Banksters are “socially-useless” shocker!

Lord Turner is the head of the FSA (that’s the Financial Services Authority, not the Food Standards Agency).

If the Tories win the next election, he’s toast and so is the FSA which will be abolished, its powers returned to the Bank of England.

So that’s probably why he’s giving strong views on taxing banks – the kind of talk that gets frozen out of polite society in the City, I expect.

The kind of reforms Turner suggests could save the capitalists from their chaotic system – but would hurt them in the short term by imposing costs to implement the regulation of apparently speculative or dangerous activities.

Transnational corporations are lobbying against proposed EU regulations on derivatives which would require deals to go through a clearing house.

In the UK, however, there’s nothing tough planned for the transnationals. The government might be talking up food sovereignty, the transition to low-carbon manufacturing, and so on, but there’s no plan to put the casino-capitalists on a diet.

Response to Turner’s views are revealing:

The Chancellor, Alistair Darling, asks what would replace the City as a source of employment and tax revenues. So, at least he’s willing to consider alternatives if laid out before him.

The Shadow Chancellor has remained silent. For obvious reasons. No one would believe a Tory Chancellor would crack down on big business.

London’s buffoonish Mayor, Boris Johnson, is perhaps the only UK politician willing to leap to the defence of the City.

An unnamed London banker is quoted in the FT as saying “It is just illogical to want to shrink one of your most important industries,” unless it happens to have led to the destruction of all your other industries, I suppose… He goes on to say: “If you want to turn London into a Marxist society, then great.”

Yes, comrade. Great! Full marks for hyperbole.

“Saint” Vince Cable of the Lib Dems has welcomed what Turner has said, stating that that “competitiveness” arguments cannot be used to defend the status quo:

“If you are engaged in behaviour that is dangerous to the wider British economy, it is right some sectors may have to contract,”

However, Nick Clegg, the Liberal leader, has said that taxation would be unworkable as a way of shrinking the City as global agreement would be required.

It was interesting to observe President Nicholas Sarkozy of France revealing his tough plans for reform to bank remuneration – which will only be implemented if there’s a global agreement. Which in political terms, is a win-win deal. If the rest of the world says non, he wins; if the rest of the world says oui, he wins.

What changes do I suggest, then?

Well, given that the financial services sector could not exist without the taxpayer support that has been given, the government should ensure that restructuring takes place with the following modest reforms:

* Voluntary redundancies only, and terms and conditions respected for the pay and pensions of bank staff on low- to middle-incomes. Workers in the financial services industry should not be made to pay for the greed of their employers.

* Executive pay, pensions, and other benefits should be capped at all financial institutions – even those in which the government has no shareholding. If executives want to flee elsewhere, let them – there are plenty of talented people willing to take their place and be justly rewarded.

* To prevent future banking crises, the nationalised banks should be mutualised rather than be privatised. Mutual financial institutions – the credit unions, building societies, and Cooperative Bank – have served their members/customers and behaved responsibly.

8 Responses to “Banksters are “socially-useless” shocker!”

  1. despicable Says:

    “Individual effort” under capitalism was rewarded during the early stages of capitalism! The era of rugged individualism no longer exists except in the eyes of those that are too blind to see. Those that choose to not see clearly is like an infatuated lover that refuses to see that what they are obsessed about has changed from what it was to what it has become.
    Capitalism is in our modern era, a global oligarchy that needs to grab world resources on a very large scale so as to stay competitive inside the world market.
    Competition has eliminated those that did not have the resources and were not able to acquire the resources that would make them competitive in the arena of large and hungry sharks. Those that are not blind will see that this fierce competition has resulted in a concentration of capital where today 10% of the total amount of people that own for a living own 90% of the worlds wealth, and 1% own half.
    We live in an era of capitalism that if you want to survive and be able to compete you must surrender your individuality and become a cog in a giant multi national corporation, cartel or conglomerate. … The small individual enterprises are disappearing along with the mom and pop stores.
    The middle class is rapidly disappearing as capitalism enters the stage of “Global corporatism” .. and multi national capitalism.
    As a number of workers and former middle class business types are priced out of the market place and out of the system of capitalism they will have no other alternative then to rebel against this oligarchy and put into place a planned economy that will serve the entire world community.

