On 9/3/2010 5:08 PM, Angelus Novus wrote:
> "Consequentially, the demand is raised to push back the power of corporations, which is to be realized inter alia through the nationalization of private banks (11) and structurally decisive large enterprises (9). However, during the financial crisis, the state-owned Landesbanken did not cut a better figure than the private banks."
>
> It's like American leftists are so used to the deeply rooted fake anti-statism of the U.S. right-wing, they assume that's actually how capitalism functions globally. Really, a call to nationalize the banks in Germany is some really weak tea. Being a public bank didn't stop the Landesbank Sachsen from also partaking in that sweet,sweet securitized real estate debt coming from the United States.
Socialization of finance can have its intended effect, but only if it's comprehensive. All financial liabilities of all producing units have to be owned in common and part of the system (which has never been done before, I don't think). One could argue that that would effectively mean the end of capitalism, or one could argue the contrary, but clearly public banks competing with private banks (or mutual funds or whatever) is a model with no point to it.
SA