The New York Times reports that American prosecutors, in the wake of the decision against French bank BNP Paribas, have shifted their attention now towards German banks. Just as in its conduct of foreign policy, the US government fails to appreciate the concept of “blowback” in its heavy-handed treatment of foreign banks.This is one of the major problems with having a banking system that is set up and controlled by the government. Unlike a true market-based banking system that is geared...
