Public Banking for "We the People"

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.

JP-public-banks-recording-150x220.pngEllen 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.

BACKGROUND

Banking for We the People by Justice Party on Mixcloud

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  • Banking has always been a corrupt business, giving people loans with interest rates designed to keep them in long-term debt to the bank, and using money from people’s bank accounts to invest in business interests without any transparency about how the money is being used. It stands to reason that the people putting their money in the bank are essentially investors in it, and thus should have partial ownership of the bank and a say in its decisions. We need to put an end to banks taking advantage of the common man.
  • I’ve been trying to communicate this issue to my state representatives — their responses show a very clear ignorance on this subject. Are there resources to help communicate this story to our state officials? Also, are there thoughts on municipalities starting the public banking push?
  • Keep up the good work on this type of thing! Rocky Rocky Rocky!