As was noted in the Guardian yesterday, the post Brexit collapse in the RBS share price has delayed selling it off.
That is good news: this bank should never be sold. Instead opportunity should be taken to buy out the remaining private sector owned shares and to then turn this bank into the UK investment bank tasked with helping direct job creating investment into every constituency of the UK.
This is an idea at the heart of what was once called Green Quantitative Easing which is now best known as People's Quantitative Easing. Its time really has come.
But who is willing to say so?
Thanks for reading this post.
You can share this post on social media of your choice by clicking these icons:
There are links to this blog's glossary in the above post that explain technical terms used in it. Follow them for more explanations.
You can subscribe to this blog's daily email here.
And if you would like to support this blog you can, here:
Buy me a coffee!
I love the idea of a national investment bank (or sovereign wealth fund), but I’m not sure nationalising RBS is a sensible option.
If shares are falling or performing poorly for an extended period of time, it usually indicates that assets held in the company are considered poor quality by the market, or at least that they’re overvalued.
If RBS was to be nationalised, the UK government would be buying those assets as part of the bank, potentially exposing the UK taxpayer to massive write-offs further down the line.
Would it not therefore be more prudent to start such a bank from fresh, thereby avoiding the risk?
We already own a majority of the bank and will have to accept responsibility for it come what may.
That has been true since 2008.
Well if the shyster-vampire-bank RBS is nationalised, perhaps the first thing that could be done is get the people responsible for the ghastly activities of the euphemistically named ‘Global Restructuring Group’prosecuted that deliberately bankrupted businesses post 2008 and ruined lives. Will that happen-there go the flying pigs again.
Putting aside the issue that all Tories, most Lib Dems and the majority of centre/right Labour MP’s would never support such an assault on the hegemonic dominance of private finance, would the 100% permanent nationalisation of a major UK bank be possible under EU regulations?
Or do we need to wait for Brexit to be concluded and a left wing alliance government to be elected before such a socially necessary plan can be put in place?
I agree that rather than hand it back to the private sector, it should be retained as an instrument of economic growth and stability.
Recall another bank of similar orientation called Co operative Bank part of the Co operative Movement .
Either hardly trailblazers now are they?
No. Nationalisation is an idea whose time came, proved disastrous, went and is never to return
… other than in Pyongyang where it flourishes ….. allegedly.
Not even worth replying to
Again, the worry should be focused on, if UK banks are capitalized enough as the banks in the EU are reportedly not?
Next, should be the indifference, the EU is showing in pushing for CETA being put in force, asap. Particular concern, centers around the global installation of the ISDS clauses, at the center of every trade agreement, being pushed by corporations…..See bilaterals.org and ISDS.com for in-depth detailed coverage..and affect.
Keep in mind, if any bank begins to wobble the bank bailout/bail-in clauses in every countries budget, kicks in and all bank customers with less assets, will be hit,— then taxpayers—just like in 2009…..
Only this time, given the degree of corrupt partnerships between finance and governments, there may not be much to salvage.
After all, none of the major weaknesses that created the first crisis have been dealt with.
Simply capitalizing banks does not deal with the larger problem of 823 derivative contracts o/s, or the asinine privileged position,– that hedge fund owners have been anointed with..that of…’preferred creditor status’—- ‘if any’ banks unravels. There is far more wrong, when all the possible cracks that brought the first meltdown,— have simply been made far worse…..
There were after all, legitimate grievances,— taxpayers have against most elected governments for lying about the current situation and why illegally dumping all financial ponzie schemes on taxpayers is encouraged. Same attitude among the leaders that lied to start, the first invasion of Iraq in 2003…..
You understand capital
Most don’t
correction ( 823 trillion dollars of derivative contracts o/s and owed to hedge fund owners…..