[Marxism] Government Debt Purchases in EU

Steve Palmer spalmer999 at yahoo.com
Wed Mar 11 09:37:10 MDT 2009

--- On Tue, 3/10/09, Lüko Willms <lueko.willms at t-online.de> wrote:
>    BTW, it shows that the demand to _nationalise_ the banks
> and merging 
> them to one public bank should be a central demand of the
> working class 
> movement. 

I completely disagree: 'Nationalisation' seems to have been raised to the level of an shibboleth. There is nothing socialist about it: nationalization is just an attempt save the capitalist banking system at public expense. The debts just get handed over to the state to pay off (ie at working and middle class expense) while the bank is recycled back into the private capitalist system. The state is expected to 'compensate' ie pay off the shareholders simultaneously. It is an attempt to preserve the capitalist class, not destroy it. Marx railed against Prussian 'state socialism'. Lenin remarked: 'state monopoly in capitalist society is merely a means of increasing and guaranteeing the income of millionaires in some branch of industry who are on the verge of bankruptcy.' This seems to be completely confirmed by the experience in Britain, where the state has nationalized most of the banks.


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