Nationalize Banks

Perspective All Votes
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Banks should be nationalized

Pros
Cons
  • Nationalization can grow a nation's economy. The economic growth spurred by government-run banks would create new jobs.

  • Eliminates the need for the federal reserve system

  • Nationalization of banks will lead to economic stability.

  • National banks allow for more public control and predictability over social development. Making it easier for us to achieve the social, economical and environmental ends that we want to achieve.

  • National bank can be used as a tool to enhance equality in the country.

  • The rights that would apply to state-run banks would be stronger and more stable than those that currently apply to private banks.

  • Nationalizing banks socializes both risks and benefits, allowing everyone to reap the profits, rather than forcing society to bear only the risks (by bailing out banks).

  • Nationalizing banking benefits existing consumers of private banks.

  • State-run banks would ensure that economic growth is consistent with national objectives by allowing the government to partially direct investment.

  • This would disincentives investors and depositors.

  • Banks should not be Nationalized. Banks will become irrelevant. With the emergence of BlockChain technology all the functions of a bank can now, and are being, decentralized, made reasonably priced and voluntarily funded [no tax]. BlockChain technology allows for decentralized banking and lending services to be created with out State interference.

  • Government does few things well, and nothing efficiently. The financial sector is too complex and varied to be handled by the DMV.

  • This will result in reduced competition, fewer banks and worse services. Soviet Union did this, and the resulting monopoly bank was terrible.

  • Lending is inherently risky and sometimes speculative behavior which is an inappropriate use of taxpayer money and activity the government shouldn't be involved in.

  • More difficult for individual administrators of the government bank to secure disproportionate wealth

  • There would be more political influence on who is eligible to receive money and who isn't.

  • Nationalizing banks will cause an increase in the bureaucracy.

  • Politicians and bureaucrats will find it politically more expedient to fund social projects (i.e. projects that do not generate profit and reduce bank's capital, but have high social value) through nationalized bank rather than through direct taxation, as it will allow them to make claims about supporting the communities without downside of raising taxes.

  • Government-owned bank are not really needed - government can directly channel savings collected from companies and individuals (through issuing government bonds) into loans and investments (though buying / accepting corporate bonds and promissory notes).

  • Massive layoffs in transition from current system to a one-bank system

  • Reduced citizen privacy from government.