The key concern over the Trans-Pacific Partnership is its potential effects on the public's right to control common assets. Both the treaty and its underlying economic philosophy are blatantly hostile to state-owned enterprises and, in the larger sense, the idea of noncommercial or extracommercial economic activity, even when such activity may be necessary to create stable markets.Read more
The bulk of new policy demands from the Black Lives Matter movement are economic demands--not moral pleas for people to stop being racist or stop purveying or facilitating violence against people of color (although those demands are necessary), but demands for economic security, because economic insecurity makes historically disenfranchised communities more vulnerable to violence and exploitation. These demands include a Universal Basic Income--a policy increasingly embraced by everyone from technology experts to economic justice advocates.
If you're thinking of campaigning for a public bank in your city or county, you aren't alone. People form new groups almost monthly, in over 30 states in the U.S., and most of them contact PBI for resources. So here are five resources you may not know about yet, all of which I consider essential for the local education, strategic planning, and grassroots execution necessary to get that seat at the governance table, where you can make the case for a public bank.Read more
Progressive Democrats may not have seen their candidate, Bernie Sanders, achieve the victory they wanted him to, but his issues won't go away. Chief among them is the Trans-Pacific Partnership, and it's more apparent every day that the centrist leadership of the DNC is taking a huge risk by continuing to flirt with the trade deal, which Hillary Clinton has repeatedly insisted she no longer supports. But Clinton's word isn't enough for rank-and-file Democrats.Read more
Redlining is the practice of either denying services outright, or making services more difficult to acquire, because of race or ethnicity. The Fair Housing Act was supposed to end it. It's re-emerging, as we've documented, in Baltimore, St. Louis, and Detroit (and certainly elsewhere).Read more
Roughly an hour before the post you're reading got posted, multiple sources had confirmed that the likely Democratic VP pick will be Virginia Senator Tim Kaine. For those watching to see if Hillary Clinton was serious about her apparent shift left as the primary wound down, Kaine is the anti-Warren, the antithesis of Sanders, and a walking course reversal to Clinton's recent rejection of the TPP and plans to reign in Wall Street.Read more
North Dakota is the only state that stashes all of its cash into its state-owned bank. Maine stores its money in Japan, France, Canada, and other U S. states. Maine state cash that is deposited in “too big to fail” mega-banks, which are Global Systemically Important Financial Institutions, risks loss, since bankruptcy agents could confiscate deposits to pay creditors under the Dodd-Frank law if a mega-bank failed. In a recent report, two-thirds of Maine Treasurers Cash Pool was invested in institutions without local public-deposit branches. This included two French banks, CA and BNPP, the 10th and 8th largest banks in the world. BNPP closed 3 hedge funds in 2007 prior to the 2008 financial collapse and paid a $140 Million fine and $8.8 B settlement for violating fund transfers laws in 2015. Maine's taxpayer's funds are also invested in a Japanese institution, TMCC; and in Wall Street banks that paid fines for crimes: JPMC was fined over $25 Billion for mortgage fraud and other malfeasance; Citigroup was fined for hundreds of millions of dollars; BAC paid fines and penalties of over $150 billion.Read more
Startup advisor, businesses designer, and capitalist cheerleader Thorsten Linz reminds me of an enthusiastic Dungeons and Dragons player or an excited novice high school debater. Having seen a few data points and, apparently, having hung out with only like-minded entrepreneurial dudes, Linz declared yesterday on LinkedIn that in ten years, all retail banks will shut down and everyone will use mobile apps to bank. Linz bases this prediction on his conversations with other people just like him, including Singularity University founder Pеtеr Diamandis, whom Linz talked to at a finance conference (sounds like a real barn burner). Linz supplements that evidence with the decidedly objective opinion of . . . a mobile banking app designer, Brett King.Read more