Neoliberalism Has Met Its Match in China — Ellen Brown

Summary:
Spross quoted former bank CEO Richard Vague, chair of The Governor’s Woods Foundation, who explained, “China has committed itself to a high level of growth. And growth, very simply, is contingent on financing.” Beijing will “come in and fix the profitability, fix the capital, fix the bad debt, of the state-owned banks … by any number of means that you and I would not see happen in the United States.”... This did happen to a degree in the US, when the Fed stepped up to save the financial system, and the   TBTF institutions, and Congress authorized a nationalization of GM. That's a feature of neoliberalism, too. TruthdigNeoliberalism Has Met Its Match in ChinaEllen Brown

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Mike Norman considers the following as important: China, Neoliberalism

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