“Why do we keep bailing out these banks instead of letting them go bankrupt like any other business? And the answer I would submit is that banks actually create our money supply. So our economic fate is inextricably intwined with theirs. If the banks go down, our money supply collapses.”
Julian Robinson describes the motivation of activists behind Public Bank NYC:
“I think most people are aware of the consequences of the financial system. … We’ve seen companies like Wells Fargo commit widespread fraud and maintain most of its business. We’ve seen government bailout banks despite having caused the financial crisis. … And in a place like New York City that’s both home to many communities of color, many immigrant communities, many low income communities AND these mega banks that routinely extract money from those neighborhoods, the consequences are really present. … We see these consequences. We see this financial system. It exists by design. None of these consequences are by accident. They’re the result of a system that’s designed and controlled by these mega banks — these Wall Street banks — to extract the most wealth that they can.”
The Public Banking Institute is often asked to explain the concept of public banking in a nutshell. The challenge is to do it in a way that reaches a broad demographic. People learning about public banking have very different backgrounds, and banking isn’t what most people talk about over dinner with friends. At its core, however, the idea is simple — a concept even a child can understand. We’ve written and produced this video — Public Banking Made Simple — to communicate the core concept in simple terms, showing how public banks can give towns and states more resources to apply to their community needs.
Please view and share!
Coverage of the YesOnB ballot measure has expanded greatly as election day approaches. Local ABC7 in Los Angeles covered the YesOnB ballot measure with a positive story featuring City Council President Herb Wesson and Public Bank LA’s Trinity Tran. Josh Haskell reports:
“The city of Los Angeles pays $1.1 billion each year to Wall Street banks. In a public bank, supporters say that money would go toward getting the homeless off the streets, addressing the housing crisis and rebuilding the city's infrastructure.”
Click here for LA Magazine’s election guide, with positive notes about Measure B. Click here for more recent press.Read more
To help everyone understand more about public banking, Public Bank LA has put together a series of short interview-style videos which we've added to our YouTube channel.
Matt Stannard of Solidarity House and Commonomics USA talks at length with Amara Enyia, Chicago mayoral candidate, about the possibilities of cooperative economies in Chicago after Rahm Emmanuel leaves office as well as and the structural causes of violence and inequity in the city.
The latest episode of It’s Our Money with Ellen Brown examines the intersection of the environment and our monetary system. Co-host Walt McRee introduces the podcast:
Regenerating Nature and the Economy
Our debt-based capital regime appears oblivious to the essential demands of Nature and the regenerative systems that are our most foundational economy. The urgency of our climate crisis means transformative reform of our monetary relationships is desperately needed. Responding to that need, our guest Ed Quevedo, Director of Regenerative Design at the Foresight + Innovation Lab in CA, has been working with economic and policy leaders to build a New Regenerative Economy (NRE). This California-based initiative is complemented by other CA progressive movements that include the push for a Los Angeles public bank. Co-host Walt McRee talks with Marc Armstrong, who is consulting for Public Bank LA, a vibrant, smart group of young activists intent on creating a public bank in the nation’s second largest city by winning a measure placed on this fall’s ballot by the L.A. City Council. And commentator Bob Bows delivers the next installment of his new book on transforming global economies.
Public Bank LA and their allies have been actively engaged in securing endorsements from an impressive number of union and political groups throughout the city. Latest endorsements include State Senator Kevin de León; Rusty Hicks, President of the LA County Federation of Labor; Gayle McLaughlin, Former Mayor of Richmond; Carolyn Fowler, Vice Chair California Democratic Party Women's Caucus; the Labor Council for Latin American Advancement; Our Revolution West San Fernando Valley; Stonewall Democratic Club; UC Student-Workers Union UAW Local 2865; and the Progressive Democratic Club. These follow earlier endorsements by Our Revolution, DSA-LA, Green Party of Los Angeles County, Los Angeles County Democratic Party, and the California Democratic Party.
The effort has drawn more major press from Bloomberg and the Los Angeles Times. To help with this endorsement and outreach effort with your contacts or ideas, connect with PBLA here. The #YesOnB Street Team is hitting the LA neighborhoods this Saturday, Oct 20. See Facebook event list here. Plus there's a big Defundraiser Rally event Saturday, Oct 20 at LA City Hall with Eric Andre, Nick Thorburn, Abby Martin, and more. Facebook event here. Donation link here.Read more
The road to financial independence can be long, but that doesn’t discourage the cities, counties, and states leading the movement to create public banks in the United States.
In Washington State, legislators are now just three votes away from passing a bill to adopt a business plan to create a state bank. The path they took is instructive to cities, counties and other states looking to form their own banks. Watch their recent State Bank Forum here.
“I see a public bank as almost inevitable,” said State Sen. Bob Hasegawa, “because of the current financial structures we’re required to live under.”Read more
Lee Camp spoke with Josh Androsky from PBLA about all things public banking on a recent episode of his popular show Redacted Tonight, “A new way to end the big banks.”
“Public banking is basically democratizing finance. It would be cutting out the Wall Street middleman and allowing the power of banking to be a public utility. … It’s not that difficult. … When it comes down to it, who should be in control of public money? Is it six people in a board room in New York City high up in a penthouse of a giant skyscraper, or is it your community, your neighbors?”