The London Interbank Offered Rate (LIBOR), which is the interest rate banks use to lend money to each other, dropped Oct. 17 to 1.67 percent — not only the lowest level since the recent crisis began, but the lowest in four years. This is a sign that moves to reverse the course of the global financial crisis are taking hold
The critical metric in [the financial] crisis is the LIBOR, and it is moving in the right direction. In the past few weeks, LIBOR has gyrated wildly, and has spent an uncomfortable amount of time flirting with levels three times the Oct. 17 rate. For LIBOR to have fallen so much indicates that banks are once again lending to each other. That will reduce the cost — and increase the availability — of credit for everyone, banks included.
For what it’s worth.
The proposal is from Teresa Ghilarducci, who teaches at the New School For Social Research, the left-wing incubator founded by Charles Beard and John Dewey among others.
From Wikipedia (yeah, yeah, I know):
The thought of the Critical Theory of the Frankfurt School: Max Horkheimer, Walter Benjamin, Theodor Adorno, Herbert Marcuse, Jürgen Habermas, et al. holds an especially strong influence on all divisions of the school.
Just to let you know what we have to look forward to.