I just wanted to say I appreciate your taking the time to educate me on this, banking is so cultish and esoteric sometimes, you have given me a direction to focus my reading to expand my knowledge, so I am much obliged.

In particular, I didn't realize that LIBOR wasn't actually used by the American banks for interbank stuff, but was used voluntarily in contracts. That LIBOR impacted so much of America and they allowed it to do so voluntarily (or out of ignorance) is astounding to me. I wish all this kind of information was layed out in a single place more clearly for public conspumption.