The banking system we take for granted is unfixable. The good news is that we no longer need to rely on any private, rent-seeking, socially destabilizing network of banks, at least not the way we have so far.
shows why the current private system is unfixable – and why we don’t need to tolerate it anymore.
Like Vladimir Putin, China's leader is so steeped in a narrative of victimhood and fearful of appearing weak that it is hard to imagine him ever leading China out of the mess he has created. He could well be remembered as the leader who squandered history's most remarkable economic success story.
about the country's increasingly worrisome trajectory, both at home and abroad.
Artificial IdiocyFrank Rumpenhorst/picture alliance via Getty Images
香港—世界经济和国际体系不但深度联动,更出现了日益激烈的地缘政治对立与冲突。对中国来说,局面因为美国总统特朗普明确将其视为战略对手(而非战略伙伴)而进一步复杂化,更不用说中国内部的大规模社会变迁和全球颠覆性技术革命的冲击。只有通过强有力、持续、及全面的改革才能够成功处理中国目前所面临的多重风险。
一个关键风险点是在金融领域。历史上全球金融危机的源头至少包含四个“错配”,其中三个目前正在折磨中国:
首先,中国金融体系(和欧洲和许多新兴经济体一样)以银行融资为主导,受到期限错配的影响。期限错配源自借短贷长的机制。
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