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LIBOR’s Real Scandal Is Not Fraud But Self Regulation (Trust In Me)


The London InterBank Offered Rate (LIBOR) is a self appraised barometer widely used financial markets as a root index to rate their own products. Guess what? It is self regulated as usual in the banking industry. And one more time the invisible hand failed.

The LIBOR is built by a club of bankers, the British Banking Association, upon the answers given by major banks to a simple and naive question:

“At what rate could you borrow funds, were you to do so by asking for and then accepting inter-bank offers in a reasonable market size just prior to 11 am?”

Let’s read it carefully:

"At what ate could you borrow funds?"

My point is that if the answer from one bank is a higher rate than others its rating will suffer. Why should one tell the truth? Trust is the usual answer from the industry. “Trust in me” sings Kaa to childish Mowgly.

"were you to do so"

The answer is not market based but a pure prospect. Inquieries on bias (not to mention fraud), will have it hard to prove that something that never happen (a low rate deal) could not have, especially if another banker is ready to testify he would have offer you the deal you call for “were you to do so”.

"in a reasonable market size"

Much more vague than speed limit isn’t it? To avoid fine all you need a phoney banker you will state as reasonnably sized. He could testify for you and reversely.

"Just prior to 11 am"

If the last deal took place at 10: 50 AM is that “just prior”? BBA will decide I guess. One what basis? Again no clear rule for fat cats.

Is this the kind of rating trust should rely on? As long as everything goes well enough, possibly yes. but when trust is vanishing, what would you expect?

More details on the BBA website

IMF reports on the roots of the world recession: credit


Read on Mother Jones :

“In other words:

It’s not: Financial crisis —-> recession

It is: Recession + leverage —-> financial crisis”

Browsing through time in Paris


I took this sepia stylee pic of the iconic rear side of Notre-Dame de Paris while crossing the Seine river at dawn. Note sure it worth the look bearing in mind I used my mobile phone but the inspiration came from (alcohol apart) same day browsing in the amazing historical collections of Parisian photographs I recomend:

Enjoy !

Browsing through time in Paris


After a browse in wonderful collections from the early days of photograpy, I took this sepia stylee pic of the iconic rear side of Notre-Dame de Paris while crossing the Seine river at dawn.

Note sure it worth the look but the inspiration came from (alcohol apart) same day browsing in the amazing historical collection of Parisian photographs at

Enjoy !

read the UNHCR report: Australia only took 5,242 asylum seekers in 2011. That’s nothing.

… and to ignore it is sadistic.

5,242 is the number of asylum seekers Australia took in 2011. Australian politicians, journalists and regular ABC Drum / Crikey commentators don’t like to delve in that number because it exposes a bi-partisan national selfishness, which no camp would benefit from.

5,242 is a tiny number in the global scale. Have a look at how small the Australian dot is on this world map:

5,242 asylum seekers compared to the tens of thousands taken by other countries, which ironically are struggling with the most severe economic recessions since WWII.

Australia likes to boast its economic prosperity in comparison to bankrupt Europe and the indebted US when it is about scoring political points in the economic management tally; but surprisingly goes quiet when it is about benevolence towards asylum seekers.

5,242 asylum seekers is a drop in the ocean, and yet a whole conspiracy myth has been developed by the Australian ultra Right and is now accepted by Labor.

Absolute madness and obscurantism serving selfishness and paranoia. The Australian political class has turned this into a Kafkaesque sadistic game. To even try to rationalise it without showing its sheer absurdity in the face of those tiny numbers, as even ‘progressive’ media professionals now do out of or laziness, is complicit and must be called out.


UNHCR_4fd6f87f9.pdf Download this file


Coffins are ready for the EU at the G 20 summit, Los Cabos, Mexico

This is not a hoax.

Council of the European Union reports on its official website about the press conference of the two top leaders of the European Union at the G2O summit in Los Cabos, Mexico on June 19, 2012: President of the  Council of the European Union Mr Von Rompuy together with President of the European Commission Mr Barroso.

A rather stange picture. Am I the only one to see premonitroy coffins?

{NKN, Paris, June 21, 2012}