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bank nationalisation (2)

It appears that some still see a future in the banks to solve the problems of the recession - state-owned banks, of course. Alf Young of the Scotsman appears to be a a convert and waxes lyrically about the Bank of North Dakota which is owned by the state. He appears to infer that the low impact of the crisis on the state had something to do with the this bank. Young then nostalgically recalled the widespread trustee savings bank that once existed but fails to mention that at least one still remains.

It is a shame that he never read the Socialist Courier or he would have come across this post which would have enlightened him a bit more to dead-end hope of bank nationalisation. 

Bank Nationalisation

It is no co-incidence that the cries for banking reform invariably comes during economic depressions. The lubrication that keeps the capitalist machine running – the money markets – are dysfunctional.

As Marx identified “So long as things go well, competition effects an operating fraternity of the capitalist class…so that each shares in the common loot in proportion to the size of his respective investment. But as soon as it is no longer a question of sharing profits, but of sharing losses, everyone tries to reduce his own share to a minimum and to shove it off upon another. The class, as such, must inevitably lose. How much the individual capitalist must bear of the loss, ie, to what extent he must share in it at all, is decided by strength and cunning, and competition then becomes a fight among hostile brothers. The antagonism between each individual capitalist’s interests and those of the capitalist class as a whole, then comes to the surface…”

 Marx also pointed out that “the mone…