How Washington Blinked: America's Economic Future Remains Uncertain in Part Because of a Lack of Courage by Policymakers in Dealing with Banks (From the Founder‪)‬

The economics profession and most of the world investment community remain deeply divided over the long-term significance of the George W. Bush/Barack Obama effort to spend $700 billion bailing out the U.S. banks. Here's the troubling part of the bank bailout story: Other nations have followed in America's footsteps, with major and growing government involvement in their banking systems. As a result of governments' growing presence in financial affairs, the world of banking will likely never be the same. Today we have a dollar-based global financial system dominated by roughly twenty-five government-subsidized international megabanks, with some of the biggest owned by China. These giant financial institutions control roughly $50 trillion in bank assets. That's 60 percent of the world's total bank assets and today only five of these twenty-five megabanks are American-owned, according to Leto Market Insight. We now have a global financial system largely controlled directly by non-U.S. banks and indirectly by their governments. What this means for the direction of long-term global investment, nobody knows.