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"China's banks (aren't) really the villains here," writes Patrick Chovanec, responding to...

"China's banks (aren't) really the villains here," writes Patrick Chovanec, responding to Premier Wen's comments about their monopoly power. "They are creatures of the State; they do what they are told and incentivized to do," - that is lend, without counting the cost, for projects that "carry the imprimatur (and implicit guarantee) of the Mother State."
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  • Tony Petroski
    , contributor
    Comments (6373) | Send Message
     
    "...for projects that 'carry the imprimatur (and implicit guarantee) of the Mother State.'"

     

    Kinda like our "green" projects. You can see why Krugman, Obama, Carter, Gore and other Nobel Laureates lionize the Chinese--the communists are able to dispense their imprimatur out in the open.
    5 Apr 2012, 11:27 AM Reply Like
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