The following is a report on last night's meeting that I've just
emailed to Peter Manson, the Weekly Worker editor, for publication
tomorrow (on http://www.cpgb.org.uk). I'll post a more substantial
message on democratisation of the banks soon, when I've written a new
Foundation for Proportional Representation-based Socialism
newsletter...

In the September 25 issue of the Weekly Worker, an article by Chris
Strafford (http://www.cpgb.org.uk/worker/738/leftdoesnt.html) had the
headline "Left doesn't unite", talking about the Convention of the
Left counter-conference at the time of Labour’s conference in
September. In reality, the left inside and outside the Labour Party is
continuing to unite; there is a recall conference on Saturday November
29 (at the Friends' Meeting House, Manchester, see http://www.conventionoftheleft.org
for details) and I went to a local Convention meeting attended by 30
people to plan for that recall conference, and discuss the political
situation and what we will do about it locally (in Manchester) last
night (October 21).

Some speakers at last night's meeting advocated the Convention uniting
around a series of demands, although they didn’t make it clear whether
they would like transitional ones (like that of the Socialist Party,
formerly the Militant Tendency, that cannot all be implemented under
capitalism but raising them is intended to lead to a socialist
revolution) or reformist ones like those of the SWP's People Before
Profit Charter.

I opposed this approach, instead arguing that we should point out the
need for a sudden thorough change of society (a revolution even if
some don't think we should use that word) to achieve socialism, and
put forward ideas on how a socialist society should be run. New Labour
has already borrowed £37.6 billion in six months (about the same
amount borrowed in twelve months in recent years) excluding the
nationalisation of Northern Rock, Bradford & Bingley and the recent
£500 billion banking bailout (the latter averaging £16,500 for every
taxpayer in the UK). With the Tories and Lib Dems proposing similar
levels of spending to New Labour, socialists should avoid the trap of
simply calling for even greater public spending (and hence greater
borrowing) but instead argue for a socialist revolution! If we do
propose reforms, simultaneously arguing for the need for socialism,
then we should not neglect the opportunities presented by the recent/
upcoming bank nationalisations.

Others had argued for activities around the nationalised (or party
nationalised) banks, opposing repossessions - raising the possibility
of the state via the banks acquiring homes of people in financial
difficulties and renting them back. I suggested also calling for the
democratisation of the banks - applied specifically to the
nationalised ones, although similar measures could be taken with
building societies (which I had previously raised through my Campaign
for Nationwide Democracy) and privately owned banks which we could
argue should also be nationalised (with compensation only to pension
schemes, I'd suggest) and run in the interests of ordinary people. I'd
argue for the majority control of such banks/building societies in the
hands of savers and borrowers, but also with representatives of bank
workers via trade unions and the government on the board. I'd also
argue that the whole of the board should be up for re-election every
year - instead of just a third as happens with the Nationwide at
present, like with many councils including Manchester's, which limits
change (due to the impossibility of radically transforming the board
without representatives from your group/party already on it). I've
also argued for referenda of members if the board is split on a
particular issue, such as whether to pass on changes in interest rates
by the Bank of England.

We didn't have time to agree positions on such democratisation, but we
arranged to meet on the third Monday of every month (7pm at the
Friends' Meeting House), and will discuss this and other issues
(including further planning for the recall conference) at the next
local Convention meeting on November 17 (probably booked under the
name Socialist Unity like last night's meeting). I will produce a new
Foundation for PR-based Socialism newsletter, focusing on
democratising the banks, publicising these events. [I will probably
finish writing the newsletter and put it on-line on Friday - any
comments on this subject would be appreciated (emailed to me
personally or posted on the PR-based Socialism discussion list).]

--
Steve Wallis (Manchester, England)
Preferred email address: revolutionarysocialiststeve@yahoo.co.uk
Blogs: http://groups.yahoo.com/group/steve-wallis-socialist-blog,
http://blog.myspace.com/galaxiasteve
My socialist website: http://www.socialiststeve.me.uk
My pages at Facebook: http://www.facebook.com/profile.php?id=1038291480,
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http://www.bebo.com/SteveW519
Founder, Good Intentions Network: http://www.goodintentionsnetwork.org
Founder, Ethical Capitalism Network: http://www.ethicalcapitalism.net
Founder, Foundation for PR-based Socialism: http://www.PRsocialism.org
Founder, Revolutionary Platform Network: http://www.revolutionaryplatform.net
My revolutionary socialist band, Galaxia: http://www.galaxiamusic.net,
http://www.myspace.com/galaxiamusic,
http://www.facebook.com/pages/Galaxia-a-revolutionary-socialist-band/84310120180,
http://www.bebo.com/galaxiamusic.
My socialist band, Red Day: http://www.red-day.net, http://www.myspace.com/reddayband,
http://www.facebook.com/pages/Red-Day/27468311341
Author, "Revolution Destroyed? Have I ensured that a world socialist
revolution will never happen?": http://www.revolutiondestroyed.net
For discussion of the credit crunch, go to
http://www.revolutionaryplatform.net/forum/index.php?board=156
For discussion of 9/11 conspiracy theories, go to
http://www.revolutionaryplatform.net/forum/index.php?board=89