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LIBOR stands for the London Interbank Offered Rate. It measures the rate at which banks lend to each other. If you have any kind of consumer loan, it's a fair bet that it's based on LIBOR.
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For decades now, the world's biggest banks have been dutifully reporting a whole range of numbers every morning at 11 a.m. London time – the six-month Swiss franc rate, the three-month yen, the one-month dollar, etc. And none of it seems to have been real.