State-owned banks or bank-owned state? Greenspan does apparent 180

[cyu]

Of course, it's not a real 180 - I'm sure the ruling class will remain in control whether the banks are nationalized or not. What he is backing is just a way to save capitalism from total collapse.

From http://www.commondreams.org/headline/2009/02/18-5

"The US government may have to nationalise some banks on a temporary basis to fix the financial system and restore the flow of credit, Alan Greenspan, the former Federal Reserve chairman, has told the Financial Times."

[Die Neue Zeit]

Emphasis on "some" and "temporary," which means that we need to argue, even on the level of reforms, "all" and "permanent."

[piet11111]

they take the banks in state hands screw over everyone that works there and fire as many of them as needed to make it profitable again and take over the bank's debt then sell them back to the previous owners at a discount.

[ckaihatsu]

they take the banks in state hands screw over everyone that works there and fire as many of them as needed to make it profitable again and take over the bank's debt then sell them back to the previous owners at a discount.


I've said it before, I'll say it again: If there's *no growth*, there's *no future* (for capital) -- attempting to turn everyone into de facto monarchy loyalists by burdening taxpayers with the financial losses is just *begging* for a worldwide revolt, as is already underway in Guadeloupe and scattered other places.

For finance lords like Greenspan to have to play the populist card and urge the 'nationalize banks' swindle -- instead of regular, everyday extortions -- or even for them to have to use the explicit terms of 'capitalism' and 'socialism' means that they're having a real "oh shit" moment...! Greenspan's invoking of special protection for senior debt signifies a profound crisis for the capitalists -- now they're doing triage in the operating room of the Titanic as it goes down...!


Chris





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