The Pete Quiñones Show Who Runs the 'City of London?' w/ Phil Gibson
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Mar 20, 2026 Phil Gibson, host of QPOL Substack and geopolitical commentator, joins to unpack Larry Romanoff's essay on the City of London. They tackle claims about the City's sovereign status, banking and Freemasonry links, lobbying and tax privileges, offshore money flows and monetary shifts like LIBOR to SOFR. Debate touches on media, intelligence ties, and nonviolent legal responses.
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City Of London Acts As A Semi Sovereign Financial Enclave
- The City of London functions as a quasi-sovereign financial enclave with unique legal privileges that shield vast flows of capital from normal UK oversight.
- Larry Romanoff and Pete Quiñones cite City institutions (Bank of England, Lloyd's) and the Corporation's special rights as mechanisms enabling tax haven and laundering activities.
Massive Hidden Financial Flows Run Through London
- Huge volumes of FX, derivatives, and bond trading pass through London so many transactions never appear in UK capital flow records.
- Pete and Phil highlight daily $4 trillion FX flows and large percentages of derivatives/euro bond trading routed via the City.
Switch To SOFR Reduced Offshore Rate Control
- Shifting benchmark control from LIBOR to SOFR reduced external influence over US interest rates and constrained offshore dollar leverage.
- Phil and Pete explain LIBOR was set by a 17‑bank panel; SOFR ties pricing to domestic repo markets, limiting City influence.