Can't believe it took Horns to post this, LIBOR is as big as it gets. Sure, we all know the sytem is rigged and corrupt, but we lacked the public evidence to prove it. Politically, this is equal to the difference between believing the Higgs particle must exist, because of theory, and accurately measuring a boson a 125 GeV in a cyclotron.
It's the linchpin scandal that lays bare the entire falsity of the "free market." At its core, all monetary policy is simply the shared agreement amongst elites on what value(s) money should be allowed to have in its various incarnations. Citizens assume that's there are rules of both laws and math over monetary policy, but LIBOR shows how that system is so gamed, so tilted to the insiders, so based on manipulated perceptions and faux expertise that it absolutely fails as a basis for an economic system (unless you like Nigeria as your country's financial model). You should be outraged and you should tell your reps you are outraged.
Infographic oversimplifying LIBOR:
http://www.businessinsider.com/infograp ... ned-2012-7