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.