Jon Stewart Explains Libor

Tyler Durden's picture




 

Sometimes you just have to laugh, and with the ongoing debacle of Liebor - it's even more true as now the Swiss hedge fund community is dragged into the miasma - or else you'll cry. As the conspiracy theories morph into conspiracy fact, who better to explain that LIBOR is not the "mythical half wild-bore, half lion that was rumored to have killed Achilles' brother Jimmy" but is the "benchmark for all money-lending on errr, let's say Earth", than The Daily Show's Jon Stewart. From the concrete evidence that banks deliberately manipulated the world's most important interest rate - for the good of themselves. As Jon says, "never trust anything that rhymes with wankers". How did they do it? and what will the fallout be?

International Banking Actuality (Not Conspiracy) Part 37 - Libor (What is it? and Why Do We Care?)

 

 

 

International Banking Actuality (Not Conspiracy) Part 37 - Libor Fallout (How did they do it? and we hear of 'Rich Ricci' and Mr. Diamond's involvement, Hoare's disgust, the three things that are upsetting our economy, and the fallout)

 

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Thu, 07/19/2012 - 11:01 | 2631983 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Time for "My Favorite Jew!"

Thu, 07/19/2012 - 11:02 | 2631998 Clueless Economist
Clueless Economist's picture

FUJS!!

Why not do a spoof on Israeli False Flags????

Thu, 07/19/2012 - 11:14 | 2632062 Comay Mierda
Comay Mierda's picture

Jon Stewart - America's favorite communist

Thu, 07/19/2012 - 11:18 | 2632086 Flakmeister
Flakmeister's picture

If you equate a funny guy who is all but unmatched at calling people out on their bullshit (Left and Right) with a communist then you clearly have no fucking idea what you are talking about...

Thu, 07/19/2012 - 11:20 | 2632097 Kyron95131
Kyron95131's picture

lol i think the dudes profile picture told you that before you had to point out the obvious :D

Thu, 07/19/2012 - 11:27 | 2632121 Comay Mierda
Comay Mierda's picture

he perpetuates the myth that the fascism we have now is free market capitalism

then proceeds to rationalize socialist agendas as a necessary fix

and idiots like you soak it up

Thu, 07/19/2012 - 11:29 | 2632141 sickofthepunx
sickofthepunx's picture

and idiots like you actually believe in the unicorn called "free market capitalism"

yeah, i think it lives in the same building as the tooth fairy.

Thu, 07/19/2012 - 11:33 | 2632146 Comay Mierda
Comay Mierda's picture

pretty soon now the unicorn free market capitalists will have to stop the engine of the world

who is john galt?

Thu, 07/19/2012 - 12:12 | 2632365 Kyron95131
Kyron95131's picture

you may wanna re-paw at atlas shrugged before you start quoting ayn rand

and i also find your powers of intuition and soothsaying of that to rival that of any farm town carnival gypsy by your ability to not only deduce but some to the conclusion that i believe that america is a truely capitolist society... to quote directly "idiots like you soak it up.."

are you fucking autistic? lol

which paint chips taste better? leaded or unleaded?

you may wanna google some better knee jerk retorts before you post senseless banter on the interwebs then lash out at others with firey sticks and foaming mouths just because someone called out the senseless shit you write on the interwebs... senseless shit you write on the interwebs...

Thu, 07/19/2012 - 12:23 | 2632444 Comay Mierda
Comay Mierda's picture

Jon,

fyi - it's not "capitolist", it's "capitalist".

 

Thu, 07/19/2012 - 12:33 | 2632497 Kyron95131
Kyron95131's picture

wanna try n scrape together some type of talking point to attempt to base your senseless blather on or you prefer to digress onto spelling misnomers? cause i noticed like in the comedy central clip, you skipped right past everything relevant i typed to come to where you're at now... wherever that is...

you may be better off with the spelling one if you have an F7 key and microsoft word

Thu, 07/19/2012 - 13:34 | 2632787 mtomato2
mtomato2's picture

Kyron may become my new favorite mindless troll here.

Thu, 07/19/2012 - 13:08 | 2632679 potlatch
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It's never a good sign when people elevate a mere book.  That's how you get religions.  Which are basically the essence of stupidity and citizenism rolled into one. 

 

Maybe put aside Rand, who at best is a derivative hack, and at worst is a bad amateur, philosopher.  Why don't you read some Marx?  Their analyses are *identical* except for their interpretations of what to do in response.

 

I am stunned people do not realize how shallow and derivative Rand is.  But then again, it fits.  Look at our economy.  These are not well-read people we are dealing with, in general.

Thu, 07/19/2012 - 13:17 | 2632711 Sean7k
Sean7k's picture

Yet, you suggest Marx? 

