“everything is rigged.” financial journalist Matt Taibbi says in an interview with Amanda Lang airing on Monday night's The National. Historically, the system works because people have confidence in the system and believe they are treated the same as anybody else. But it’s getting harder and harder to ignore the stories of powerful people cheating the system for their own gain. As the bad apples add up it gets harder and harder to ignore a troubling realization — “everything is rigged.”
Everyday, trillions of dollars are exchanged by buyers and sellers, on trading floors across the world. The places that happens are colloquially known by the nebulous moniker of “the markets” and every time somebody buys a barrel of oil, a shipment of potash, a Royal Bank share or a Japanese yen, there’s a real person behind that transaction.
WATCH Amanda Lang's piece on how the system is rigged against you on The National on Monday night. It airs tonight at 9 and 11 p.m. on CBC News Network, and at 10 pm on CBC Television Historically, the system works because people have confidence in the system and believe they are treated the same as anybody else. But it’s getting harder and harder to ignore the stories of powerful people cheating the system for their own gain. As the bad apples add up it gets harder and harder to ignore a troubling realization — “everything is rigged.”
That’s what financial journalist Matt Taibbi says in an interview with Amanda Lang airing on Monday night's The National. After years of reporting on some of the best examples of Wall Street stacking the deck in its favour, Taibbi has concluded that the entire system underpinning the global economy is rigged in some form or another. And it’s not just financial markets that are at stake. The real economy, with factories, services, goods and jobs for real people, is under threat.
'Certain people always win and certain people always lose.' - Matt Taibbi, financial journalist “There’s a few smaller, inside actors who always seem to win,” he told the CBC’s Amanda Lang recently. “They have more information than anyone else.”
Everything from the price of food, to currencies, financial transactions known as “swaps” and interest rates implicated, he says. “We’ve got a lot of work to get it back to some place where it’s at least close to fair.”
“[Right now] it seems certain people always win and certain people always lose.
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