The Secret of China's Economic Success: State Owned Banks

The Secret of China's Economic Success: State Owned Banks


Economics / China Economy
Aug 19, 2009 - 01:21 AM

By: Global_Research




Ellen Brown writes: “The banks -- hard to believe in a time when we’re facing a banking crisis that many of the banks created -- are still the most powerful lobby on Capitol Hill. They frankly own the place.” -- U.S. Senator Dick Durbin, Democratic Party Whip, April 30, 2009.


The Chinese solution to a failed banking system would be to nationalize the banks themselves, not just their bad debts. If the U.S. were to adopt that approach, we the people would actually get something of value for our investment – a stable and accountable banking system that belongs to the people. If the word “nationalize” sounds un-American, think “publicly-owned and operated for the benefit of the public,” like public libraries, public parks, and public courts. We need to get our dollars out of Wall Street and back on Main Street, and we can do that only by and we can do that only by breaking up our out-of-control private banking monopoly and returning control over money and credit to the people themselves. If the Chinese can have the best of both worlds, so can we.
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