Novelist. Author of APSARAS and tales from the beautiful Saigh Valley. First person to quantify spiritual values.

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Friday 14 June 2013

RBS: The peoples Bank?

Stephen Hester has gone; the banker and former trader has returned the RBS bank to respectability after five years but has now been dismissed for wanting to retain the investment arm against the Government's wishes. Hester reckoned that by retaining the 'casino' banking offshoot he would retain his big corporate customers.
The Chancellor, George Osborne, wants to return the bank to the public sector as soon as possible and feels that the public interest would be better served by further selling off of assets including the investment arm. Good! There are enough of these sorts of banks, hedge funds etc and the Country doesn't need more. What we do need, however, is a bank owned by the people for the people. RBS is 82% owned by the public, already. If it's making money, don't sell it, keep it and fill the treasury coffers not only in the short term but for ever. Introduce ethical banking, lend to small businesses as they've been advocating for the past three years, provide mortgages for a wide range of customers and thereby mould the housing market to better suit the nation's needs.
We have to recognise, in the new world, that the Capitalist way has probably run its course and new ways of running the economy which doesn't polarise wealth so dramatically is needed to avoid widespread public disorder. I believe the first step is to nationalise the banks because nobody could have predicted at the beginning of the industrial revolution, say, how huge and influential the big Banks have become. With profits greater than the GDP of some countries, they have to be reined in.

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