Barclays & Other Banks Fiddle While Millions Are Burned!

Front page article from today’s Guardian, revealing Barclays and other banks ‘manipulation’ (even the BBC News are now calling it ‘fiddling’) of crucial interest rates that affect the cost of borrowing for millions of people around the World in order to make bigger profits. It’s time we nationalised the lot of them!

The Capitalist system is in its worst crisis ever. This crisis is being made worse for most people as a result of the global “financial market’s” insistence on domestic policies of public sector cut backs, wholesale privatisation, and austerity for everyone bar the super-rich. This, so we are told, is the only way Governments can both ‘promote’ private sector ‘growth’, and pay back the huge cost of the bail-outs of many major US, UK and other banks in 2008, which it is estimated cost British citizens alone around £850 billion.

It is also the “only way”, again so we are told, to pay for the ‘recessionary’ economic impact of the 2008 banking crisis, which has seen Government’s in most effected countries running huge budget deficits since then.  The result is many millions of ordinary people around the World facing a significant decline in their living standards, the prospects of a prolonged period of unemployment and major cut backs in many of the public services they have previously relied on.

What are the Bankers doing? Conspiring to rob us ALL of even more money!

The £290m fine imposed on Barclays is a testament to the banks doing precisely that, following an international investigation. It is widely expected, including by both the Guardian & BBC, that similar large fines will soon be levied on a whole number of other banks including Citibank, and the RBS Group, illustrating the widespread nature of the rate fixing conspiracy and latest banking scandal. That Barclays aren’t the only ones ‘fiddling’, while millions of ordinary folk are being financially and in ever other respect ‘burned’ by the lot of them, one way or another.

Is it not time we just nationalised the lot of them without compensation? Is it not time we sacked all the existing Directors and top management, and run them all in the interests of the majority, rather than a small greedy minority? Just a thought!

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2 Responses to Barclays & Other Banks Fiddle While Millions Are Burned!

  1. Unfortunately Steve, just nationalising the banks, as with other forms of nationalisation does not solve the problem for ordinary people. ‘Nationalising’ puts things under the control of the ‘state’ and the state is controlled by the same elite political and economic class as the financial institutions. In any case many of the banks are already part-nationalised as it is. It is not just their ownership but their inter-connection and participation in the circuits of international finance capital markets, which is a large part of the problem. Unless that interface is removed from them it won’t matter who owns them whether fully or partially. Another problem is their consequent massive speculative debts. Those ‘odious debts’ would not be written off by nationalisation under the present sysrtem, however it becomes modified. Even a sensible capitalist government would fully nationalise the banks, refuse to honour the accumulated speculative debts, sack all the senior staff, end the bonus culture, which drives speculation and put the new ‘managers’ under strict regulatory control. This will not happen in the short term however, since the pro-capitalist politicians are as corrupt and fraudulent as their ‘buddies’ in banking. However, full nationalisation may yet have to be done as the crisis deepens, if the ATM’s are shut down and the banks close as they did in Argentina in 2000 to save the system from itself. In contrast, any anti-capitalist inclined governmental power would have to go further than this bourgeois solution and ‘socialise’ the banks, close down investment activities, place their functioning under the ‘direct’ control of ordinary bank staff and local customers with elected supervisory staff on ‘reasonable’ salaries. Only such a course of action would be a serious improvement on the existing lying, cheating ‘rip-off’.

    Roy Ratcliffe
    [See also ‘capital and the state’ and ‘capital and crisis’ at http://www.critical-mass.net

  2. Stephen Hall says:

    You raise some very good points Roy, not least that nationalising the banks by itself will not solve the problems ordinary people are facing. The mass of people obviously need to have control over the banks and other financial institutions and to be able to direct their resources in their own interests rather than the Capitalist class, since in the hands of the current state, nationalisation would be merely used to prop up an economic system which itself needs to be brought to an end. The only way ordinary folk are ever going to be able to take control of the banks and put them to work in their own interests is by them taking control of society as a whole.

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