In this interview, Barofsky says that Treasury Secretary Tim Geithner’s claims about his LIBOR whistle-blowing are “not credible,” and that the entire regulatory process has become “captured to the interests of the banks.”
Barofsky says that LIBOR was built into the bailout plan, so the fraud means the taxpayers are being repaid less than they should be, and added “I hope we see people in handcuffs.”
More evidence continues to emerge about just how corrupt the global financial system has become. No amount of regulatory reform can fix it. If we want to save democracy, we’ll need to rebuild the entire system of money, banking, and finance, from the bottom upward.
Watch this 5 minute interview of Eliot Spitzer on the Daily Ticker.
News of another mega-scandal broke last week reveling again the corrupt nature of the global system of money and banking. In the video below, former New York State Governor and Attorney General, Eliot Spitzer discusses the LIBOR scandal with investigative reporter Matt Taibbi.According to Wikipedia,LIBOR stands for “The London Interbank Offered Rate.” It is “the average interest rate estimated by leading banks in London that they would be charged if borrowing from other banks.” The LIBOR has wide ranging effects on the rates that ordinary people must pay on various types of loans. Falsification of LIBOR results in higher costs for everyone and illicit profits for big banks.
E. C. Riegel had an answer to the money problem, which he summarized in the following brief essay. The word valun is one he coined, which stands for “value unit,” and he pronounced val-yoon. My own work has been greatly influenced by Riegel, and my prescriptions for a decentralized, locally controlled network of interest-free credit clearing exchanges draws from and extends Riegel’s proposals (See my book The End of Money and the Future of Civilization).
I Am the Valun by E. C. Riegel
I am the valun, the universal money unit.
My mission is to unite all men on the economic plane, regardless of their political differences, and to enable them to govern government.
I bring to trade a common language and thus make commerce homogeneous.
I liberate the artisan and the trader from political money control and thus defeat authoritarianism.
I deny to government the power to finance war without the people’s direct and conscious financial support and thus fortify their will to peace.
I facilitate trade, induce technological improvement, increase wealth and leisure.
I conserve the profit motive in the production of wealth but deny it in the creation of money.
I am the creature and servant of every man who would render service useful to his fellows.
From his pen I spring, but by the monetary exploiter or the state I cannot be generated.
I am homogeneous because I am homo-generated.
I guarantee to everyman freedom to labor and the full rewards thereof with preservation of his right to freely choose his vocation and with full respect for the dignity of his personality.
I am the implement of freedom, prosperity and peace to all men throughout the world.
I am the surprise weapon against the enemies of private enterprise and human rights — the friend of the individualist, the foe of collectivist.
The first edition of my book, The End of Money and the Future of Civilization, was published by Chelsea Green Publishing in 2009. While it remains as relevant today as it was when first published the printed book has been out of print for several years. But, having had the rights reverted to me by my publisher, I am making the entire book available for free in PDF format. You can read it or download it HERE. If you would like a hard copy of the first edition used copies can still be found on Amazon.com, Abe books, Thrift books and elsewhere.
Better still, you can avail yourself of the new revised and expanded 2024 edition which I have been working on for almost two years and is almost complete. Eighteen chapters have already been posted and can be freely read or download HERE.
My previous books, as published, may be freely accessed in digital format by clicking the title below.
Beyond Money 