Sign petition to support LA City Public Bank

171024_pbla_petition_1026.jpgThe grassroots group Public Bank LA has launched a petition on in support of Los Angeles City Council interest in creating a Public Bank of Los Angeles. You can show your support for the efforts in Los Angeles by signing the petition.

"It’s Our Money" podcast: Paying for Catastrophe

171024_ItsOurMoney_1026_R2.jpgIn the latest “It’s Our Money with Ellen Brown” podcast Ellen talks with law professor Tim Canova. Whether a flood, fire, hurricanes or a failed financial system, the Federal Reserve and the US Treasury have the means to address big financial challenges in a variety of ways – if they want to. Recent devastations challenge our understanding of how to pay for recovery, but when we look back to our not-so-distant past, answers emerge in a clear and encouraging way. Ellen’s guest, Law Professor Tim Canova, is an expert on banking, finance and the Federal Reserve, and candidate for the Congressional seat of Debbie Wasserman Schultz in Florida.

New video channels launched as PBI expands media to support growing movement

171017_youtube-channel-art-1.jpgThis movement for Public Banks is growing rapidly and so PBI is expanding our media reach to help lead and support these shifts. To start, we’ve launched two new Public Banking Institute video channels on Vimeo and on YouTube. Please subscribe / follow.

These channels will feature short, sharable videos we're producing, include insightful interviews with Chair Ellen Brown and other thought-leaders, as well as collect useful videos from around the web that help tell the Public Banking story and show its progress.

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Public Banking in the News: Will Public Banking Bring More Clean Energy Programs to California?

171017_sharable_Oakland_forum_article_1026.jpgThe recent forum in Oakland that featured Wolfram Morales of Sparkasse, the German Public Bank network, prompted an excellent write up in Sharable with plenty of great quotes. Read and share.

"A public bank can really create community wealth in ways other institutions are not capable off," said Gregory Rosen, the founder of High Noon Advisors, a local consulting firm with experience in clean energy investing. "It can help people of different backgrounds and income levels come together, for the good of the community."

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What Wall St Costs America: Wells Fargo "definitely qualifies" to be shut down

171017_Congress_1026.jpgAfter watching the repeated scandals of Wells Fargo, some members in Congress have had enough. A new bill gives power to the Fed to shut down megabanks. On Oct 4, Ranking Member of the House Committee on Financial Services Maxine Waters (D-Ca), introduced The Megabank Accountability and Consequences Act, reported in HousingWire.

“There are people who have literally concluded that these megabanks are above the law,” Ranking Member of the Subcommittee on Oversight and Investigations Al Green (D-Tx), said.

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What Wall St Costs America: Ralph Nader: How CEO Stock Buybacks Parasitize the Economy

171017_monopolynader_1026.jpgHyper enrichment of a handful of radical corporate state supremacists wasn’t what classical capitalism was supposed to be about. So says Ralph Nader in his recent take down of corporate money siphons on Evonomics.

Ralph Nader:

In a massive conflict of interest between greedy top corporate executives and their own company, CEO-driven stock buybacks extract capital from corporations instead of contributing capital for corporate needs, as the capitalist theory would dictate. ...
CEOs can take trillions of dollars away from productive pursuits without even having to ask the companies’ owners—the shareholders—for approval.

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Ellen Brown: How to Wipe Out Puerto Rico’s Debt Without Hurting Bondholders

171017_puerto_rico_bondholders_1026.jpgChair Ellen Brown sheds her timely perspective and out-of-the-box thinking onto the Puerto Rican crisis, recently published in TruthDig

[President Trump] was just pointing out the obvious. As economist Michael Hudson says, “Debts that can’t be paid won’t be paid.” Puerto Rico is bankrupt, its economy destroyed. In fact it is currently in bankruptcy proceedings with its creditors. Which suggests it’s time for some more out-of-the-box thinking. ...

Puerto Rico’s debt is only $73 billion, one third the Italian debt. The Fed has stopped its quantitative easing program, but in its last round (called “QE3”), it was buying $85 billion per month in securities. At that rate, it would have to fire up the digital printing presses for only one additional month to rescue the suffering Puerto Ricans without hurting bondholders at all. It could then just leave the bonds on its books, declaring a moratorium at least until Puerto Rico got back on its feet, and better yet, indefinitely. ...

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WATCH: Oakland forum highlights how Public Banks fund renewable energy

September 25, Friends of Public Bank of Oakland organized a public forum to hear Wolfram Morales of the German Sparkasse (East German Savings Bank Association) explain how Public Banking works in his country to fund renewable energy development. The East Bay Times as well as Oakland North covered the event and connected it to how Public Banks here could do the same thing in the US that Sparkasse do in Germany: offer low-interest rates to companies providing solar and wind resources, driving development.

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Related Bank News Investigation: JP Morgan Chase paid $8.2 billion fine with phony mortgages it didn’t own


Illustration by Tim Robinson courtesy The Nation.

David Dayen posts a powerful cover-story investigation in The Nation detailing a blistering NY lawsuit that presents evidence that Chairman and CEO Jamie Dimon knowingly implemented a grand scam on the US Government to pay off the government-mandated settlement for JPMorgan’s fraud that helped trigger the 2008 financial crash. 

As part of the National Mortgage Settlement, JPMorgan Chase claimed credit for forgiving the mortgages of tens of thousands of homeowners. The scam? Years earlier JP Morgan had sold many of those toxic mortgage properties — often for pennies on the dollar — to third party investors. 

“If the allegations are true, JPMorgan screwed everybody.” —former congressman Brad Miller

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Los Angeles Public Bank effort gains more steam


From left: Paul Stanton; Senior Policy Deputy, Anna Hovasapian LA City Councilmember Paul Krekorian; Marc Armstrong, Commonomics USA; Ellen Brown, PBI; Wolfram Morales, Sparkasse (East German Savings Bank Association); David Jette, Public Bank LA

Strong steps taken by LA City Council toward a Public Bank for Los Angeles have drawn a good deal of media attention, including coverage by the local CBS affiliate. The Ad Hoc Committee on Comprehensive Job Creation Plan began to debate the issue last Wednesday, Oct 4.

Following the successful Sept 29 meeting that took place between interested Councilmembers, legislative directors and Public Banking experts, Ellen Brown was invited to attend the Ad Hoc Committee and explain how a Bank of Los Angeles can be feasible, profitable and beneficial for the city's residents.

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