Libor is clearly out of date and open to manipulation (as are a lot of measures in finance). It's funny how so much of finance is quite literally opinion, prese

Libor is clearly out of date and open to manipulation (as are a lot of measures in finance). It's funny how so much of finance is quite literally opinion, presented as a number attempting to masquerade as fact. Every stock price, every swap rate, every credit rating. They're just herded opinions, often churned out of poor quality models or unstable, easily manipulated processes! As for making libor up, in my opinion, it was pretty made up, even if it's original processes worked as expected. You see, it assumes integrity on behalf of it's contributors, and that assumption is utterly false; every bank has an ulterior motive to optimise in favour of its portfolio. Finance in general needs a rethink; it's full of obvious moral hazard, which has somehow been considered acceptable through the times. The interest rate markets are probably a good place to start shaking things up, as they are likely full of the biggest manipulations.