Challenger banks or challenge finance capital?

Labour in power and out has been little more than a neoliberal supporter of finance capital. Finance capital has had a thirty year ascendancy. It started its rise with Thatcher’s removal of exchange controls and signing of the Single European Currency. Bowler-
hatted bankers and some blue bloods in the banks’ board rooms were ousted by the new breed of reckless casino gamblers. Their gambling was freed further when Labour removed governmental controls on the Bank of England itself. Finance capital and its neoliberal agenda has run free of government control for decades but requires a government to do its bidding within the state.It is not entirely anarchic. The coalition government has been relatively the most aligned to the finance capitalists, it is their expression in its purist form. In opposition to it it has to be said Labour’s little ideas are looking increasingly pathetic. Ed Balls wants to create challenger banks to get new competition in the market place for lending. This will do little or nothing. What we need is a nationalised banking industry controlled by a new state seeking to use the wealth of the nation for the people of the national as a whole. This would have to be accompanied by a whole set of new controls on capital. As long as the financiers remain unchallenged politically our trials and tribulations as workers and as a nation will intensify. The 99% must overwhelm the 1% and use their stolen wealth in the interests of those from whom they have stolen it.

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