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12 year-old Victoria Grant on the Canadian banking system

June 4th, 2012 5 comments

Someone asked me recently to comment on the difference between Chinese banks and American banks. While both seeks to maximize profits, the former is much more under the control of the government and thus more aligned with national economic policy. Ann Lee recently told Allen and I that in the U.S., as in the recent bail-out of WSJ, the situation was a socializing of the risks but privatizing the gains. U.S. banks form a powerful interest that can co-opt the American public. That situation is no different than the Canadian one, apparently, as this amazing 12 year-old, Victoria Grant, who recently articulated what’s wrong with her country’s banking system:

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