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by yborg
1736 days ago
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>Both episodes show that the hierarchy of creditors in China is based on politics and the priorities of the state The 2008 financial crisis showed that the same is true of Western nations. US and European central banks absorbed trillions in bad debt, and a few banks that officials didn't like walked the plank while the majority came out ahead in the end. The same dynamic is of course 'bold decisive action' when free market capitalists do it, and 'dodgy' when "communists" are engaging in it, at least in the pages of The Economist. |
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