Insiders have revealed that the “Too Big To Fail” banks around the world have been actively colluding to daily rig currency exchange rates to profit themselves at the expense of their own clients.
According to an article by Bloomberg, for at least the last ten years, traders at the different large banks would get together and plan which way they wanted exchange rates for different currencies to move in order to make the most profit. Then they would coordinate buy and sell orders at the exact time the market was sampled to set the exchange rate.
Although affecting trillions of dollars worth of assets for their own benefit on a daily basis, the banks may not face criminal charges. Even though the currency market is the largest part of the financial system and affects the value of the entire system, there are few regulations covering currency trades. Costing their clients billions of dollars a year might actually have not been illegal.
As we learn of more market rigging every day, from LIBOR rates to oil and now currencies, does anyone really believe any more that the gold market is not being manipulated?