Comments: If you only read one thing this weekend, read about the Vampire Squid

Ecuador's banking system was brought down in 1999/2000, in part, by something like this. Industry owners *became* bankers in order to lend money to their own badly run companies and self-leverage buying up more. Legitimate businesses had to figure out which bank was their competitor before they could begin to ask for a loan.

They also faced the question, "How can you win against a competitor who can create money out of thin air?"

I'm curious that Taibbi doesn't ask that question. Could it be he hasn't seen that far through the game?

Posted by Hasan at February 15, 2014 04:28 PM
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