How's that labor value theory working for you? 

Rand is a free market socialist- thus the confusion- kind of a jackalope.

Thu, 07/19/2012 - 13:43 | 2632823 Flakmeister
Flakmeister's picture

Long time no see... How the crop??

Thu, 07/19/2012 - 13:58 | 2632882 Sean7k
Sean7k's picture

Hey Flakmeister,

The corn will be very bad from western ky through southern illinois and into indiana. We have been getting a little rain and so the beans are doing fine, but we still need rain badly. The people with irragation are fine, but they are few.

On the plus side, if you are looking for heifers, the prices are falling. 

Good to hear from you.

Thu, 07/19/2012 - 14:51 | 2633116 Flakmeister
Flakmeister's picture

thx.... when do think the beef price will respond because of reduced supply?

Thu, 07/19/2012 - 15:23 | 2633237 Liposuction
Liposuction's picture

Corn in West Michigan is pretty bad too.  Ugh.

Thu, 07/19/2012 - 15:30 | 2633268 akak
akak's picture

Where is this state of "West Michigan"?  I never heard of it before.

I think you meant to say western Michigan.

Thu, 07/19/2012 - 20:14 | 2634339 Pants McPants
Pants McPants's picture

I have nothing to add except to say I enjoy your posts.  Haven't seen many of your comments lately, though.

Good luck with the crops.

Thu, 07/19/2012 - 17:41 | 2633823 DFCtomm
DFCtomm's picture

As a conservative my bad dream is that socialists realize that capitalism is the only economic engine that has a hope of powering their welfare state. Free market principals with their socialist domestic policy would ensure the permanent majority that both parties have pursued. We're just lucky that they hate free market capitalism too much to ever pursue that strategy. They talk jobs but their heart just isn't in it. Their heart is in Moscow 1956.

Thu, 07/19/2012 - 17:54 | 2633867 Escapeclaws
Escapeclaws's picture

I feel sorry for people who don't have a choice between Coke and Pepsi or between Crest and Colgate.

Thu, 07/19/2012 - 18:14 | 2633942 DFCtomm
DFCtomm's picture

There are two types of people that think there is no difference between the two parties. The first realize that there is a group of economists that operate above the party system. People like Bernacke get appointed regardless of which party wins. The second are so far out politically that both sides look like they're close to each other even though they're a universe apart. so which is it Coke or Pepsi?

Thu, 07/19/2012 - 13:19 | 2632722 Nothing To See Here
Nothing To See Here's picture

Please explain how Rand and Marx can be considered to have *identical* analysis?

I'm Hayekian and thus I have my disagreements with Randians, but after reading your "Rand, who at best is a derivative hack, and at worst is a bad amateur, philosopher", I had to ask. I expect your answer to be either funny or not to come at all...

Thu, 07/19/2012 - 17:41 | 2633826 ozzzo
ozzzo's picture

Thank you for participating in this epic troll-fest!

Thu, 07/19/2012 - 12:44 | 2632366 TruthInSunshine
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Let me ask you this, and I'm not taking sides on the purported subjective intent of Jon Stewart's missives:

 

If you judge that clip, based on the facts and information presented (dismiss the jokes, innuendos, etc., as they are not relevant to the point I'm making), on its own merits, is it closer to or further from the truth?

 

That may be a good place to start as a society if we wish to focus on issues rather than personalities in an attempt to truly resolve some of the massive and incredible schemes being perpetuated against us to literally destroy us. 

 

Hey, come to think of it, WHY AREN'T DEMOCRATS BLAMING BERNANKE FOR THE UBER LOW INTEREST RATES THAT ARE KILLING PENSION FUNDS????

Thu, 07/19/2012 - 14:40 | 2633071 WillyGroper
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>>>>>>WHY AREN'T DEMOCRATS BLAMING BERNANKE FOR THE UBER LOW INTEREST RATES THAT ARE KILLING PENSION FUNDS????

Because both dems & reps probably don't understand how they are funded & place their trust in vipers. When the pension funds are Corzined, they'll get it. Sadly, not until then.

Thu, 07/19/2012 - 12:25 | 2632449 Rusticus
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"who is john galt?"

John Galt is a fictional character in a sub standard novel [that promotes the idealistic philosophy of libertarianism] written by a second hand smoke generator  who relied on Medicare and Social Security when her own lungs finally gave out.

Thu, 07/19/2012 - 12:30 | 2632477 TruthInSunshine
TruthInSunshine's picture

Who is the Interrupting Chicken?

