I believe the socialist parties used to have nationalisation of banks on their agendas, perhaps for this reason. So is it a good idea, bad idea or something else? A vote for PES is a vote for EPP! A vote for EPP is a vote for PES! Support the coalition, vote EPP-PES in 2009!
ie Public ownership of credit creation, with private operation, and with costs and defaults shared equitably.
Not far off what is going on with Bank of England and Northern Rock now, actually, except they haven't sorted out the equitable sharing bit yet. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
