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A Vision for a Productive Financial System in Britain The government and its regulators are still unwilling to control the greed of bankers who depend on taxpayers to guarantee the viability of the banking system. The failure of workers to advance ideologically has led to the dominance of neo-liberal capitalism. With it came a clear programme to free capital from sovereign democratic control and to institutionalise the change throughout the world. The World Bank and the International Monetary Fund set out an explicit set of rules: to borrow capital a country must dismantle its public sector, privatise and open its economy to capitalist multi-nationals. 'De-regulation' has meant opening the banking sector to speculation with the government and the Bank of England eventually forced into acting as a safety net. An alternative financial system, controlled by workers, is possible. Savings and production surpluses can be used for investments in technological and social development. The new development banks created in Latin America, which now reject the privatisation and cuts agendas of the IMF and world banks, show how this can be done. Workers must regain democratic control of finance. The first step must be to break the hold of the speculators by preventing the government from cutting spending to bail out the financial black hole.
Control of the movement of capital must also be restored. Capital is created by labour power and does not belong to financiers. The bankers must pay for the public debt by taking their assets into public ownership as part of a national plan for production and full employment. Ultimately, money is labour power made active. Workers do not need capitalism. We need to take power and control our resources. We can then mobilise our labour and creativity both nationally and in cooperation with other countries where workers are in control. Download the full article