Do not be confused about what they are doing.

In times like these with momentous events it is easy to get confused. One way to try and avoid this is not to get caught up too much in the details. Reading the serious big business press threatens to confuse anybody. This is because they are having to report doing something they do not want to do and which they want to hide from the mass of the population. 

They, that is the capitalist class, brought their system to its knees. Its financial system has seized up. The world economy is heading for a deep slump. They are panicking. So what are they doing. they are using government money, that is the taxes we pay to bail themselves out. The Wall Street Journal October 14th. writes: " The US government is expected to take stakes in nine of the nation's top financial institutions..... During the financial crisis the government has steadily increased its involvement in financial markets, culminating with a move that rivals the breadth of the government's response to the great depression. It intertwines the banking sector with the federal government for years to come and gives tax payers a direct stake in the future of American finance including any possible losses."  Speaking about the international bail outs the same paper says: "In essence, governments are making massive bets on the futures of their banking systems....It is incredibly risky." 

What is happening is that the owners of the financial institutions have bankrupted their financial system. In the process they made billions and they still have this. Over this period of time taxes on the rich and corporations were reduced dramatically so talk of the government bailing out institutions is really talk about working class and middle class peoples taxes bailing them out. 

What is out alternative. We reject the government buying shares in the financial institutions, we reject them pumping money directly into the financial institutions. These and all their other methods are just ways of taking our money and bailing out the banks and financial institutions. We reject these. 

Here is our alternative. It is simple. Take over all the financial institutions profitable and non profitable. This does not mean take over peoples deposits. It means take over the financial institutions in which people have their deposits. 

We are not in favor of buying these institutions. We are in favor of taking them over. The people, the class, that have owned and run these institutions have run them into the ground and have dragged the world to the edge of an economic precipice. They have forfeited all right to own or run these institutions and society. 

Compensation? We are only in favor of compensation on the basis of proven need. This means that where there are low or middle income people with a few shares in a financial institution and this is their sole source of income on which they depend they they would be compensated. Peoples bank accounts would be guaranteed, union and pension and retirement funds in these institutions would be guaranteed, but the institutions themselves would be taken over with no compensation except on the basis of proven need as explained. Decisions on what was proven need would be made by elected committees of working class people. 

The nationalized financial institutions would no longer be run by the criminals of Wall Street and their class. They would all be kicked out. Nor would it be run for profit. The new nationalized banking system would be run by democratically elected committees of working class people and it would be run in the interests of improving the lives of all working people, a better health care system, a better education system, a program of public works to build roads and bridges, affordable homes, hospitals, schools and to clean up the environment and to build a sustainable economy. All jobs created would be union and at union rates and benefits. 

This is our alternative to the bail out and to all the bail outs around the world where money is being shoveled into the coffers of all the financial institutions. 

Two things to note in this crisis. One they said there was no money for health care, education and all other needs. But when their system is collapsing they can find trillions to bail it out. Never again must we believe there is no money for working peoples needs. It is a lie. Two, look at how quick money not only can be found but also moved around to solve the problems of the financial institutions but it can never be found never mind moved to solve working peoples problems. 

We have to build a movement that can fight. The world has been run by this profit addicted money mad class for too long. We are for building a democratic socialist economy and society. Contact us. They will be coming after us to pay back for all their bail outs. Our living standards will be the target. things will never be the same again. we are at the end of an era. You cannot afford to stand by and not be involved in the new movement that has to be built. 

Sean.