Thu, 07/19/2012 - 13:09 | 2632684 potlatch
potlatch's picture

+100

Thu, 07/19/2012 - 13:50 | 2632835 mtomato2
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If that is your analysis of the book Atlas Shrugged, then you either haven't read the book, or are hopelessly shallow and obtuse. 

I would kill, not literally, for an honest, fact-based, gentleman's discussion on the topic at some point in this hallowed forum.  Unfortunately, most of what we get here regarding Atlas Shrugged are pseudo-un-intellectuals like "let them eat rand" who have no skills other than telling people to "fuck off," whatever the hell that means. 

Good stuff.

Atlas Shrugged, regardless of your opinion of its literary worth or philosophical truth, is a book that has shaken the debate within socio-economics to its core.  You can't argue with the success of the book as a work of inspiration, whether good or bad.

Look:  if you're going to trash the book, fine.  Just try, PLEASE, to let a little reason and logic sneak into your analysis so the rest of us know what it is you actually DO stand for.  Or believe.  Or hope for.  Or are.

Is this really too much to ask from this particular bunch of thread contributors?

Except for "let them eat rand."  He/she truly is a simian knuckle dragger.  Yes, I called him a name, but it's measurably true, so I guess its more of an analysis and not so much an insult.  Now watch his reply...!

 

Tomato

Thu, 07/19/2012 - 16:58 | 2633666 shovelhead
shovelhead's picture

Simians are disgusted with your unwarranted and slanderous comparison to Let/ Rand.

Even poo throwing chimps have pride.

Thu, 07/19/2012 - 13:05 | 2632662 ChacoFunFact
ChacoFunFact's picture

and without further ado, the original unicorn rider:

Thanks, Jibjab! http://www.youtube.com/watch?v=adc3MSS5Ydc&t=1m11s

Thu, 07/19/2012 - 23:13 | 2634760 Lower Class Elite
Lower Class Elite's picture

Oh goody!  It's another Randy Guy Fawker type on Zero Hedge.  Oh please, PLEASE, Mr. Producer, sir!  Please don't run off and take all your, umm, producing and stuff away.  Whatever will we common folk do without all you Randy Guy Fawkers?  And what will you do without us?  Who will mow your lawns and pick your vegetables and wash your Aston Martins and carry your golf bags on your secret Producer island?  Oh god, please don't just disappear.  'Cause we would be so sad.

Thu, 07/19/2012 - 11:35 | 2632176 tmosley
tmosley's picture

Free Market Capitalism existed in the US from the end of Reconstruction until 1913.  It wan't perfect/ideal, but the amount of government intervention was very low.

Unlike Communism and other economic ideologies, the free market works so well that even an imperfect implimentation produces positive outcomes.  Movement away from the ideal produces a scalar effect such that the less free the economy is, the less good the outcome.  There is a critical point somewhere around what we call socialism where progress stops and we get destruction.  We are well past that point.

Thu, 07/19/2012 - 12:25 | 2632450 juangrande
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Ok, so you equate free market capitalism to: Railroads that either were given or took whatever they wanted... Monopolies that ran roughshod over any and all competition.... Railroads and mines who literally enslaved their workers.... Banks who did as they pleased with no rule of law...Un godly corruption in all politics.... Wait, dejavu all over again!

Thu, 07/19/2012 - 13:31 | 2632775 Sean7k
Sean7k's picture

Everything you called out required the intervention of government, thus not free markets. TM did provide a caveat in his comment. Those enslaved workers continued to work in the mines of west virginia well past WWI. However, labor and capitalists were less regulated and America experienced one of its' greatest periods of growth.

Thu, 07/19/2012 - 13:40 | 2632807 juangrande
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Pinkertons were not government. Mining camps were kept in " order " by private security or bought off local police. It was intervention of Fed. Gov. that either mitigated or put an end to such practices ( almost always after some number of the proletariat died ). I'm not defending todays gov. byany means, but the Feds. actually did more for the common folk back then. And could it be that there was way more "room" for growth back then.

Besides, my grandma told me there ain't nothin' free in this world except Jesus.

Thu, 07/19/2012 - 14:11 | 2632957 Sean7k
Sean7k's picture

The Pinkertons functioned with the blessing of the federal government. If you haven't done your research, now is as good a time as any. Buying off the local police- ditto. Why don't you google the labor strike in Seattle that the government was kind enough to send troops in to end. The Feds came to the rescue of factory owners on a regular basis. The history of unionism in the US is NOT what they told you in school. Try, " The People's History of the US" by Howard Zinn.

You might want to read up on how well they treated the native americans as well, or are they not common folk?

Banks were allowed to suspend specie payments by government command, though they were allowed to enforce loan payments in same specie. 

