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We
need to take over the banks to bring order out of chaos and growth out of
stagnation. In future months we will be urged for the need to nationalise
loss-making financial institutions. We are not just interested in nurturing
losses. Those who incurred the losses can look after them – and that’s not us.
We need to take over the lot. We need to separate the fat cats from their wads.
We need to run the banks in our interests as part of a socialist plan. We need
to run them under democratic workers’ control and management. And we need to
start organising ourselves to do this now.
Imagine you have a known terrorist in your custody. He holds
the information that could be used to disarm a bomb. With this information you
can save the lives of thousands, perhaps millions of innocent people. But he
will not give you the information. What do you do?
The Roman Catholic Church and other religious bigots are demanding a
‘conscience’ vote for MPs voting on the embryology bill to regulate stem
cell research. Socialists may wonder why it has taken Labour MPs eleven
years in office to grow a conscience. In reality the bigots want the
right to blackmail Parliament and foist their prejudices on the rest of
us. Kenny McGuigan deals with the ethical and scientific arguments for
and against embryology research.
World stock markets are still reeling from yet another shock to the
system brought on by the so-called credit crunch that has enveloped capitalist
financial markets since last summer. The latest shock was the biggest yet.
The Chinese have a saying and curse – may you live in
interesting times. The financial crisis and credit crunch are certainly
interesting times. But how do these complex shenanigans impact on the real
economy?
We are experiencing a crisis in what is called the monoline
business in the USA where banks are set to
write down more than $200 billion of their assets. Kissing goodbye to all that
money brings a banking collapse so much closer. $2.4 trillion in loan
guarantees have been called into question.
