Tinkering Had To Stop

Brown and Darling: The First Step

It was bolder than many of us expected. Give Gordon Brown and Alistair Darling some credit but its a pity they are so reluctant to exert public control.

Because it is clear to everybody that the banks cannot be relied upon to act in the national interest, part nationalisation is second best to proper democratic control - in the long-term, not just in a crisis.

The issue is not saving bankers but providing a reliable service to all members of our communities.

The Next Step

Stabilising the banks is only the beginning. Without delay, the challenges in the wider economy must be addressed. There is no need to 'wait and see', which has made the situation so much worse with the Bank of England's dithering on interest rates.

A minimum of £500 Billion (Stage I) must be made available to support employment and housing. Keeping people in work, and in their homes, is the key to economic stability and enhanced quality of life. This should be announced, along with a .50% cut in interest rates.

Persisting recession is not inevitable but avoiding it cannot be left to the market forces which have got us into the current difficulties. It is likely that it will require 4 stages (4 x £500 Billion), with proper planning and democratic control, to restore growth and prosperity.

Greater equality, green energy creation, adressing poverty here and internationally, must be the priorities of the evolving programme.

Policies For Funding

Funding the 4 stages, and paying back what the government borrows (including for the commitments already made) requires radical policy changes.

These include cutting expenditure on defence (e g wars and Trident) and introducing a tax system to increase government income from the wealthy.


There is detail on the above in Capitalism in Crisis: A Socialist Solution available on ebay, or from D J Kyte, Flat 27, No 1 Parkhill, Moseley, Birmingham (£4, including p&p).