Look at what the left in Australia has learned about privately owned banks:
Under capitalism, competition leads naturally to greater concentration of ownership and market domination. And the objective of each competing capitalist enterprise, in engaging in such competition, is to increase its profits.
The obscene inequalities that have arisen through this process are just one issue. The bigger problem is that these giant banks — unashamedly running on the principle of insatiable profit greed — are using the collective savings of our society (and bad debts the public may one day be expected to “socialise”) in a totally irresponsible way.
Instead of directing these funds to the urgently needed transition to renewable energy, to public transport, health, housing and education, they are directed to expanding dirty coal and other fossil fuel industries, to enriching mining magnates, and to destructive speculative ventures.
Our society cannot afford to have these decisions carried out on the basis of what makes the big four the most profit. This is why, as socialists, we say: nationalise the banks and democratically run them in the community interest.
