The Brazilian banking system was one of the most concentrated and profitable in the world — five banks controlled over 80% of all deposits, and the average Brazilian paid over 30 times more in banking fees than the average American.
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"At the end of the day, I believe that this is a product that you should graduate from," he says.
Nico Simko
It used to be the case that if you couldn't get loans from the government or from banks, you couldn't get much money at all. The problem was that Northern Pacific's capital needs were endless, and by September 1873, as credit tightened worldwide thanks to a crash on the Vienna stock exchange and the demonetization of silver, Cooke, who had been funding Northern Pacific from deposits in between bond issuances, could find no more buyers.
Ben Thompson
"Really big, multi-million dollar businesses run on paper in America still, and I don't think people realize that," she says.
Mackenzie Burnett