  2. 16sd Says:

    Do you think that our country needs the FSA, or are we better off handing all power to the BOE?

    My website:

    • despicable Says:

      My far out belief is that the “Nation State” economicaly and in every other way is no longer capable of acting in a rational way so as to be a positive force in the world.
      What is needed at this point in time is a “Global Entity” that is interested in furthering not the “National Interests” of what exists on the planet, ….but rather, the global interests, economically and politically without discrimination. All of the basic needs of the environment, and of the people, on this planet should become the recipients of a planned global oriented economy, driven by lndividual need and not by profit.
      The world banking system and the United Nations, as it is now organized to assist national capitalist interests are incapable of a world outlook that is necessary to save the world environment and the people within that environment.

  3. Robert Says:

    Well according to Labour the Banks will make the UK great again, insurance will save the welfare NHS and anything else including pensions.

    Farming will make the UK great because we will all end up working on the land like we did before Labour came to power, we need farming now as we lose our manufacturing battle. so we can grow our own food cheaply as we all work for food.

    Bing on the Tories if only to get rid of Brown.

  4. despicable Says:

    “Fascism” is the dictatorship by the capitalist class!! When capitalism decides that their class interest is threatned by those that work for a living,… they eliminate all pretense of democratic free speech. free assembly, civil libertys. ..All constitutional guarantees are put on hold so as to keep the capitalist class from being overthrown by the working class. and establishing a dictartorship of the workers. This they believe is necessary so that the capitalist class could not come back to power with a counter revolution.
    The working class has a vested interest in overthrowing the capitalist class and taking over the means of production by eliminating the private market and establishing a planned economy that is designed to satisfy the basic needs of all the people without discrimination, rather then satisfy the appetite of individual capitalists that had exploited workers for generations by owning private property.
    Private Property, was aquired in the early days, by the conquering of weaker tribes and grabbing their land. Those that profited from owning land profited because of the exploitation of chattel slaves, share croppers and feudal serfs. …
    After the industrial revolution owners of factorys, mines and mills, got rich profiting from the exploitation of cheap labor.
    People that own for a living, have only land, factories, mines, mills and stores. None of these investments by owners is creating new value, until a decision is made, to create new value. New value is only created by the purchase of people that are willing to work for a wage. The worker creates value, and that value is measured by the amount of necessary time that is spent by that worker in the creation of that thing of value. That value could be exchanged for value that has an equal amount of socially necessary time attached to it.
    Because the worker that created a thing of value, receives value in the form of a wage, that is much less than the value that he or she created as a worker.
    The amount of value produced by the worker and not received by the worker is the amount that was stolen by the owner from the worker.
    The evidence of this grand theft is the fact that due to this exploitation of labor power all over the world, the workers had and have been encouraged to organize as a class, so as to receive more of that pie known as the gross national product.
    This thievery by the private sector is a form of stealing that overshadows every other kind of massive stealing!
    Taxes is not thievery, as some ignorant individuals would have you believe!
    The Government that has the responsability of maintaining social order so that the society can run without disruption, must collect taxes to pay for what is necessary to maintain order and promote the general good!

  5. landsker Says:

    Within the division of labour, there are those (arrogant little shits), who wish to wear gold and diamonds, live in immense palaces, and to be fed with only the finest food.
    Which naturally creates a need for workers “willing” to supply such luxuries, often under the threat of starvation or violence.
    Equally, there are those within the military who see their life`s career as one of organising armed responses to political situations, simply because without armed conflict, they would have no career at all.
    Will it change, and how… might be the question we need to adress from many perspectives.

  6. despicable Says:

    What will happen will happen because it is the only thing left that can happen!

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