China’s former chief economist has excoriated the nation’s banking system, which charges high fees and maintains a greedy-large gap between its deposit interest and lending interest rates.
That sounds like Canada’s banking system.
“maintains a greedy-large gap between its deposit interest and lending interest rates”
You sure this is just about China?
I would be happy to supply them with capitalist running dogs, a breed noted for its efficiency and entrepreneurial tendencies…
That sounds like EVERY banking system ever.
But I must say, replacing bank chiefs with small dogs would be an improvement in many ways.
Such a business provides no value, and is merely parasitic on the people: “With this kind of operational model, banks will continue making money even if all the bank presidents go home to sleep and you replaced them by putting a small dog in their seats.”
Yeah, not sure that’s going to help:
To be fair, he’s both. You’d have to send him home to sleep, which means you can’t replace him with himself.
OOH! Can we replace all three branches of government with random fifth graders while we’re at it?
It can’t help but be a massive improvement!
Sounds like the inevitable result of letting for-profit entities practice fractional reserve banking. It just might be a more novel situation over there than it is here.
This is why I laugh when people say “Communist China” with a straight face.
so their government officials are not scared of their bank executives the way they are here?
Which banks do not have this problem?
Kinda longing for the traditional 3-4-6 banking plan. Pay 3% on deposits, get 6% on loans, and on the golf course by 4pm. Looking better and better.
China as Discworld, eerily appropriate.
Here I am with a DNRC necktie on my tie rack and I failed to see this…
I always thought it was 3-6-3 rule. 3% to savers, 6% for loans, out the door by 3 o’clock for golf.
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