Socialist Worker

Who banks on bankers?

Issue No. 2335

Political pundits are rowing over whether to believe predictions that Britain is about to slip into an unprecedented triple dip recession.

The reality is that most of us never really saw the end of the first recession.

Real wages have fallen for years while services and benefits have been savagely cut. Meanwhile, the government and banks agree that the only way to end the crisis is to further extend austerity.

Both Tory and Labour governments have tried to convince us that such issues are above politics. They argued that the Bank of England should be removed from “political” accountability to governments.

This week economist Joseph Stiglitz, who is no Marxist, pointed out the idiocy of this. He said, “There is no such thing as truly independent institutions. All public institutions are accountable, and the only question is to whom.”

The truth is that if they are not under the very limited democratic control of an elected government they revert to acting in the naked class interests of the bankers.

This may sound obvious, but such is the dominance of neoliberal ideas in mainstream politics that no one else has raised it.

World leaders keep returning to the same failed solutions. Even when they do manage to restore profits it will be at our expense unless we fight the crazed logic of their system.

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What We Think
Sat 12 Jan 2013, 00:00 GMT
Issue No. 2335
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