imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Calendar Publish RSS
latest news
best of news




A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List


IMC Network:

Original Cities africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech

Surviving Cities africa: canada: quebec east asia: japan europe: athens barcelona belgium bristol brussels cyprus germany grenoble ireland istanbul lille linksunten nantes netherlands norway portugal united kingdom latin america: argentina cmi brasil rosario oceania: aotearoa united states: austin big muddy binghamton boston chicago columbus la michigan nyc portland rochester saint louis san diego san francisco bay area santa cruz, ca tennessee urbana-champaign worcester west asia: palestine process: fbi/legal updates process & imc docs projects: radio satellite tv
printable version - js reader version - view hidden posts - tags and related articles

Financial Injections Ensure the Assets of the Rich

by Leo Meyer Tuesday, Nov. 18, 2008 at 7:12 AM

The money must be taken from those who profited from the past financial system. Thus a tax reform must be on the agenda. A state investment program is also urgently necessary. The past growth model of global capitalism is in a structural crisis. A new economy is beyond profit.


Chavez and Morales can only dream of bank nationalizations as in the US and Great Britain

A Conversation with Leo Meyer

[This interview published in: Junge Welt, 10/21/2008 is translated from the German on the World Wide Web, Leo Meyer is the acting chairperson of the German Communist Party (DKP).]

Q: There is no alternative to the bailout package over 500 billion euro for the German banking sector, decision-makers claim. What is the opinion of the DKP?

Leo Meyer: The minister of finance says the fire first has to be put out quickly and we’ll take it from there. Otherwise there will be an extensive fire that will also threaten the banks. The arsonists use extortionate means to whip through the “bailout package” in a flash without great public debate. The assets of the rich and stockholders will be secured at the taxpayers’ expense. At the same time the fire is put out with oil. Federal German loans are made to enliven the financial markets and – as Deutsche Bank urged – “provide the market with safe investment instruments.” After the bursting of the real estate bubble, owners of financial assets are now offered a new field for profitable financial investments. Taxpayers, the unemployed, pensioners and students should now pay for the increased state indebtedness with higher taxes and cuts in social spending.

Q: Isn’t this Wall Street socialism the opposite of socialism, as some commentators say?

Meyer: Wall Street socialism would be a strange socialism. Big banks in the US and Great Britain are nationalized to an extent Hugo Chavez and Evo Morales can only dream. But unlike Latin America, the profits of the rich are guaranteed and losses are socialized in the US.

Q: Why does the German way emphasize partial nationalizations?

Meyer: Whether partial nationalizations or direct capital injections, all the governments move in the framework of the agreements of the G7 states. The states supply the banks with capital without meddling in business affairs or gaining a majority share. Here and there the principle is the same: the state gives money but keeps out of company policy. When assets are saved, they are re-privatized.

Q: What does the DKP propose?

Meyer: Obviously the money- and credit flow must be secured. A public stocktaking is necessary. Every euro must be subject to a public control. Secondly, the money must be taken from those who profited from the past financial system. Thus a tax reform must be on the agenda: property tax, raising the top tax rates and progressive taxation on high incomes, assets and profits. If a five-percent millionaire’s tax were levied on the 800,000 millionaires in Germany, 100 billion euro would be raised annually. While money is there for the bailout package, a state investment program is also urgently necessary. Socializing losses is not enough. The banks should be nationalized.

Q: What do you mean concretely?

Meyer: In all financial institutes, initiatives to control and monitor transactions should be introduced. Credits should be awarded for investments in the real economy, not to turn new speculative wheels. The funds must target the reorganization of the production- and consumption-model toward environmental- and human sustainability.

Q: Is society really ready for the system question?

Meyer: All this is up for debate. With the financial crisis, a whole ideological, political and economic conception breaks down. The past growth model of global capitalism is in a structural crisis. Battles must focus on a new economy beyo0nd the profit logic and cannot only be defensive.

Q: Shouldn’t the left raise the system question more clearly?

Meyer: The whole left, not only the German Left party, must develop socialist conceptions. These must not be abstract but bound with concrete alternatives. The rich must pay. The nationalization of the financial sector could be a starting point for social struggles. Efforts to put bank managers behind bars are not helpful. This diverts from the error in the system.

