America and China Are So Alike!

“The essential point of commonality is that big enterprises—especially banking enterprises—are being allowed to operate as fail-proof yet operationally opaque adjuncts of the state. Their business decisions—whom to lend to, what risks to take, etc.—are made with the goal of enriching the key managers and shareholders, and probably also key government officials and bureaucrats—with no thought to the impact on the larger economy or the larger population of the respective countries.”

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