OVER the course of this year, we’ve featured several articles that have briefly looked at the banking industry. These articles have usually focused on the enormous salaries and bonuses the fat-cats in the City ‘earn’.
However, it’s become clear that Solidarity Trade Union is going to have to take a deeper look at the banks. We need to examine the whole banking system to see what’s wrong with it. And we need to ask serious questions of the system. For instance, why do we continually have an economic cycle of ‘boom’ and ‘bust’?
Many trade unionists have a gut instinct that something’s wrong with the system. A perfect example of this is the news that earlier this month, Germany finally paid off the interest on loans taken out to the pay World War I reparations! The last 70 million euro (£60m) payment was made on Sunday 3 October – nearly 92 year after the war.
As our starting point, we feel that what is needed is a fairer banking system. The banks should be run as a service and not a money making exercise. Also they shouldn’t be allowed to charge interest on loans (usury).
Solidarity is a non-dogmatic free-thinking trade union. Therefore, we’d like to examine any and all ideas relating to the banking system. We’d also like to focus on practical alternatives to the banks like Credit Unions, the Islamic banking system, Zopas - 'zone of possible agreement' – and Local Exchange Trading Systems (LETS).
We’d particularly like to involve our members and supporters in this examination of the whole banking system. If you’ve any suggestions, questions or queries, please contact us at: [email protected]