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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