The United States Congress is contemplating a bill, which will probably pass, to "prohibit the provision of Federal funds to State, territory, and local governments for payment of obligations," and also "to prohibit the Board of Governors of the Federal Reserve System from financially assisting State and local governments . . ."The bill was referred to referred to the House Financial Services Committee the day it was introduced, May 18.
The bill is mean-spirited, posturing, and an unwise way for a government to paint itself into a corner should such bailouts become the only alternative to the chaos of economic collapse. But none of those are the worst thing about the bill. The worst thing about HR 5276 is that it's based on a fundamental misunderstanding of money.Read more
A specter is haunting contemporary discussion of public finance: The word "socialize." We've heard it before.Read more
Maine public banking advocates have proposed an amendment, and gathered the requisite signatures, for the Maine Democratic Party to place on their convention platform for 2016.Read more
Help us DOUBLE OUR DOLLARS!
A message from Shara Smith, PBI Development DirectorRead more
A former top Federal Reserve policy adviser, and the president of the Federal Reserve Bank of Minneapolis, have stunned the banking world by calling for public banks and the breakup of big banks.Read more