From 'Economic Obbserver'
Song Hongbing says China should push currency integration across Asia, learning from Germany, which gave up the deutschmark but got control of Europe and the euro.
"Song: Based on a recent survey that I did at ETH Zurich University, we analyzed the equity structure of 37 million transnational enterprises and found that 147 of the biggest financial institutes exercise control over 37 million enterprises. Furthermore, there are 20 or 30 big holding groups behind these 147 institutions. This shows how the minority financial holding companies at the top of the pyramid are actually controlling most of the transnational groups in basic materials and energy.
The survey has proved my hypothesis in the book Currency War II. There were 60 families controlling over 60% industries in the US, despite their recent disappearance from the world fortune ranking since 1940. Why did they disappear, you may ask? Is it because of war? Keep in mind, however, there has been no war on U.S. soil since then. I have the sense that at that time the major and vital enterprises in the world were still controlled by a minority of families. Large banks and enterprises are actually very centralized. Many big financial families set up funds and donated their fortunes, especially after 1930. What they want is the control instead of the ownership. Although there might be some philanthropists, the common practice of setting up charity foundations doesn’t seem logical to me."
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