Take physic, pomp

Chart of the day is……..

……really really impressive. It’s the average interest rate that Citibank, Santander and HSBC charged its Brazilian branch clients compared to the rates charged in the banks’ home countries in 2008. Data from this article in America Economia

Look, I know all about the SELIC rates and how Brazil is still a developing banking nation and all that….. BUT GIMME A FREAKIN’ BREAK HERE!

This is what los conquistadores did to the New World via Potosí. Ever wondered why global banks are so keen to move into developing nations? Wonder no more.

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