Well, again, this is the part of the series on the ‘New Anglo-Democracy Model’, and as promised today we will just briefly outline the alternative model of a banking system, on par to full nationalisation.
The Idea was as a result of my discussion with a very radical socialist friend of mine, who seemed, as always, to be belligerent without cause or alternatives policies, so I set out to outlined my big banking idea on him and his local socialist party members at one of their public indoors meeting in the Midlands (Yes, they did not take it well, hah, they seem reduced more to anarchism with lost causes and empty ideas, than the actual pro-active intelligentsia old socialism).
Anyway, the idea is simple:
No need for privatisation of the existing banking sector, but rather create a ‘state’ run, that local government -run community banks, on parallel to the existing private banks.
These community-owned and run banks should only deal with the local public within its borders, and should be able to create a portfolio of external investments that to create wealth for their local economies and the local residents/citizens.
If this simple system is applied, then, without a doubt most people will choose the security of these public-run banks to the reckless riskier private banks. Yes, it will never happen. The powerful will never allow it. It is just unthinkable. Practical but Unthinkable and Unacceptable. Reality-check, I guess.
These banks will provide and conduct same activities and providing same services and products as any others, but with more social responsibility, ethical practices, accountability, openness, close scrutiny, honest book-keeping, absent of bonus culture and simply, reckless than the existing mighty private banks.