Roberto Grao
Citizens and workers in most European countries (Greece, Spain, Portugal, Ireland, Italy, and so on) that suffer the consequences of the current economic depression (unemployment increase, wages and salaries reduction, freezing pensions, and so on) are being forced by present governments to finance the losses of banks and savings banks that embarked on reckless financial adventures with our taxes through appropriate aids, guarantees, soft loans and even deliveries of capital sunk. Everything needs to avoid the bankruptcy and the negative consequences of saving loss by depositors.
Moreover, some top executives of those banks that have caused technical bankruptcy, which governments try to prevent its materialization and exposition, abandon the ship taking away millions of compensations and pensions, without being required no kind of responsibility for their mismanagement; serious and flagrant injustice.
Banks that have received those important aids only think of their own survival, capitalized them, and refuse to lend to small and medium enterprises and the self-employed, who are the ones with their decisions to undertake new businesses create the largest employment, and keep the productive economy characterized by the production and distribution of goods and services. In addition, these financial institutions with their negative attitude cause the closure and the disappearance of many small enterprises and the widespread recession in which we live.
I think it is time to affirm the failure of capitalism, especially the financial capitalism that produces an economy that benefits mostly speculators, not the entire society. I mean the failure of an unproductive economy for almost all citizens, even though some of them (the savers) benefit by the interests that financial institutions offer.
This finding makes me think that it might be appropriate something that the socialist defended previously and stopped doing it for many years: the nationalization of banks. This nationalization should be done with the agreement of the two major parties in Spain (PP and PSOE) so once came to power any of them could not abuse of their position against other people and those who would not think like them.
Many things can be avoided with that: the irresponsibility of executives who would become officials with specific and scheduled roles and responsibilities, the lack of credit to small and medium entrepreneurs and freelancers; exorbitant soft loan to large companies; arbitrary debt relief to parties, unions and any other entities, and so on. And many other benefits that would result in its practical development to society.
The views expressed in this article are the author\’s own and do not necessarily reflect The Times Of Earth\’s editorial policy.
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