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Blame Barclays, Not Capitalism

PluckyMo Wrote: Jul 11, 2012 1:28 PM
(cont. from above, again) If the employer/employee or producer/consumer relationship is controlled or influenced by a third party (such as unions or the government), then the workings of capitalism fail because it is no longer capitalism. Do not blame capitalism for failing when it has not been allowed to work for over half a century. Since minimum wage laws went into effect, no worker has legally been able to offer his services for less, even if he was willing to in order to get started in a company. When the government imposes tarriffs on a material for the purpose of inflating its price above that of a domestically produced equivalent,...

Why aren't more people furious about the Libor scandal?

That's a question mostly being asked on the political left these days, and they're right to ask it.

Here are the basics: Barclays is the second-largest bank in Britain and one of the largest in the world. It has admitted to U.S. and British regulators that it manipulated the London interbank offered rate, or Libor, which basically measures how much it costs banks to borrow money from one another for various periods of time. If you ever read the fine print on a home mortgage, credit card agreement or car loan, you've...