For The Mother Land
Almost half a century ago, the United States was fighting what became known to be the Cold War, espousing liberal democracy and free capitalism. Twenty years after the Cold War ended, the U.S. is now endorsing what it once fought, resulting in a lot of resistance to the growing movement to nationalize banks.
The markets are down, companies are going bankrupt and homes are being foreclosed. It seems that the news keeps repeating itself. With the first stimulus plan having already been put into action, it appears that more drastic measures have to be taken, such as the nationalization of banks.
Firstly, it should be said, that the idea of nationalization is not as alien as one would suppose. Many of the smaller banks that exist today have only been able to survive because of bailouts from the U.S. government. In return for the money supplied, the government gains a part ownership of the bank, equal to the value of the money supplied. Sounds familiar? That’s because this is the principle upon which corporate mergers and stock market trades take place. Add that to the fact that many of the larger banks have only been able to retain their customers because of a Federal guarantee on all deposits, and nationalization is as American as Football (American Football, not the real football many here call soccer). Read more…
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