The money network:

The money network:

Why crowdfunding threatens traditional bank lending

China’s $1.7 trillion hangover

China’s $1.7 trillion hangover

Up to 40% of China’s $1.7 trillion LGFV loans are at high risk of default. What’s a panicking Beijing to do?

March 2002

John McCallum


Canada’s secretary of state (international financial institutions)


       
John McCallum describes his new position in the Canadian government as: "junior finance minister". He has held the position of secretary of state (international financial institutions) for a couple of months, having begun his political career just 15 months ago after leaving his post as chief economist at the Royal Bank of Canada.
Politics chose McCallum, rather than the other way around. He says he went into it not just because he's crazy, but because he was approached by prime minister Jean Chrétien and his people while at RBC.

However, he says: "You're not exactly a free agent in politics because you have to say things that are consistent with the government policy when you're in the cabinet." He seems to have experienced this at first hand. At RBC, he supported the...


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