I saw the following analogy while reading the memoirs of Ben Bernanke, the chairman of the Federal Reserve who played a huge role in helping the nation overcome the Great Recession 10 years ago.
There was a fire in a house in a town where the majority of houses were in close proximity to one another. Most people [Read more]
Realistically, the new American bank’s impact on China is very limited, but China still needs to be cautious about America’s intentions.
According to decades of unwritten rules, the Fed Chair plays a pivotal role in determining monetary policy or specific measures for overcoming crises.
The White House is obviously only acting according to the will of the banking lobby, without really taking into account the wider public interest.
But as much as Washington talks about “fighting corruption,” it refuses to do it for real. Why? Because a corrupt official is an excellent tool that works in Washington’s interest.