In socialist nations the major means of production become the property of the government. Socialist nations have state run banks. One example is BancoMex, the bank owned by the Mexican government.
If the government thinks you owe them money they have access to it without a trial. The government knows exactly how much money people are putting in and taking out and where those transactions originate. Does the government really need that much power over everyone’s personal finances?
The government gets to choose who can and can’t get a loan. We like to believe in modern society the determination would be fair. Can we guarantee in the future it would remain so? Are there some politicians that have exhibited racist tendencies in the past? Yes there have been. Could a group of racist politicians gain enough influence in politics to cause a government owned bank to make racist decisions? Yes.
Economic stability for non whites has been an issue in our country. Wealth and success of minorities has led to jealousy and violence. Financial independence is a key element of personal freedom. In 1917 the East St Louis riots saw 100 to 200 black people killed and 6,000 left homeless. The target was the black community and their businesses.
The Bank of Italy (US) founded in San Fransisco, was created by Italian immigrants so they could loan money to other Italians. These people were cut off from the assistance of white owned financial institutions. The bank later became the Bank of America, one of the largest banks in the world.
The Black Codes were used to limit the financial freedom of black farm workers after the Civil War. It forbade blacks to be unemployed, forced them to sign year contracts and prevented them to buying or renting land to plant their own crops. These laws were repealed but the intent is clear – to deny blacks the ability to build personal wealth.
Wealthy whites trying to sell socialism should be viewed with skepticism. There is a reason the Nazi party were white supremacists and socialists. The question is can they con America?