Every day we seem to hear more news about banks and their outrageous, if not criminal acts in manipulating interest rates for their own gains.
Barclays have been fined, but this is a story with a long way to go yet.
Many other banks will have been guilty of using the same tactics, all designed to maximise their profits.
Now, if we acted in the same way with our personal finances, or business finances, we would certainly be faced with criminal charges.
How far up does this go?
It seems that people at the top knew, but conveniently ignored it.
The global financial crisis has damaged every economy in the West, and many in the East. Confidence is low, and companies are reluctant to invest in capital and people, even if they have access to funds.
The same uncertainty cascades down to the consumer markets, where people delay their buying decisions, avoid credit, and play a wait and see tactic.
None of this helps to promote growth, which is what the “experts” tell us if need.
If we don’t manufacture it, grow it or mine it, then it isn’t a “product” that adds real value to the economy.
Be prepared for more years of low growth and financial turmoil as the ongoing problems unwind.
The final cost will of course be met by the consumer in higher process and taxes.