Public Banking

I truly wish there was an Economic Forum as there is occasional good news and new ideas in the domain.

A Public Banking bill was passed in California recently.

www.theguardian.com...

... as an aside - I had to go outside the US to find a decent article on the passage.

North Dakota has had a public bank for a hundred years and has weathered economic downturns better than other states.

"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered....

I believe that banking institutions are more dangerous to our liberties than standing armies.... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." - Thomas Jefferson

Los Angeles had tried to pass one a year or so before, a change in the charter that was voted down largely due to lobbying and ignorance, however the LA Times has run a nice information piece that may help explain how public banks will help, uh-um, the public.

When you pay state and local taxes, parking fees and other payments to your regional government, chances are those funds will almost immediately end up in a corporate bank.

The question at the heart of public banking may seem technical but is actually about political power.

Should small groups of wealthy corporate board members get to decide how to leverage public money so that they may further enrich themselves?

Or should public funds be used in a way that is accountable to the public itself, for initiatives that will secure the long-term health of society at large?

Public banks can also drastically reduce the cost of financing infrastructure projects, because if the lender is a public bank, interest payments can be re-used for public benefit, rather than to enrich investors.

www.commondreams.org...

Some resources on Public and Postal Banking....

www.publicbankinginstitute.org...

www.divestla.com...

masspublicbanking.org...

www.campaignforpostalbanking.org...

www.newsweek.com...

www.brookings.edu...

Enjoy....

a reply to: FyreByrd

If we can ever 'End the Fed' in the US, maybe we can get federal level honest banking like this.

One can only hope …. and it is all theoretical anyway *shrugs*

originally posted by: FyreByrd
I truly wish there was an Economic Forum as there is occasional good news and new ideas in the domain.

A Public Banking bill was passed in California recently.

www.theguardian.com...

... as an aside - I had to go outside the US to find a decent article on the passage.

Nothing wrong with that, The Guardian is one of the most trustworthy newspapers available.

originally posted by: Fowlerstoad
If we can ever 'End the Fed' in the US, maybe we can get federal level honest banking like this.

One can only hope …. and it is all theoretical anyway *shrugs*

The Federal Reserve already contributes any profits it makes to the Treasury.

originally posted by: AugustusMasonicus

originally posted by: Fowlerstoad
If we can ever 'End the Fed' in the US, maybe we can get federal level honest banking like this.

One can only hope …. and it is all theoretical anyway *shrugs*

The Federal Reserve already contributes any profits it makes to the Treasury.

Exactly right. That's what makes up the 20% "Federal" part. 80% of the Fed is considered a non-profit. I worked for the Fed for years, it's like working in the Matrix. Everything is just made up.