Banks should belong to the people

I AGREE with Gary Honer, national chair, Labour Youth, that the banks should be nationalised (Letters, November 22).

At present the people are being made to bail out the failed, greed-promoting free-market capitalist system which, even if it was rescued, would inevitably deliver another economic disaster after a period of reasonable prosperity for most, poverty for many and the negative social results of gross economic inequality for all.

We can only do away with this inhumane system when a large majority of the people really want to do so.

But in the meantime we can and should control and limit its worst aspects — especially the greed which drives it resulting in the corruption and “casino capitalism” to which Mr Honer referred.

Nationalisation would prevent the banks from engaging in reckless capitalism by limiting their role to taking in savers’ deposits for a modest rate of interest and lending at the lowest possible rate to individuals, small businesses, and for worthwhile community projects. Such a move would help also to control some of the excesses of free-market capitalism generally while providing a valuable long-term asset for the people.

Brian Abbott

Glencairn

Bishopstown Road

Cork