March 25, 2013 by History in a Hurry
Why the Banking System Would Make Lenin Proud
by Justin O’Connell
“Without big banks, socialism would be impossible.” – Vladimir Lenin
Socialism is not crafted solely on the backs of standing human or robotic armies, police, and bureaucracy.
The modern state must also possess an apparatus of big banks, as Lenin wrote at the onset of the Bolshevik Revolution, for it is banks which perform most accounting and financial recording. In socialism, banks must be expanded, made more comprehensive and, in our globalized age, reach worldwide.