When banking is so powerful that the very business the banks are chartered to serve cannot discipline its business unfriendly behavior through market pressure, we are in a serious state of affairs. What to do?
Are we not all "well kept Jasmines" now, at least those of us in the financial elite, looking the other way while our economic system has morphed into a financial system, "lacking a sound economic basis, and without economic virtues?"
Commodity market manipulation is fundamentally different and far more dangerous than the garden-variety manipulation of financial markets such as in single stock pump and dump schemes, or even the brazen manipulation of LIBOR. Nobody eats LIBOR.
The banking lobby misrepresents the situation in two ways. First, they foster the belief that the economy needs lower rates to 'get going.' Second, the banking lobby likes to pretend that there is no alternative.