Norman
Diamond Member
- Sep 24, 2010
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OK, so there was corruption and each bank was disincorporated at 20 year intervals in keeping with corporate norms of the time.
But all in all were national banks successes or failures as you asserted? The question is highly significant. China operates under a federal banking system with private branches, and our private system has wreaked far more harm than good upon us.
Just for a start it foist upon us our national debt and debt service. While depriving the federal government of all the profits that fractional reserve banking secures for the private sector.
What do you mean by "our private system"? I mean maybe the banks get dividend, but federal reserve banks aren't really private. I mean in your text it says president appoints the chairman, so.... Or you mean completely nationalized banks? That would be bad idea IMO, like pretty much nationalizing anything that isn't a monopoly.
China's system is huge failure from it's citizen standpoint. It effectively steals their wealth. And the asset bubbles are there too.
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