Chinese Premier Says What Everyone Is Thinking: ‘Break Up the Big Banks!’


Aaron Task
Daily Ticker
April 4, 2012

With banks making record profits and the people frustrated by low interest rates on deposits and lack of lending, a nation’s leader is speaking out: “Let me be frank. Our banks earn profit too easily. Why? Because a small number of large banks have a monopoly.”

Those comments came not from President Obama, Tim Geithner, Ben Bernanke or any other U.S. policymaker; instead, Chinese Premier Wen Jiabao made them during a broadcast on China’s state-run National Radio.

Obviously there are differences between the banking systems in the U.S. and China, where the biggest banks really do have a monopoly, as prescribed by the state.

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