this post was submitted on 26 Feb 2025
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United States | News & Politics
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You may be speaking about LIBOR, I believe that's relevant internationally though mostly locally? If not that, Exchange rates and currency manipulation is alive and thriving.
Yep, LIBOR is it! I found that super fascinating. The things they don't tell you in normal schooling. I bet the ivy league high school prep schools knew about Libor.
I guess it's under a different name now so us plebs can't see what's going on:
Libor Wikipedia page
Hmmm to the bold. I bet they're in the UK.
Yeah I only learned about it because I didn't study econ or finance in school and was super curious what the hell was going on when the great recession hit. It's definitely one of those "how the sausage is made" things that is taken for granted/accepted in a weird way given it's influence. Kind of like the major accounting audit firms, their momentum and influence is only maintained by their momentum and influence.
And that people don't even know about it. The fact that there are now unknown entities behind the replacement is telling.