Everything Is Rigged: The Biggest Price-Fixing Scandal Ever

[100x]

http://www.rollingstone.com/politics/news/everything-is-rigged-the-biggest-financial-scandal-yet-20130425

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[charleshoskinson]

Now you know why Bitcoin has real value.

[tclo]

I haven't read that article yet but I totally believe the premise.

[Stampbit]

Price of gold is fixed as well by 5 of the UKs leading dealers. This has been known for decades and is no secret. So much for gold valuation.

https://en.wikipedia.org/wiki/Gold_fixing
http://www.lbma.org.uk/pages/index.cfm

[Logik]

The world is only fair in fairy tales.

[aantonop]

Also: I have heard that Matt Taibbi can be somewhat biased in his reporting, if anyone has more neutral sources please post!!

The only people who think Taibbi is biased are the journalists who he is making look like fools. He is doing more research and better reporting than the vast majority of the 4th estate. The simple truth is that we now only get the truth from Rolling Stone, Comedy Central and blogs. That's how distorted media has become (not left, not right, just profit-biased and contemptuous towards the truth)

[Elwar]

If everything is rigged.

Then the Bitcoin price is rigged!

 

[unk]

If everything is rigged.

Then the Bitcoin price is rigged!

 

consider: compare the likelihood that mt. gox is currently 'rigging' the price of a bitcoin compared to the likelihood that any other commodity is being rigged by a particular bank. compare the relative concentration and power. many users of this forum are living in a fantasy land.

[jubalix]

If everything is rigged.

Then the Bitcoin price is rigged!

 

consider: compare the likelihood that mt. gox is currently 'rigging' the price of a bitcoin compared to the likelihood that any other commodity is being rigged by a particular bank. compare the relative concentration and power. many users of this forum are living in a fantasy land.

but if they rigging it, and you rig it, it evens out! so that's ok as well

[BTC Books]

Also: I have heard that Matt Taibbi can be somewhat biased in his reporting, if anyone has more neutral sources please post!!

The only people who think Taibbi is biased are the journalists who he is making look like fools. He is doing more research and better reporting than the vast majority of the 4th estate. The simple truth is that we now only get the truth from Rolling Stone, Comedy Central and blogs. That's how distorted media has become (not left, not right, just profit-biased and contemptuous towards the truth)

Matt Taibbi is the inheritor of Hunter S. Thompson's mantle.  Specializing in money rather than politics makes him somehow even more effective.

[Operatr]

Good thing we'll be here saving the world's ass when they push the current financial model to the breaking point

[Ekaros]

This is the one case where I think death penalty is a good idea.

[virtualmaster]

This is the one case where I think death penalty is a good idea.

Freemasons never get death penalty because they control the finance, the politics and the justice.

[Wilikon]

The world is funny like that.
If Beck tells me to buy gold and not trusting any banks or Wall Street, he is a nut case.
If Alex Jones tells me all about the Illuminati, to buy gold and beware of black helicopters, he is a nut case.
But if Rolling Stones tells me to forget about the Illuminati, the Rothschild because they found the ULTIMATE MOTHER OF ALL CONSPIRACIES then Yes! Now you can believe everything because they know it to be true now, but not before. But don't listen or click on beck's or jones websites: we need to sell articles and make a profit to pay our writers so we can fill up our bank accounts, you know, the ones at B.o.A., UBS, etc...

I don't doubt bankers are terrible and are ruining our lives. But who is going to prosecute them? Holder? Like he did with HSBC? Don't forget: Rolling Stones was a cheerleader for the re election of the status quo: Drones? Check! Running guns to Mexico? Check! Making sure only the power that taxes and have the military is doing everything there is to disarm the people paying taxes to buy the bullets that could, maybe, be used against them? Check!

So now in the comfort of the glow of our computer screen we read the rolling stones article and we feel vindicated. Yes! I knew it! Finally the truth is out there. The world is doomed. A shitload of people will lose everything and may go "out", taking their family with them as they see no end to the upcoming turmoil. No future. Wow. So Sad...

Well At least I can relax while counting my bitcoins and wait for rolling stones next magazine in a few weeks: "End is Near! Rolling Stones End of the World - Bunker Proof Collector Edition"

[aantonop]

Well Beck *is* a nutcase and Taibbi is an excellent journalist. That is the difference.

The Libor scandal is a REAL conspiracy, as in a criminal conspiracy, shown by copious evidence and testimony. Not a conspiracy theory.

Yes, the world is full of he-said, she-said and a lot of crazy theories. But there are *actual* facts under all that and in the case of the Libor rate fixing, those facts are known.

Smearing Taibbi because he supported one party is a bit of a stretch, don't you think? Lots of people (56 million to be precise) voted for him and Taibbi has done plenty of critical commentary on Obama.

[hugolp]

http://www.rollingstone.com/politics/news/everything-is-rigged-the-biggest-financial-scandal-yet-20130425

Anyone read this article yet? I wish I was more well versed in finance/global economics so I could fully appreciate this scope of this, but even with my limited understanding this seems so unbelievably crazy. How have we not developed any ways to transparently and accurately report these all-important metrics? Blows my mind.

Also: I have heard that Matt Taibbi can be somewhat biased in his reporting, if anyone has more neutral sources please post!!

The problem with Matt Taibbi is not that he is biased (he is), the problem is that he has no idea about finance and very little understanding of economics. He just puts shit together to sound sensationalist, but most of the times he is just plain wrong, not even wrong because of bias, just wrong because of lack of knowledge. But since he writes well and in general people dont have understanding of finance neither, people eat it.

[charleshoskinson]

This might help:

http://www.ted.com/talks/james_b_glattfelder_who_controls_the_world.html

[Stampbit]

http://www.rollingstone.com/politics/news/everything-is-rigged-the-biggest-financial-scandal-yet-20130425

Anyone read this article yet? I wish I was more well versed in finance/global economics so I could fully appreciate this scope of this, but even with my limited understanding this seems so unbelievably crazy. How have we not developed any ways to transparently and accurately report these all-important metrics? Blows my mind.

Also: I have heard that Matt Taibbi can be somewhat biased in his reporting, if anyone has more neutral sources please post!!

The problem with Matt Taibbi is not that he is biased (he is), the problem is that he has no idea about finance and very little understanding of economics. He just puts shit together to sound sensationalist, but most of the times he is just plain wrong, not even wrong because of bias, just wrong because of lack of knowledge. But since he writes well and in general people dont have understanding of finance neither, people eat it.

There's been alot of comments on other threads for this article like this, but not one of them has ever made any attempt to point out exactly what he was wrong about.

[cypherdoc]

i've read pretty much all of Taiibi's articles since the crisis in 2007.  i think he's been pretty much spot on.

[LightRider]

It's time to investigate a resource based economy.