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Why Is the Libor Scandal So Important to You? There have been numerous big banking scandals recently. But the Libor scandal is the biggest financial scam in world history.  See this and this. The former CEO of Barclays said today that banks across the world were fixing interest rates in the run-up to the financial crisis .   Professor of economics and law Bill Black notes: It is the largest …

U.S. inequality is at its highest point for nearly a century. Those at the top – no matter how you slice it – are enjoying a larger share of the national pie; the number below the poverty level is growing. The gap between those with the median income and those at the top is growing, too. The U.S. used to …

  Canada's banking system has been the subject of international praise from economists grappling with global turmoil, but one 12-year-old girl begs to differ. Victoria Grant of Cambridge, Ont. is earning a reputation as a financial pundit after her tirade against her homeland's borrowing practices went viral on YouTube. Grant is already a veteran of the financial lecture circuit, but …

As you might have noticed, the stock market is falling like a stone. As of 9 AM PST, the Dow Jones has dropped 172 points while all the other indices are down sharply. German 2-year debt (bund) has dipped below 0% this morning at auction, signalling an acceleration in the bank run taking place in southern Europe. Depositors in Spain, …

The results of the elections in France and Greece have made it abundantly clear that there is a tremendous backlash against the austerity approach that Germany has been pushing.  All over Europe, prominent politicians and incumbent political parties are being voted out.  In fact, Nicolas Sarkozy has become the 11th leader of a European nation to be defeated in an …