nostr:npub1v2n2g830p7pzgkrzzk7wyxudfvw87svxyt3dgahrj7xa4vf2edpsscetnt
Check this out... https://www.youtube.com/watch?v=xQwyr_bSRps&t=9s
LIBOR and SOFR.... S stands for Secured, meaning they must post US Treasuries as collateral. In not-so-many words, "creating more US Treasury demand". Before with LIBOR they didn't need to have collateral.
Fascinating stuff.
"In 2012, revelations emerged about the manipulation of the London Interbank Offered Rate (LIBOR) by various global banks. This scandal led to a significant shift in regulatory attitudes towards LIBOR, which was deeply embedded in the financial system due to its connection with approximately $300 trillion worth of loans, derivatives, and other financial instruments across multiple currencies.[3] Contributing to the concerns was the noticeable decrease in the volume of transactions underpinning the benchmark. Consequently, UK financial regulators established a deadline of 2021 for financial firms and investors to complete their transition away from the LIBOR.[3]"
The Fiat system never ceases to surprise in the many ways it fails :D
