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John Passant

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July 2012
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Keep socialist blog En Passant going - donate now
If you want to keep a blog that makes the arguments every day against the ravages of capitalism going and keeps alive the flame of democracy and community, make a donation to help cover my costs. And of course keep reading the blog. To donate click here. Keep socialist blog En Passant going. More... (4)

Sprouting sh*t for almost nothing
You can prove my 2 ex-comrades wrong by donating to my blog En Passant at BSB: 062914 Account: 1067 5257, the Commonwealth Bank in Tuggeranong, ACT. More... (12)

My interview Razor Sharp 18 February
Me interviewed by Sharon Firebrace on Razor Sharp on Tuesday 18 February. http://sharonfirebrace.files.wordpress.com/2014/02/18-2-14-john-passant-aust-national-university-g20-meeting-age-of-enttilement-engineers-attack-of-austerity-hardship-on-civilians.mp3 (0)

My interview Razor Sharp 11 February 2014
Me interviewed by Sharon Firebrace on Razor Sharp this morning. The Royal Commission, car industry and age of entitlement get a lot of the coverage. http://sharonfirebrace.com/2014/02/11/john-passant-aust-national-university-canberra-2/ (0)

Razor Sharp 4 February 2014
Me on 4 February 2014 on Razor Sharp with Sharon Firebrace. http://sharonfirebrace.files.wordpress.com/2014/02/4-2-14-john-passant-aust-national-university-canberra-end-of-the-age-of-entitlement-for-the-needy-but-pandering-to-the-lusts-of-the-greedy.mp3 (0)

Time for a House Un-Australian Activities Committee?
Tony Abbott thinks the Australian Broadcasting Corporation is Un-Australian. I am looking forward to his government setting up the House Un-Australian Activities Committee. (1)

Make Gina Rinehart work for her dole
(0)

Sick kids and paying upfront

(0)

Save Medicare

Demonstrate in defence of Medicare at Sydney Town Hall 1 pm Saturday 4 January (0)

Me on Razor Sharp this morning
Me interviewed by Sharon Firebrace this morning for Razor Sharp. It happens every Tuesday. http://sharonfirebrace.com/2013/12/03/john-passant-australian-national-university-8/ (0)

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Bank scandals won’t be solved by regulation

Bankers have become symbolic of everything that is rotten in the system. The latest scandal will only confirm for millions of ordinary people that the bosses will stop at nothing to stuff more money in their pockets.

Barclays chief executive Bob Diamond has been forced out, and more may go. But Diamond’s departure is not a sign of remorse. Nor does it signal that banks will change their practices.

It’s great to see him forced out, but sacking a few individuals can’t stop the rot—this goes to the very heart of the system itself.

Banks have always been a central part of capitalism. They exist to provide the lubricant of credit for bosses wanting to expand, with the funds deposited by bosses with a surplus.

Whether they’re the old school City gents in their top hats or the young brash dealers in their loud shirts—they are all in the same business. And that is to make it easier for bosses to rake in bumper profits.

The huge expansion of the finance sector came about because bosses thought it looked like a way of making easy money. But this bloated finance sector was not the cause of the economic crisis—it is a symptom of a crisis of the whole capitalist system.

Alternatives

It reflects the fact that bosses looked for alternatives because profits were being dragged down in production in the rest of the economy.

Ever more obscure mechanisms were created to gamble and hide debts. This meant that even those in the business didn’t understand what they were doing.

But as long as profits were rocketing, no one asked too many questions. The City became an overheated casino as more and more tried to get in on the game.

Politicians, both Tory and Labour, were bewitched by the apparent effortless profits to be made in the hidden world of financial markets. That’s why successive chancellors have gone to posh

City dinners to heap praise on the bankers and brokers for their “ingenuity” and “drive”. Now many politicians have changed their tune and are calling for more regulation.

Of course, any controls we can put on the rich and powerful—to curtail their ability to soar ever higher into the stratosphere of wealth—are a good thing. These are the same people who tell us that we have to swallow austerity in order to pay their bills.

But bank scandals, corruption and crisis will not be stopped by regulation. They are built in to the system, a system rooted in the drive for ever greater profits. This is how capitalism works.

This article first appeared in Socialist Worker UK.

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