Three cheers for old socialism (A Canadian Perspective)

I suppose Stéphane Dion thought he was delivering a knockout blow when he hit out at Jack Layton for championing “old socialism.” Funnily enough, the raging crisis in world finance is revealing the merits of public ownership, the distinguishing socialist characteristic. Eminent authorities, no socialists, are suggesting than rather than give over $700 billion to American banks in need of liquidity, in exchange for bad mortgage debt, the U.S. government should be taking ownership positions in the banks. The best guess is that the U.S. banking bailout will not restore normal lending. After all why should the U.S. government expect that a crisis aided and abetted by easy money could be solved by adding yet more easy money?

 

Read the entire article by Duncan Cameron, who even quotes Karl Marx!!

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