The Federal government has NEVER functioned for the benefit of the common people. Not from 1789 onward. The Constitution itself was written to CONTROL popular passion and cripple democracy. The only difference is the degree of control and that has continued to progress to the present day fascism we live under. 

Thu, 07/19/2012 - 14:44 | 2633089 juangrande
juangrande's picture

I agree that the feds only caved in when there was a real threat of revolution. Can't argue with your other assertions,either. But how can you have a free market, when its always been whoever has the gold makes the rules. Anarchistic market maybe is possible although oxymoronic. Government, when done properly, I assume (as I've never been witness to it) is the only chance common people have to aggregate resources to fight against those who would enslave them. But if co-opted by said elite, just multiplies the problems.
Actually I believe a consciousness shift in general is the only chance we have. As long as we are fear based critters, we'll just go in circles.
But to the original post, "free markets"....please!

Thu, 07/19/2012 - 12:25 | 2632453 marathonman
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Free market capitalism existed in the US from the 1830's to the 1860's.  That is after Ol' Hickory Andrew Jackson killed off the second privately held US central bank and before Lincoln's Republicans enacted fractional reserve banking laws and resurrected a crude central bank.

Thu, 07/19/2012 - 16:20 | 2633539 SheepRevolution
SheepRevolution's picture

We have a winner!

Thu, 07/19/2012 - 12:47 | 2632575 crawldaddy
crawldaddy's picture

wow what an example of our failed education system. You are simply cluless as to american history.

Thu, 07/19/2012 - 12:53 | 2632592 Euro Monster
Euro Monster's picture

... and it turned out that in 1913 your "Free Market Capitalism" changed into Crony Capitalism, Socialism or even Fascism. You name it. But tell me... is it just blindness or nostalgia? Because I don't know how it is that you are unable to see the final outcome. Now call me a communist plx...

Thu, 07/19/2012 - 11:47 | 2632221 Flakmeister
Flakmeister's picture

CM wrote:

he perpetuates the myth that the fascism we have now is free market capitalism then proceeds to rationalize socialist agendas as a necessary fix and idiots like you soak it up

Sorry, but the people that propagate that myth is CNBC and Fox Business... Oh, a good fraction of the Republican party...

Let me guess, you were educated in Texas and the GOP there retroactively implemented their platform and views on "critical thinking"

http://www.washingtonpost.com/blogs/answer-sheet/post/texas-gop-rejects-critical-thinking-skills-really/2012/07/08/gJQAHNpFXW_blog.html

You couldn't make this shit up..

Oh, for the most part the majority of the Dems mean well but are otherwise conflicted buffoons as oppposed the Repubs who disingenious and venal....

Thu, 07/19/2012 - 11:52 | 2632237 Comay Mierda
Comay Mierda's picture

you still buy into the left/right paradigm and criticize my critical thinking skills?

Thu, 07/19/2012 - 13:31 | 2632317 Flakmeister
Flakmeister's picture

Agree, 80-90% of the pols are cut from the same cloth, i.e. there is a false dichotomy...

But last time I looked there were more than a few right wingers eager to tell me how I should live my life.... A bunch of sanctimonious pricks...

And if you think that the views on rights and science on the two sides of the aisle are the same, you are a fool...

Unless you think people like Rick Santorum, Michelle Bachman, Sarah Palin and the like don't believe the shit they spew....

Or do you think that Clarence Thomas is fit to serve on the Supreme Court?

Thu, 07/19/2012 - 12:58 | 2632623 Ignatius J Reilly
Ignatius J Reilly's picture

“If you don't want a man unhappy politically, don't give him two sides to a question to worry him; give him one. Better yet give him none. Let him forget there is such a thing as war. If the government is inefficient, topheavy, and tax-mad, better it be all those than that people worry over it. Peace, Montag. Give the people contests they win by remembering the words to more popular songs or the names of state capitals or how much corn Iowa grew last year. Cram them full of noncombustible data, chock them so damned full of 'facts' they fell stuffed, but absolutely 'brilliant' with information. Then they'll feel they're thinking, they'll get a sense of motion without moving. And they'll be happy, because facts of that sort don't change.” 
Ray BradburyFahrenheit 451

Thu, 07/19/2012 - 13:40 | 2632810 Flakmeister
Flakmeister's picture

It funny how guys like Ray, Aldous and George figured shit out a long time ago...They told us what was coming down the pipe...

Thu, 07/19/2012 - 13:53 | 2632859 Ignatius J Reilly
Ignatius J Reilly's picture

While I strongly agree with you, I'm not sure how much praise they deserve.  Look where we are now.  You know what's coming.  So do I, TD, and the vast majority of those here at ZH.  We know.  We might not know exactly when, but we have a pretty good idea what the future is going to look like.

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