China may be as heavily in debt as we are. It just has a different way of keeping its books — which makes a high-profile political ad sponsored by Citizens Against Government Waste, a fiscally conservative think tank, particularly ironic. Set in a lecture hall in China in 2030, the controversial ad shows a Chinese professor lecturing on the fall of empires: Greece, Rome, Great Britain, the United States . . . . Continued
If I get this correctly the author of this article makes a case for nationalizing banks in Western countries. To which I ask: what’s the difference? Why people think that if a bank is owned by the State it would be more “honest” than a private one? Because it would “work for the people”? Because State-owned enterprises are not driven by profit so they would be more “fair”?