The Libor scandal looks and smells like an old-fashioned financial fraud, but it also presents the latest example of a more modern phenomenon: the war against reality being waged with ferocity by special interests that profit from limited public awareness of what’s actually taking place. This campaign has proven remarkably effective — not in altering reality, but in muddying perceptions, corrupting our basic understanding of matters both critical and mundane, from the risks of financial crisis or of climate change to our expanding waistlines.
I have watched with quiet fascination the evolution/resurgence of alternative politics since the financial meltdown of 2008.In my opinion, we have (at least) two broad camps developing: a Ron Paul brand of libertarianism that seeks to return to a prior vision of capitalism lost, and a new brand of Economic Democrat (often reflected in the Occupy Movement and/or Green Party or the ‘New Economy’ movement) that seeks a balance between capitalism as we know it and the people at large, who are more often than not suffering the brunt of capitalism run amok.
The ideas explored in my article above were initially outlined in my book of essays A World Without War. But the book is not just about ideas; it’s about a new mindset. A mindset that asks you to find your own individual contribution to society’s problems by wrestling with the big picture — about how culture, politics, economics, media and other social forces can work in concert to influence our behavior. Our problems will not go away. We must collectively work together to find new solutions. — D.R. Thompson
Britain is abuzz with the Libor scandal, but so far it’s been a yawn in the United States. That’s because Americans have assumed that the wrongdoing is confined to the other side of the pond. After all, “Libor” is short for “London interbank offered rate”, and the main culprit to date has been London-based Barclays. It’s further assumed that the scandal hasn’t really affected the pocketbooks of average Americans anyway.
Debt Forgiveness is one of the key elements in a Framework for Peace discussed in my book A World Without War. Keen also proposes, as also outlined in the Framework, a ‘systemic approach’ that lends credibility to using Systems Thinking to determine how the Jubilee is implemented. The bottom line: An intelligent, modern Debt Jubilee using a systemic approach.
The Libor scandal is not only not going away, but a story that was first broken by the Journal four years ago has mushroomed in the past month. The investigation now spans three continents and includes at least 15 of the world’s biggest banks.