LIBOR is London Interbank Offered Rate, an estimate of the interest rate between banks. It is used as a benchmark. Other interest rates are based upon this estimate.
Within the past few weeks, it was announced that British banking giant Barclay's would pay $453 million to U.K. and U.S. regulators as a settlement surrounding accusations of manipulating the LIBOR. Most Americans probably didn't listen closely or read with much interest when news first broke on this Barclay's story, but names like Citigroup and J.P.Morgan Chase, which are among those under scrutiny, will soon get nation's attention. One estimate forecast the damage to banks in the billions of dollars, or even possibly tens of billions.
How much more can our current economic systems endure before they break altogether? Questions like that are considered in the 124 page paperback edition of "The Coming Collapse of the Global Economy". It is available for only $8.95 + shipping...
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The best option is to be prepared in any event, especially when things can change drastically in a matter of days, or even hours...