You know the more I learn about how currency exchange rates are determined, the more that eerie feeling of being manipulated and fleeced creeps over me. The big players in the interbank market, where the relative prices of currencies are determined, are Citibank, UBS (Switzerland) and Deutsche Bank. Firstly, these institutions have all been prosecuted and have paid massive fines for the largest white collar crime in the history of mankind - LIBOR manipulation. That is collusion between firms to alter exchange rates to increase profits at the expense of everyone else. Trillions may have been stolen from the public and no criminal charges have been laid. It is not a trustworthy system no matter how much it is watched. Secondly, contrary to what the banking industry will tell you, most of the trading is not to stabilize worldwide banking, but is speculative. A trader who is able to detect deteriorating liquidity conditions can sell the currency of a suffering nation and make great profits in the ensuing turmoil. I really think it is time for all nations to ask themselves: Do we want money flowing from the majority of our citizens to executives at a few large international banks? It is our proprietary currency created by our government yet none except Hong Kong retain any sovereignty over supply and trading. Methinks it is past time to create an international currency system governing all foreign trade and currency exchanges to liberate domestic currencies for whatever use each country wants to make of them. Restore currency sovereignty!
Posted on: Tue, 11 Mar 2014 20:29:48 +0000
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