Beyond the Halifax

 

What is happening now in the City and in the States sadly vindicates all that we Greens have been saying for so long about money. You cannot trust private banks with the money supply. Allowing these parasites to run the economy is like allowing vultures to run an aviary.

The demutualisations of the 80s and 90s are now clearly visible for what they were -- stupid short-termist profit grabs, at the cost of long-term financial security.

Your money is pretty much safe in a co-op, a mutual, a state-owned bank or a credit union. But if your money is with the robber-baron private-bankers, then watch out...

I had an account with Halifax, when I was growing up. It had a very small amount of money in it. When they demutualised, they closed down my account and simply confiscated that money.

That little episode tells you all you need to know about the 'ethics' of standard money-grabbing private banks.

The financial system needs to be re-regulated, part-nationalised and put on a sound long-term footing. Greens will always favour long-term security over short-term profit. One day, learning from bitter experience, the banking system will catch up with us.