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Keywords:

  • banking;
  • corporate governance;
  • debt-financing;
  • financial crisis;
  • rent extraction;
  • returns on equity;
  • risk management;
  • taxation

Over a long period leading up to the current financial crisis, small banks within a small banking system were replaced by unsafe, large banks within a huge banking system. The banks have now grown so big and so dangerous that they have the capacity to wreck economies and bring down governments.