Irrepressible host of Redacted Tonight, Lee Camp, reached out to former PBI chair Walt McRee to explain how Public Banking is a way we the people can divorce the future of our financial security from the recklessness of Wall Street fraud:
“You might have noticed that the wealth in this country continues to get sucked to the top ... the Big Banks are bigger than ever before, and they’re using your money to gamble on the stock market. Meanwhile, Bitcoin has shot through the roof. For all these reasons, I wanted to get an expert of banks and money in here to explain things.”
Starting a Public Bank — even when fully convinced of its ultimate value — can seem an overwhelming task when faced with the legal and legislative issues that present themselves.
Two legal memorandums — one for the City of San Francisco and one for the City of Santa Fe — have been completed recently that will be very helpful all across the country to those who are working to establish Public Banks.Read more
Ann Tulintseff is an electrical engineer with 25 years experience in the aerospace industry. An early Board member of PBI, Ann believes that monetary reform and public banking are fundamental to achieving economic and political justice as well as real democracy and world peace. Inspired by Ellen Brown's book, Web of Debt, Ann authored a book review entitled, "The government is in debt to private banks that pretend to have money," published in March, 2009.
In addition to monetary reform, Ann also has interests in alternative medicine, diet, and the "electric universe." Ann has Ph.D., E.E., S.M., and S.B. degrees in electrical engineering from the Massachusetts Institute of Technology, Cambridge, MA, with her studies in the fields of antennas, electromagnetic wave theory, and applied mathematics.
As has happened in several eco-minded cities, Boulder’s City Council passed a resolution about a year ago to consider severing ties with JP Morgan Chase in support of the Standing Rock Sioux and allies who protested the Dakota Access Pipeline. After several months of exploration, staff reported to the Council in October that it did not appear there were any banks both capable of handing the city’s significant banking needs and able to meet the city’s standards on fossil fuels and other ethical matters.
In response, a coalition of 23 different groups — among them: Earth Guardians, Elephant Journal, 350 Colorado, Kids Against Fracking and Rainforest Action Network — co-signed a letter to the council that argues there is, in fact, an option to maximize both objectives: a Public Bank.Read more
International News: Former governor of the Bank of Spain says public entity should create money, instead of private banks
Positive Money, the monetary reform group based in the UK, posts that Miguel Ángel Fernández Ordóñez, former governor of Bank of Spain, is now recommending money creation by public entity instead of by private banks. He references the advances in technology that would allow safe public issuing
He came to the Spanish Lower House on Nov 7, 2017 and said the following:
“In the latest years, some analysts have emerged who are evaluating the possibility to change current money creation system by private banks and to substitute it with another one which would let every citizen deposit their money at central banks.
The excitement surrounding the inclusion of public banking in political campaigns is now shifting gears into the nitty-gritty process of educating and encouraging legislators and candidates to move forward.
This week Ellen and Walt discuss some of these races and the issues that propel them, we talk with a NJ State legislator about whether the new governor there will be able to pursue his state bank agenda, and we uncover another new gubernatorial candidacy that may also drive for a public bank.
Ellen’s guest Stephen Lendman returns to the show to reflect on the larger political and civic issues affected by our private banking regime.
The City of Santa Fe’s nine-member Public Bank Task Force, appointed by Mayor Gonzales and the Santa Fe City Council, held a Public Forum this week and invited input from the general public.
Public Banking Institute Board Member Nichoe Lichen was among those presenting and gives this report:
On Nov 20th, the City of Santa Fe’s Public Bank Task Force hosted a 2 1/2 hour public meeting to share their findings at the mid-point of a very intense, six-month process, and to listen to the public’s vision for what a Public Bank could do for Santa Fe. The public was also asked to respond to the idea of an Altruistic Bank, where the public could deposit their private funds (the German Sparkasse model).
Chair, David Buchholtz opened by summarizing the Legal questions identified in the thorough legal memorandum prepared for the City, and reported that while some legal issues like the anti-donation clause may need further investigation, none appeared to be insurmountable.
Another high-profile politician running for office in a powerful state takes a strong stand for creating a Public Bank. Gayle McLaughlin, former mayor of Richmond and no stranger to standing up to Wall Street, declared last week that California needs a Public Bank saying, “Our Money, Our Power!”
“A Public Bank of California would be a great way for us to use our money to invest in our communities, financing a plethora of public projects and kickstarting local businesses. And we’ll loosen Wall Street’s stranglehold on our neighbors. No more Wells Fargo selling us phony products!
What Wall St Costs America: New subprime boom, same old scam. Now people have stopped paying their auto loans
After the subprime mortgage fraud scam exploded, Wall Street was left scrambling for new securities machines that would generate the same guaranteed record profit. They looked for and found other corners of the loan industry to infect. One of these chosen dark corners is the auto industry. The greed mentality of Wall Street coupled with the lack of any serious punishment for wrong doing drives fraud even to the point of collapsing the economy. Since Wall Street has repeatedly demonstrated it's devoid of any consideration of public good, we must create alternatives that are dedicated to it: Public Banks.
As Bloomberg calls it, the scam is "classic subprime: hasty loans, rapid defaults, and at times outright fraud."
Dealers partnered with financing engines, such as the partnership Fiat Chrysler made with Banco Santander, to create powerful subprime machines.
Predictably, Wall Street rewarded loans given without verifying incomes or jobs.Read more
What Wall St Costs America: Paradise Papers show your retirement cash is in the Caymans making money for hedge fund managers
Offshore tax havens aren’t just for the global elite, it turns out. Local government officials have sent hundreds of billions of dollars of public sector workers’ retirement savings to the same white shored beaches used by the rich and famous. If local governments instead held public funds in Public Banks, they'd avoid steep hedge fund manager fees, avoid "shenanigans" risk, and be able to extend credit to make money for the public good instead of for billionaires.
David Sirota and Lydia O’Neal posted in the International Business Times their recent investigation into the tidal wave of cash that has flowed from public pension systems into private equity, hedge funds, venture capital firms and real estate — more than a third of which flows through vehicles housed in the Caymans.
“With so many of the investments now running through a maze of shell companies ... the outflow creates the conditions for rampant fee abuse and financial shenanigans — and prevents pension officials and law enforcement officials from even knowing exactly where billions of dollars of public money is being held.