Confirmed, Banks rigging Currency Markets to Profit from Clients Trades

It comes as no surprise that the fascist and morally devoid bankers have been fixing currency markets. I have discussed commodity and market manipulation here and here but to add to:

Libor – interest rates
ISDAfix – swaps
Platts – oil prices
WM/Reuters – FX
High-Frequency Trading – equities
Comex – Silver and Gold
In essence, all commodities

Why I hear you ask, it’s because they have to tow the line to their corporate paymasters. Our leaders no longer rule for the people, we are just debt slaves, here for their profit.

Just to clarify, with the NSA Prism spying programme and centralised priced markets…hello FASCISM! Oh and in case you thought this market wasn’t worth a lot of money, its $4.7 Trillion per day.

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Courtesy of Goldcore:

The world’s biggest banks have been manipulating benchmark foreign-exchange rates used to set the value of trillions of dollars of investments, according to a Bloomberg investigation.

Employees have been front-running client orders and rigging WM/Reuters rates by pushing through trades before and during the 60-second windows when the benchmarks are set, said five current and former traders, who requested anonymity because the practice is controversial.

Dealers colluded with counterparts to boost chances of moving the rates, said two of the people, who worked in the industry for a total of more than 20 years.

The behavior occurred daily in the spot foreign-exchange market and has been going on for at least a decade, affecting the value of funds and derivatives and all investments.

The Financial Conduct Authority, Britain’s markets supervisor, is considering opening a probe into potential manipulation of the rates, according to a person briefed on the matter.

Informed observers have long warned that the global $4.7-trillion-a-day foreign exchange market, the biggest in the financial system has all the hallmarks of a casino.

The inherent conflict banks face between executing client orders and profiting from their own trades is exacerbated because most currency trading takes place away from exchanges.

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Bankers do not create wealth, they act as parasites sucking liquidity out of the system. This is a criminal cartel, initiated by dynastic families, and we need to stand up to these evil men and woman. Move your accounts, loans and mortgages away from the big banks and make a stand against fascism.

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