Vermonters Lobby for Public Bank—And Win Millions for Local Investment Instead

Advocates didn’t get the public bank they wanted. But the compromise they reached in the end was still a rare and significant win over Wall Street banks. by Alexis Goldstein Read more

Overthrow the Speculators

by Chris Hedges (Common Dreams, December 30, 2013) Money, as Karl Marx lamented, plays the largest part in determining the course of history. Once speculators are able to concentrate wealth into their hands they have, throughout history, emasculated government, turned the press into lap dogs and courtiers, corrupted the courts and hollowed out public institutions, including universities, to justify their looting and greed. Today’s speculators have created grotesque financial mechanisms, from usurious interest rates on loans to legalized accounting fraud, to plunge the masses into crippling forms of debt peonage... Read more

How Big Banks Run the World - At Your Expense

The recent Public Banking conference held in Philadelphia offered a message that is at once so simple - but also so bold - it is hard for most Americans to pause long enough to understand how profoundly their thinking had been corralled by the masters of finance - in ways far, far, far more insidious and powerful than even the latest financial crisis suggests. Read more

Public Banking in Costa Rica: A Remarkable Little Known Model

In Costa Rica, publicly-owned banks have been available for so long and work so well that people take for granted that any country that knows how to run an economy has a public banking option. Costa Ricans are amazed to hear there is only one public depository bank in the United States (the Bank of North Dakota), and few people have private access to it. Read more

Remaking The Federal Reserve, Building Public Banks, And Opting Out of Wall Street

Creating a Finance System That Serves the People, Part II Read more

Enough is Enough: Fraud-Ridden Banks Are Not LA's Only Option

“Epic in scale, unprecedented in world history.” That is how William K. Black, professor of law and economics and former bank fraud investigator, describes the frauds in which JPMorgan Chase (JPM) has now been implicated. They involve more than a dozen felonies, including bid-rigging on municipal bond debt; colluding to rig interest rates on hundreds of trillions of dollars in mortgages, derivatives and other contracts; exposing investors to excessive risk; failing to disclose known risks, including those in the Bernie Madoff scandal; and engaging in multiple forms of mortgage fraud. So why, asks Chicago Alderwoman Leslie Hairston, are we still doing business with them? Read more

100 Years Is Enough: Time to Make the Fed a Public Utility

(Originally written - December 22, 2013) December 23rd, 2013, marks the 100th anniversary of the Federal Reserve, warranting a review of its performance.  Has it achieved the purposes for which it was designed? The answer depends on whose purposes we are talking about.  For the banks, the Fed has served quite well.  For the laboring masses whose populist movement prompted it, not much has changed in a century. Read more

connect

get updates