Nationalisation or collapse

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The choice is stark but I have little doubt that public revulsion at giving the banks billions to let them carry on as before will leave no option: real and outright nationalisation of all banks who need public support will be the political price of the banks' own failure.

But in that case it must be true nationalisation, not simply 'support', and clear political vision for the sector is needed. I suggested what this required in a Guardian blog today.