Channel 4 News (UK) this evening gleefully opened by announcing that the Bush administration had implemented what the Communist had called for in the Great Depression, the nationalization of the banks.
A US commentator Ed Freeman (?) seemed sober enough but commented that he was fearful of how US government nationalization of the most dynamic culture of capitalism could be implemented without "snuffing out" the spirit of capitalism. Capitals fight between each other of course. It is clear now that the rest of capitalism cannot afford the risk of an unfettered finance capital sector that even once every eight years or eighteen years flips into chaotic paralysis. In that sense it has voted on its stock exchanges for the centralization and oversight of finance capital by the state. In that sense, when it really matters, the whole world is being taught that credit must be centralized. In 1848 the state did not have the variety of instruments to enforce its pressures, short of dictat. What has happened is social democratic rather than socialist, but it is still a step towards another of the demands of the Communist Manifesto "Centralization of credit in the banks of the state, by means of a national bank with state capital and an exclusive monopoly. " - yes not an exclusive monopoly, but increasingly it is about recognising that *world wide* there is no alternative to oversight of the credit of the world as a whole by a coalition of central banks. Chris Burford _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