Report this post as:

Local News


lausd whistle blower A10 11:58PM

Website Upgrade A10 3:02AM

Help KCET and UCLA identify 60s-70s Chicano images A04 1:02PM

UCLA Luskin: Casting Youth Justice in a Different Light A02 11:58AM

Change Links April 2018 A01 11:27AM

Nuclear Shutdown News March 2018 M31 6:57PM

Join The Protest Rally in Glendale on April 10, 2018! M29 7:00PM

Join The Protest Rally in Glendale on April 10, 2018! M29 6:38PM

Spring 2018 National Immigrant Solidarity Network News Alert! M19 2:02PM

Anti-Eviction Mapping Project Shows Shocking Eviction Trends in L.A. M16 5:40PM

Steve Mnuchin video at UCLA released M15 12:34AM

Actress and Philanthropist Tanna Frederick Hosts Project Save Our Surf Beach Clean Ups M06 12:10PM

After Being Told He's 'Full of Sh*t' at School Event, Mnuchin Demands UCLA Suppress Video M02 11:44AM

Resolution of the Rent Strike in Boyle Heights M01 6:28PM

What Big Brother Knows About You and What You Can Do About It M01 3:30PM

Step Up As LAPD Chief Charlie Beck Steps Down F14 2:44PM

Our House Grief Support Center Hosts 9th Annual Run For Hope, April 29 F13 12:51PM

Don’t let this LA County Probation Department overhaul proposal sit on the shelf F13 11:04AM

Echo Park Residents Sue LA Over Controversial Development F12 8:51AM

Former Signal Hill police officer pleads guilty in road-rage incident in Irvine F09 10:25PM

Calif. Police Accused of 'Collusion' With Neo-Nazis After Release of Court Documents F09 7:14PM

Center for the Study of Political Graphics exhibit on Police Abuse posters F07 9:50AM

City Agrees to Settle Lawsuit Claiming Pasadena Police Officer Had His Sister Falsely Arre F04 3:17PM

Professor's Study Highlights Health Risks of Urban Oil Drilling F04 12:42PM

Claims paid involving Pasadena Police Department 2014 to present F04 10:52AM

Pasadenans - get your license plate reader records from police F03 11:11PM

LA Times Homicide Report F03 1:57PM

More Local News...

Other/Breaking News

Biodiversité ou la nature privatisée A20 11:22AM

The Market is a Universal Totalitarian Religion A20 7:14AM

Book Available about Hispanics and US Civil War by National Park Service A19 5:52PM

The Shortwave Report 04/20/18 Listen Globally! A19 4:01PM

The Republican 'Prolife' Party Is the Party of War, Execution, and Bear Cub Murder A19 11:48AM

Neurogenèse involutive A18 9:21AM

Paraphysique de la dictature étatique A16 10:13AM

Book Review: "The New Bonapartists" A16 3:45AM

The West Must Take the First Steps to Russia A14 12:25PM

Théorie générale de la révolution ou hommage à feu Mikhaïl Bakounine A14 3:30AM

The Shortwave Report 04/13/18 Listen Globally! A12 3:50PM

“Lost in a Dream” Singing Competition Winner to Be Chosen on April 15 for ,000 Prize! A12 3:48PM

The World Dependent on Central Banks A12 4:43AM

Ohio Governor Race: Dennis Kucinich & Richard Cordray Run Against Mike DeWine A11 9:40PM

March 2018 Honduras Coup Again Update A10 10:52PM

Apologie du zadisme insurrectionnel A10 3:33PM

ICE contract with license plate reader company A10 1:14PM

Palimpseste sisyphéen A09 11:23PM

Black Portraiture(S) IV: The Color of Silence...Cuba No...Cambridge Yes A09 5:32AM

Prohibiting Micro-Second Betting on the Exchanges A09 4:18AM

Prosecutors treat Muslims harsher than non-Muslims for the same crimes A08 10:33PM

Amy Goodman interview on cell phone safety A08 10:29PM

Mesa, Arizona police officer kills unarmed white man A08 9:50PM

Israeli leaders should be prosecuted for war crimes A08 9:48PM

Paraphysique de l'autorité A08 12:11AM

Two Podcasts on fbi corruption A06 10:13PM

Fbi assassins assault & try to kill DAVID ATKINS A06 7:29PM

EPA Head Scott Pruitt: Of Cages And Sirens A06 2:15PM

More Breaking News...
© 2000-2018 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy