Tuesday, 3 July 2012

Bob diamond gone but this is about more than one bad apple

As Bob Diamonds resignation news still filters through and the cheering from liberal quarters continues I am acutely aware that this is just one man, yes one man who was powerful don’t get me wrong and a very wealthy one at that but he was by no means the sole problem from our banking crisis or the global financial crisis in capitalism. Bob Diamond was just one apple in a rotten apple cart the whole system is corrupt and systemically bankrupt.

It’s the system of capitalism today which should be under the spot light not Bob Diamond. By focusing on one individual we miss the picture.

As Marxists we don’t just look at one still photo we look at the motion picture of the coming in to being and fading away and the causes behind these changes.

The pressure from other shareholders on Bob Diamond was very telling this had a quantitative change when their share price plummeted on Monday something had to happen to stem this decline. Bob our good friend was the one to be sacrificed. But those liberal types and some very naive characters in our movement think this is it a reason to celebrate. I don’t. I think Bob is the symptom not the cause. Bankers are just one part of this crisis no doubt it was their wreck less gambling which got us into this position but it wouldn’t have been possible without deregulation of the banking sector over decades by Tory and labour governments alike.

An enquire which many bourgeois commentators are calling for even Ed Milibland is calling for one jumping on the popularise opportunist band wagon only a guy like Ed can even Ed can’t miss this open goal to score political points. But his so called enquire would not look too favourably on his labour party either they were in power for many of these deals and over saw the biggest economic crash since the late 20’s.

What we need is a large scale nationalisation of all of the banks. Bringing into full proper public ownership under workers democratic control. With measures to see about compensating those who the banks have faded and paying compensation to investors on basis of need. Which at present looks like very few. Some very rich individuals have made a quick buck out of the financial sector in this country and around the world. It’s time that wealth was in the hands of the many not just the few.

Capitalism is rotten here Bob Diamond too but do not let one man deter us from tackling the bigger beast and removing this corrupt system from our lives and freeing millions of people from the grip of the millionaires.

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