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Barclay’s Bank in London recently admitted to manipulating LIBOR (London InterBank Offered Rate) interest rates, which affect financing across the globe. In this week’s Raucous Caucus, Tom Cushing discusses the repercussions of this deceit.
“Beyond the strict financial damages, it is the gospel truth that our economic system depends on an implicit contract of trust among participants in it,” Cushing writes. “The financial system has so far survived my departure, but as these scandals widen and deepen…economic activity just has to suffer, precisely when it needs a good shot in the arm.”
