In uncertain times, “cash is king,” but central bankers are systematically moving to eliminate that option. Is it really about stimulating the economy? Or is there some deeper, darker threat afoot?Read more
What if I told you about a wildly successful bank, one which has made over $104 million in profits this year with more to come? What if I also told you that the bank was in the business of helping people more than it was in the profit-making business? And that despite that public service mandate, the bank regularly outperforms Goldman Sachs and a host of other Wall Street giants?Read more
Criticism of gentrification is the new criticism of segregation--that is, the space for moral arguments against white-enforced separation now includes both moral and economic arguments against the radical pushing up of value for the kinds of properties that exclude poor and minority residents.
In the past, this blog has featured analysis of what big banks have done, quite disgustingly, to the City of Baltimore. JP Morgan-Chase, Bank of America, Barclays, Citi-Bank, and Deutsche Bank manipulated interest rates and financially crippled Baltimore and other cities and states in the process. The subprime mortgage crisis devastated homeowners, particularly people of color, in the city, and tanked the economy as a whole. But things appear to be getting even worse for black residents of Baltimore.Read more
In the drama The Rock, T.S. Eliot writes:
When the Stranger says: “What is the meaning of this city?
Do you huddle close together because you love each other?”
What will you answer? “We all dwell together
To make money from each other”? or “This is a community”?
The privatization of Japan's postal bank and the simultaneous calls for re-creating a public postal banking system in the USA, have thrust postal banking back into the public banking discussion. And with the ink barely dry on the Trans Pacific Partnership, the charge that the trade agreement threatens public banking seems to have gained a specific example in the context of postal banks, but cross-applicable to banking services in general.Read more
An enthusiastic, diverse, overflow crowd attended the DC Public Banking Center’s forum, “Public Dollars/Public Bank in DC: Building Our Future,” held in downtown DC on October 21st. The event capped a day of meetings, including with city officials.Read more
October, which is Domestic Violence Awareness Month, is coming to a close. October also contains the anniversary of the 1929 Stock Market Crash. The macro-economy is related to personal relationships—and interpersonal violence—in the same way that the condition of the oceans as a whole is a factor in the dispositions of fish in the waters.Read more
The Institute for Local Self-Reliance reports that two members of Seacoast Local, "a local economies non-profit that works in eastern New Hampshire and southern Maine," have developed an application that will point investors and savers in the direction of socially responsible and sustainable banks.Read more
A few days ago, on October 14, the Canadian Court of Appeals heard another attempt from the Crown (representing the Bank of Canada) to dismiss a case against it--a case that argues the Bank has retreated from its mandate to operate as a public bank. The Canadian government is now repeating arguments it has already made concerning justiciability, and is throwing in some other procedural objections. The plaintiffs are confident that this will be the last round of procedural appeals, and that the case will actually go to trial.Read more