Tuesday, June 1, 2010

speaking of money-sucking blood funnels...

I was reading this post, and this financial tidbit deserves repeating: Did you know that China lends us money at 3.3% interest? Well, not just China, but the entire bond market? People all over the world who want to invest in the United States for a period of 10 years only want 3.3% interest. Wow. They're nice. China is nice. Credit card companies and U.S. banks, on the other hand, not so nice. The interest rate on a 24 month personal loan: 10.83%. The average credit card interest rate: 14.26%. This means that American banks hate us approximately 3.8 times as much as the rest of the world. This makes some sense; domestic institutions know us better. But still! Fuck you, American banks!

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