Reasons for nationalising our banks

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Why nationalise the banks? Some see this as purely a defencive move before clearing them of toxic assets and refloating them.

I don't. I see it as strategic option. now deliverable at very low cost to:

1) Bring seigniorage back into state control for the benefit of all - which I believe will be a source of considerable future wealth for the common good;

2) Regulation credit in the future

3) Regain control of the money supply

4) Ensure that the basic transaction recording processes that are fundamental to the operation of a modern state are under common control and that the risk of their failure that existed last October is eliminated

5) Ensure regulation is enforced

6) Put finance firmly back in its place as a support service - not a means of wealth creation in its own right

7) Ensure society obtains the return from the banking sector that is due to it, and which has been denied to it by that sector's abuse of all forms of regulation to date, including taxation.

These aren't opportunistic - these are long term statements of aim for the benefit of society as a whole, but which now have added pertinence now that it is apparent that the existing banking model has failed.

Let's not apologise for nationalisation: let's be clear that nothing else will do - and nothing else can deliver what we want.

But that does not of course mean private banks are dead: I'll be entirely happy to see private operators licenced to provide services in a new banking infrastructure. But let's be clear: they will secure their funds from a central bank, will pay for them, and earn a margin on them within strictly regulated limits. That's an appropriate role for the private sector. Letting them run riot as they have over the last thirty years is not.

Look around you. The evidence is clear. Now what's the problem with adopting this alternative?