installation, is 250 feet. http://www.simplepump.com/OUR-PUMPS/Pumping-Depth.html
Watch this video to understand the largest banking corruption scandal in history. These large banks have stolen money from every single human on the planet. Not one person was left out. Not even YOU! Now that it is exposed there is no going back. We will ALL support the "NO MORE BAILOUT" mantra...
This one will not go away. It was not planned to go away like other "banking scandals". This one will build and build and build until it is known by every man, woman and child on the planet. This is the exposure that will END the bad guys reign.
I've said it over and over: Timing, timing, timing.
The evil vampire banksters have been stabbed in the heart with various stakes in the past few months but this one is by far the largest. (note: the last one will be made of SILVER so be ready for it!)