Little Red Blogger

This blog looks at radical politics(with a libertarian socialist slant), music and culture. Marx to Mises, Girls Aloud to Steve Reich...

Location: Wiltshire, United Kingdom

Monday, February 28, 2005

British Banks and the Money Monopoly

Oh for a true free market in banking and credit...This of course is not going to happen in our current Capitalist system. Generally excessive profits in a market situation are an example of a lack of competition and of government favour granted to a corporation. In a true free market and not the current Capitalist sham of one we have at the moment profits of £9bn could not and would not exist. The effect of this on your average Joe is that he or she will get exploited and overcharged for use of the banks capital, if they can get access to the capital in the first place...

Banks such as HSBC are an excellent example of this, being private enablers of a government backed private monopoly on money. HSBC could not exist without state intervention and support and have rigged the system to continue this state of affairs into the indefinite future. This demonstrates the wider Mutualist point that Capitalism is a state created and maintained economic system designed to inhibit and pervert a true free market. Free the money monopoly and free the people!