…I’m increasingly coming to the conclusion that America’s system of jurisprudence simply isn’t up to the task of holding banks and bankers accountable for their actions. The only people who ever get prosecuted are small fry and insider traders, rather than the people who really caused the biggest damage.
The unsound foundations of Chinese economic and financial strength have been largely ignored. But then all food tastes good to the starving man.
Satyajit Das, derivatives Rawk Star and the author of the books Extreme Money: The Masters of the Universe and the Cult of Risk and Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives. Das posted “All Feasts Must Come to an End” – China’s Debt & Investment Fueled Growth (Part 1) to the Naked Capitalism blog today, where he discusses China’s emerging financial troubles. Reminds you of the US, Japan and Europe stories, doesn’t it?