It is always enlightening to read analyses written on behalf of the financial sector, but they also make me naively wonder why, when faced with the consequences of such a dangerous global meltdown, politicians think that they have anything to lose… why don’t they just take the banks into democratic ownership (ie. full nationalisation) and solve most of the problems at a stroke? The political power of the banks would be annulled, and governments could get on with the real world problems of creating full employment, investing in mitigating climate change and oil dependency with a new green deal.
‘Just as this was no accident, neither is anything about it inevitable. One positive feature of the meltdown we are witnessing is that it should finally lay to rest the idea that if we just let financiers and business leaders get on with it, the best of all possible worlds will be the result.’