Daily Times

Sir: Citizens and workers in most European countries who suffer the consequences of this current economic recession (increase in unemployment rate, wages and salaries reduction, freezing pensions, and so on) are being forced by the present governments to finance the losses of banks and save banks that embarked on reckless financial adventures with the people’s taxes through appropriate aid, guarantees, soft loans and even deliveries of capital sunk. Banks that have received this important aid only think of their own survival, capitalise them, and refuse to lend money to small and medium enterprises and the self-employed, who as a matter of fact are the ones that undertake new businesses and create employment and keep the productive economy going, characterised by the production and distribution of goods and services. In addition, these financial institutions with their negative attitude cause the closure and disappearance of many small enterprises amid the widespread recession in which we live.

I think it is time to affirm the failure of capitalism, especially the financial capitalism that produced an economy that only benefits speculators and not the whole of society. I mean the failure of an unproductive economy for almost all citizens, even though some of them (the savers) benefit from the interest rates that financial institutions offer. This finding makes me think that it might be appropriate to do something that socialists defended previously and have stopped doing for many years: the nationalisation of banks. Many things can be avoided with this step: the irresponsibility of executives who would become officials with specific and scheduled roles and responsibilities, the lack of credit to small and medium entrepreneurs and freelancers, exorbitant soft loans to large companies, arbitrary debt relief to parties, unions and any other entities, and so on. Many other benefits would result in its practical implementation to society.

ROBERTO GRAO

San Diego

Spain