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Meanwhile, China has a mind-bogglingly huge shadow banking system of its own that is going to collapse their economy. So really, what's going on is that China's shadow banking didn't want a competitive system.
Meanwhile, China has a mind-bogglingly huge shadow banking system of its own that is going to collapse their economy. So really, what's going on is that China's shadow banking didn't want a competitive system.
This doesn't quite compute with me. Why wouldn't all those people of money and power want some system where they export their money in such an emergency?
Because they already have other means? Just look at the investments in real estate made by the rich constantly in western countries in news constantly.China has had shadow banking system for decades which is largely only available to many non-state owned companies to borrow from.
Because they already have other means? Just look at the investments in real estate made by the rich constantly in western countries in news constantly.China has had shadow banking system for decades which is largely only available to many non-state owned companies to borrow from.
If so, they must have some way to bypass Gov't and get currency out of the country. So far the investments have been via mainly state owned industry or agencies.
Chinese businessmen and bureaucrats mastered the fine art of protecting wealth and profits several millennia ago. I am fairly certain the financial elites have remembered how to bypass annoyances like governments and currency regulators. Even if China acts like a mutated hybrid of General Motors and General Dynamics becoming the "One Big Corporation" there are quite a few Chinese non believers getting and staying very, very wealthy.
Why does this take Cajones? Its a move based in fear. There is no reason to clamp down on them. Its just one more freedom removed from their citizens in order to keep them isolated and repressed.
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