On April 6, 2013, Ellen Brown of the Public Banking Institute joined Rocky Anderson in a thoughtful discussion relating to the 2008 economic crash and what we can do to protect our state and local economies when Wall Street Banks tank. Fortunately, we have an operating model in North Dakota to learn from: A public state bank.
Listen to the recording below to learn how public state banks save taxpayer dollars and help the economy grow.
Ellen Brown, author of Web of Debt, is the inspiration and thought leader behind the Public Banking Institute, where she serves as Chairman and President. On April 6, Ellen joined Rocky Anderson in a discussion of the benefits of public banking, the disadvantages of the current banking system and what we can do to take control of our banking system so it works for us, not against us. Listen to the recording here.
Banks use our public money (taxes) to invest and generate profits for themselves and their shareholders. After the real estate bubble burst due to unethical and sometimes illegal trading practices forcing the global economy into a free fall, the too-big-to-fail banks came to the American public, hats in hand, begging for help. Taxpayers provided more than a half trillion dollars to bailout the banks. Meanwhile communities across America suffered; the crash caused foreclosures, unemployment, and reduced public services, which continue to this day. Our current banking system privatizes profit and socializes risk.
As of the spring of 2010, North Dakota was the only state sporting a major budget surplus; it had the lowest unemployment and default rates in the country; and it had the most community banks per capita, suggesting that the presence of a state-owned bank has not only not hurt but has helped the local banks. In the last ten years, dividends earned by North Dakota's public bank have returned $350 million to the state's general funds. Taxpayers in North Dakota share the profits and the risk, and enjoy economic stability.
- Public Banking Research and Information
- Sustainable, Private Banks
- Private Banks
- Secrets and Lies of the Bailout
- The Bailout: By The Actual Numbers
- Public Banking Institute--Banking in the Public Interest
- Yes, We Can Have Banks That Work For the People
- North Dakota’s State-Run Bank Boosts Treasury, Spurs Imitators
- Why Is Socialism Doing So Darn Well in Deep-Red North Dakota?
- How banks watered down Dodd Frank to avoid effective regulation
- Wall Street Rolling Back Another Key Piece of Financial Reform
- A Rare Look at Why the Government Won't Fight Wall Street
- Matt Taibbi: Wall Street Has 'No Fear Of Individual Punishment'
- The Battle of Cyprus: A Safe and a Shotgun or Publicly-Owned Banks?
- Ellen Brown's Web of Debt Blog