Public Bank LA and their allies have been actively engaged in securing endorsements from an impressive number of union and political groups throughout the city. Latest endorsements include State Senator Kevin de León; Rusty Hicks, President of the LA County Federation of Labor; Gayle McLaughlin, Former Mayor of Richmond; Carolyn Fowler, Vice Chair California Democratic Party Women's Caucus; the Labor Council for Latin American Advancement; Our Revolution West San Fernando Valley; Stonewall Democratic Club; UC Student-Workers Union UAW Local 2865; and the Progressive Democratic Club. These follow earlier endorsements by Our Revolution, DSA-LA, Green Party of Los Angeles County, Los Angeles County Democratic Party, and the California Democratic Party.
The effort has drawn more major press from Bloomberg and the Los Angeles Times. To help with this endorsement and outreach effort with your contacts or ideas, connect with PBLA here. The #YesOnB Street Team is hitting the LA neighborhoods this Saturday, Oct 20. See Facebook event list here. Plus there's a big Defundraiser Rally event Saturday, Oct 20 at LA City Hall with Eric Andre, Nick Thorburn, Abby Martin, and more. Facebook event here. Donation link here.Read more
The road to financial independence can be long, but that doesn’t discourage the cities, counties, and states leading the movement to create public banks in the United States.
In Washington State, legislators are now just three votes away from passing a bill to adopt a business plan to create a state bank. The path they took is instructive to cities, counties and other states looking to form their own banks. Watch their recent State Bank Forum here.
“I see a public bank as almost inevitable,” said State Sen. Bob Hasegawa, “because of the current financial structures we’re required to live under.”Read more
Lee Camp spoke with Josh Androsky from PBLA about all things public banking on a recent episode of his popular show Redacted Tonight, “A new way to end the big banks.”
“Public banking is basically democratizing finance. It would be cutting out the Wall Street middleman and allowing the power of banking to be a public utility. … It’s not that difficult. … When it comes down to it, who should be in control of public money? Is it six people in a board room in New York City high up in a penthouse of a giant skyscraper, or is it your community, your neighbors?”
PBI Chair Ellen Brown is speaking in several public conferences and events this week and next in San Rafael on Oct 18th at 350Marin.org and Oct 20th at the Bioneers Conference, and in Sonoma, CA on Oct 22nd at Praxis Peace Institute. Discussion will include the latest public banking developments in California and around the country.
In the latest episode of It’s Our Money with Ellen Brown, Thomas Hanna of the Democracy Collaborative talks about how public banking can be a shield from the economic ravages of the expected next crisis. As co-host Walt McRee summarizes the episode:
We live with a monetary system designed to stage recurring crashes which move personal and public assets into the hands of the Oligarchy. American history is filled with examples of financial stratagems enabled by power-center bankers both near and far. Our guest Thomas Hanna of the Democracy Collaborative talks with Ellen about “The Crisis Next Time” and why we need to use the next banker-crash debacle to move our financial controls into the hands of the public. Commentator Bob Bows reviews some shocking American history that makes it clear these financial crises are no accident and how they are destroying democracy. And Anna Callahan of “TheIncorruptibles” outlines how citizens must organize to reclaim the political power needed to protect themselves from the corporate financial powers both locally and nationally.
The public bank effort in Oakland, California continues full steam ahead! Last week, the Oakland City Council voted unanimously to accept the completed feasibility study and examine necessary next steps forward.
Adding to the momentum, Alameda County Treasurer Henry Levy stated not only his support for the East Bay Public Bank, but also his desire to take a leadership role in completing the business plan needed to apply for a bank charter through the State of California. For an elected official to make that sort of commitment represents a giant step forward for the East Bay Public Bank project. Oakland, Berkeley, Richmond, and Alameda County all contributed funds for the feasibility study.
The Friends of the Public Bank of Oakland (now renamed Public Bank East Bay) wrote a response to the feasibility study, which you can read here.
Creating a public bank — Gov. Phil Murphy’s campaign centerpiece — has been left on the back burner since his election. But a new report supports the argument that it could play a key role in achieving big public-policy goals. John Reitmeyer writes about it in NJ Spotlight:
“The New Jersey Citizen Action Education Fund’s report suggests that New Jersey may be a prime location for a public-bank revival, given the state has many needs that are not being fully met by commercial banking institutions. It cites gaps in small-business lending, retirement savings, infrastructure investment, affordable-housing financing and the availability of low-cost student loans as examples.”
The German Sparkasse, the public banking system that is the backbone of the German economy, will be providing the model and expertise for Greece to create a similar system of regional banks.
As reported in HellasJournal:
“The Economy and Development ministry, in an announcement said the two sides agreed to create a system of regional banks in Greece, including both cooperative banks and financial institutions that will result from the initiative of the country’s regions, with the German Sparkassen offering the necessary know-how.”
The latest episode of It’s Our Money with Ellen Brown addresses what we can do about the dominance of the financial industry over our lives.
“Wall Street Owns the Country”
So what are you going to do about it? Well, you could join with a growing number of your neighbors in supporting creation of regional and state-owned public banks. Nothing stands in the path of all-consuming usury like the presence of a publicly-owned alternative that doesn’t extract the life-blood from an economy. We discuss developments in CA and Los Angeles and get an update on Oakland’s process with a former US Treasury Policy Chief, Paul Pryde. Commentator Bob Bows offers his next book installment on how we can turn money into a public utility, and economist and author Mark Anielski discusses his new book An Economy of Well-Being: Common-sense tools for building wealth and happiness.