Jim Grant, founder of the extremely respected Grant’s Interest Rate Observer, and the man Ron Paul named as his likely candidate for Chairman of the Federal Reserve to replace Ben Bernanke whose term expires in 2014, engaged in a wonderful discussion about the LIBOR scandal and lack thereof.

In fact, the way Grant sees it, the central banks have been manipulating rates for years, and the LIBOR scandal we have seen unfold from the investment banks is hardly newsworthy in the bigger picture. As always, Grant has some very wise words to share, so listen up.

When he isn’t busy playing this game better than just about anyone else, Grant has authored the books Money of the Mind (1992), Minding Mr. Market (1993), The Trouble with Prosperity (1996), John Adams: Party of One (2005), Mr. Market Miscalculates: The Bubble Years and Beyond (2008), and Mr. Speaker: The Life and Times of Thomas B. Reed, the Man Who Broke the Filibuster (2011).

 

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