Study Results Move Santa Fe Toward City-Owned Public Bank

For Immediate Release
Contact: Walt McRee, / Matt Stannard,
Interviews available with those quoted or mentioned in the release 


Significant savings of taxpayer dollars and sizable predicted profits were just two of the positive results of a 10 month study undertaken by the City of Santa Fe, NM, moving the city one step closer toward creating America’s first new publicly-owned bank in almost 100 years.  

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Santa Fe Report: Public Bank Will Save Money

The following story is from the Santa Fe New Mexican, January 13, 2015

To read the Santa Fe Public Banking Feasibility Study report, click here

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Interest-based Finance and Climate Politics

"People of conscience need to break their ties with corporations financing the injustice of climate change,” says Desmond Tutu, demonstrating consciousness of the bottom line that has delayed action on clean energy and the much larger task of providing security to those who will be displaced by climate disasters and the way humanity rapidly, in a panic, responds to them. Tutu is right to call it "the injustice of climate change" too, because climate is an economic justice issue as much as it is an objective question of environmental impacts.

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TPP De-Democratizes Environment, Finance, Municipalities

I apologize for "de-democratizes" in the title. I wrestled with "un-democratizes," "hurts every good cause," and "cuts a swath down the sail of American democracy like Errol Flynn," and none of them seemed to work. I decided to go with a word that represents curtailment, undermining, moving away from. American political and economic life certainly isn't democratic enough, but the Trans-Pacific Partnership makes it all less so, because it undermines an entire category of democratic policymaking. As we'll see straight away, the TPP is not the only trade agreement that does this, but as others have noted, it's wider and deeper than its predecessors. 

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Good News from Santa Fe

We have received so many inquiries about the status of the Public Bank for Santa Fe. The news is good!

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Essential--and very recent--Reading on Basic Income

Two or more years ago, only a few libertarians and some innovative left thinkers were talking about guaranteed income. Last year, more proposals and opinions began to trickle in. Now, governments are experimenting with it, political parties and think tanks are endorsing it, and opposition is surprisingly mild. 

In a way, it's not hard to see why. For countries with a strong tradition of social democracy and regulated markets, dividend income is another (more efficient) arrow in the quiver. And in the U.S., where half of all Americans are economically insecure and battles over minimum wage take place against a backdrop of a wholesale abandonment of supportable wage work, it's increasingly apparent that our capacity to create full-time livable work income for even most Americans is melting down. 

Of course, part of the case for basic income is that the value of money itself is fluid, and can be democratized. That's what groups like Positive Money and PBI bring to the table. As for the rest of the story, here are several important reads from merely the last 30 days on the ideological convergence and current widespread embrace of basic income. 

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A Crisis Worse than ISIS? Bail-Ins Begin

While the mainstream media focus on ISIS extremists, a threat that has gone virtually unreported is that your life savings could be wiped out in a massive derivatives collapse. Bank bail-ins have begun in Europe, and the infrastructure is in place in the US.  Poverty also kills.

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PBI Founding Author Traces Global Threats, Promises

At the close of 2015, my colleague Ellen Brown's work took on a new, international-oriented urgency, an appropriate wrap-up to a year that had seen her publishing pieces on Greece's struggle against the European Central Bank. 

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Reinventing Banking: From Russia to Iceland to Ecuador

Global developments in finance and geopolitics are prompting a rethinking of the structure of banking and of the nature of money itself.

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Does Bernie Sanders Have Public Banking Amnesia?

The Public Banking Institute doesn't endorse (or anti-endorse) political candidates, obviously, but we are concerned with public banking policy. As Senator from Vermont, Bernie Sanders has probably displayed better understanding of public banking as a matter of policy than any other national elected official in recent memory. But apart from his much-lauded support for resurrecting postal banking (a call that was little more than a flash in the pan in his campaign), we haven't heard anything about that understanding in almost two years.

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