Miliband Clutches at Banking Straws

EXTRACT: The plain fact of the matter, and something both communists and Boris Johnson can agree on, is that the sole and overriding function of the City is to make money - there is no other reason for its existence. Therefore money will be made by any means necessary or possible: ethics need not apply. But for that to happen capitalism needs constant access to credit, whether it be “predatory” and parasitical finance capital or productive capital sectors like transport and manufacturing. Ultimately, Barclays Bank is no more or less immoral than your local haulage company trying to maximise its profits and Bob Diamond is no more or less a ‘wealth creator’ than any other capitalist - all of them are nothing of the sort.
Obviously, for communists, the capitalist system is by definition a global international order and hence can only be challenged and overcome on a world scale - to peddle any form of national socialism is an objective crime against the working class. Logically meaning that we do not bovinely call for the nationalisation of every fish and chip shop or cafe selling Devon cream teas. However, we also believe that under certain concrete circumstances, calls for nationalisation are apt and progressive. The point is that in the here and now banking, just like healthcare or the natural utilities (water, electricity, gas, etc), needs to be taken immediately out of the realm of profit-making in order to ensure its role is that of a service.

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