Unless a nation-state has control over its own banking and financial system talk of national sovereignty whether by a movement or by a government is empty.
Yet the banking sector is something that is eschewed today by many movements and thinkers as somehow outside the realm of concern whether by the Left or the Right. Indeed, the Left seldom addressed the matter, and still refrains from doing so, content with trite slogans about taxation and property nationalisation. As the socialist movement has shown, nationalisation means little and often nothing as far as securing financial and hence political sovereignty. Often a so-called ‘state bank’ such as the New Zealand Reserve Bank or the Bank of England, and many others, gives the appearance of financial sovereignty. In reality, it does nothing of the sort. A state bank such as those that have long been common in the social democracies, merely serves as the means by which the state borrows from private and usually international, financial sectors.

Kerry Bolton

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World War III Rhetoric - Bear Brief 18MAR22
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