Revolutionizing the Banks
Chris Trotter writes that the Reserve Bank Governor Adrian Orr could be a ‘revolutionary’ by forcing the Aussie banks to hold more funds to cover liabilities in a crisis such as that of the big bust of 2008. Trotter thinks that this opens the revolutionary road of converting state guarantees into state share holdings. By increasing the state share on the installment plan the banks could be fully nationalized. Who knew that the state banker could have found the balls to outflank Labour on the left and give us the means to realise ‘democratic socialism’?