> Why the hell is a rate set in London allowed to influence the American dollar so greatly?!
Because banks are not independent from each other, and they frequently borrow from each other if they lack a certain quantity of a certain currency.
The problem with the Libor scandal is that the bankers conspired to set interest rates by gaming the blind process they have for coming up with those rates in a fair way (all vote, top 4 and bottom 4 bids are removed, rest is averaged).
This is true, undeniable banking conspiracy at work. And governments still trust them with our money.
Because banks are not independent from each other, and they frequently borrow from each other if they lack a certain quantity of a certain currency.
The problem with the Libor scandal is that the bankers conspired to set interest rates by gaming the blind process they have for coming up with those rates in a fair way (all vote, top 4 and bottom 4 bids are removed, rest is averaged).
This is true, undeniable banking conspiracy at work. And governments still trust them with our money.