Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: https://www.socialistparty.org.uk/issue/502/3125

From The Socialist newspaper, 20 September 2007

Nationalise the banks

Make the bankers pay

As panic spread that the building society Northern Rock was about to collapse, thousands of people queued overnight outside its branches to withdraw their hard-earned savings. Well over 2 billion has been withdrawn.

Hannah Sell, Socialist Party deputy general secretary

This is the worst banking crisis in Britain for more than 30 years; but it is only the tip of the iceberg. The Chancellor, Alistair Darling, has been forced to step in and guarantee the deposits of all those who bank with Northern Rock and "any solvent financial institution" because the government is terrified that the disaster will spread.

However, it is not those who are withdrawing their savings from Northern Rock, as a result of understandable fears, who are responsible for this crisis, which, in reality, stems from the chaotic, unplanned nature of modern capitalism.

In the last five years the profits of the super-rich have grown to unimaginable levels. Last year the bonuses of the City fat cats grew by a quarter to an incredible 26.4 billion - more than the country's entire transport budget.

The City and finance sectors' mega-profits have been based on utterly blind, short-term gambling, with no thought for the consequences other than how to maximise their bottom lines. Northern Rock has been hit hardest because it was particularly reliant on gambling on the money markets - for 70% of its funds - but all the banks and building societies are vulnerable. Barclays has twice had to go to the Bank of England for emergency credit in the last two months.

However, it will not be the banks' chief executives that pay the price for a further development of crisis. As ever, it will be ordinary mortgage and credit-card holders, savers and bank workers who pay the price.

The government has responded by underwriting Northern Rock in order to allow another rapacious high-street bank to buy up what remains of it at a bargain-basement price.

We demand that the major banks and building societies are brought into democratic public ownership with individual savings guaranteed. However, there should be no pay outs to the billionaire fat cats; compensation should be paid to shareholders on the basis of proven need.

Instead of being run for the profits of a few fat cats who are prepared to endanger the entire economy to maximise their short-term profits, the banks should be run in the interests of society as a whole.

We say:

Donate to the Socialist Party

Coronavirus crisis - Finance appeal

The coronavirus crisis has laid bare the class character of society in numerous ways. It is making clear to many that it is the working class that keeps society running, not the CEOs of major corporations.

The results of austerity have been graphically demonstrated as public services strain to cope with the crisis.

The government has now ripped up its 'austerity' mantra and turned to policies that not long ago were denounced as socialist. But after the corona crisis, it will try to make the working class pay for it, by trying to claw back what has been given.

  • The Socialist Party's material is more vital than ever, so we can continue to report from workers who are fighting for better health and safety measures, against layoffs, for adequate staffing levels, etc.
  • Our 'fighting coronavirus workers' charter', outlines a programme to combat the virus and protect workers' living conditions.
  • When the health crisis subsides, we must be ready for the stormy events ahead and the need to arm workers' movements with a socialist programme - one which puts the health and needs of humanity before the profits of a few.
Inevitably, during the crisis we have not been able to sell the Socialist and raise funds in the ways we normally would.
We therefore urgently appeal to all our viewers to click here to donate to our special coronavirus appeal.

In The Socialist 20 September 2007:

Nationalise the banks

Economy hits a rock

Crisis will hit north east jobs

Time for a new party


Socialist Students

Fight for a living grant

What do youth think?

Student Socialist: Issue 5 out now!

Studying on a low wage

Flexible hours? Suits you sir!


Socialist Party NHS campaign

NHS: Our message to Labour

Swansea - no more cuts for cash


Socialist Party news

Victory! Campaign saves nursery

Medway schools

Lobby demands asylum for Sadiq


Socialism 2007

Socialism 2007

Make Socialism 2007 an unforgettable weekend


TUC Conference

TUC conference: Workers defy Brown

Linking the struggles together


International socialist news and analysis

Egypt: Worker militancy shows pressing need for political voice


Socialist Party review

Consumed: How markets corrupt children, infantilise adults and swallow citizens whole


Workplace news and analysis

Remploy workers fight for jobs

Defend the Burslem 12

CWU: Further national action discussed


 

Home   |   The Socialist 20 September 2007   |   Join the Socialist Party

Subscribe   |   Donate  




Related links:

Nationalisation:

triangleLabour leadership contest and public ownership

triangleNo free ride for the airline bosses - nationalise Flybe now!

triangleThe private sector will never provide broadband to every home, nationalisation will

triangleLabour's manifesto: fight to transform hope into a socialist society

triangleBroadband: privatisation has failed to deliver, time for a socialist plan

Banks:

triangleThem & Us

trianglePrince Andrew outrage exposes establishment

triangleKarro Foods victory Hull

triangleWhat lies behind the US-China trade war?

Northern Rock:

triangle10 years since the financial crash - the socialist answer to capitalist crisis

triangleTories flog bank assets to hellhound US profiteers

triangleThem & Us

Capitalism:

triangleCapitalism means empty shelves, food insecurity, and soaring profits - the case for a socialist alternative

Reports and campaigns

Reports and campaigns

2/4/20

Royal Mail

Collective action becoming necessary to ensure safety and vital deliveries

1/4/20

Bus

Bus drivers halt sackings - now restore our pay

1/4/20

Children

Fully fund hospices to care for vulnerable children

1/4/20

Coronavirus

Help us continue to fight for workers and socialism

1/4/20

Socialist Party

Building the Socialist Party

1/4/20

CWU

Postal workers walk out over health, safety and junk mail

31/3/20

Coronavirus

Fight for safety, staffing and services - Covid chaos for benefits claimants

31/3/20

Northern Ireland

Bosses concede to walkouts in Northern Ireland

31/3/20

Bin workers

Refuse collection workers strike

31/3/20

Hull

Hull construction workers force bosses to shut down site over health and safety fears

31/3/20

Coronavirus

Key workers should make bold demands

31/3/20

Coronavirus

Self-isolation class divide: decent homes for all!

31/3/20

Leicester

Leicester: Nylacast worker exposes truth

31/3/20

PCS

More than ever, we need accountable union leaders

31/3/20

Coronavirus

Councils must use resources now for emergency response

triangleMore Reports and campaigns articles...


Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party
Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

LATEST POSTS

CONTACT US

Phone our national office on 020 8988 8777

Email: info@socialistparty.org.uk

Locate your nearest Socialist Party branch Text your name and postcode to 07761 818 206

Regional Socialist Party organisers:

Eastern: 079 8202 1969

East Mids: 077 3797 8057

London: 07748 534 891

North East: 078 4114 4890

North West 079 5437 6096

South West: 077 5979 6478

Southern: 078 3368 1910

Wales: 079 3539 1947

West Mids: 024 7655 5620

Yorkshire: 077 0671 0041

ABOUT US

ARCHIVE

Alphabetical listing


April 2020

March 2020

February 2020

January 2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999