Report Rips Racial Disparities of Banks in Baltimore

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. 

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Shockingly, U.S. Treats Municipalities Worse than Other Countries

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”?

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TPP Provisions Used against Japan Postal Bank

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. 

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Public Banking Promoted in the Nation’s Capitol

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.

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Wall Street and Domestic Violence

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. 

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Community Banks Reinventing Themselves--But Can They Survive?

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.

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COMERS v. Bank of Canada: Canadians Still Fighting to Restore their National Public Bank

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.

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New Hampshire Event to ask: Where's Our Money?

Have you ever wondered why municipalities have no money (while money supply is unlimited for big banks), why there is such income inequality, why NH college students have such massive debt or why your business can’t get a loan?  An early December conference will solve these mysteries of where our money is, who has it, and how we can get it back to put it to work for all the people of New Hampshire.

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B of A Bailing on Small Towns

The Boston Globe's Beth Healy reports that Bank of America has initiated a series of cutbacks among small municipal clients, giving them relatively short notice to move on and find another bank to handle their public finances. 

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Blaming Victims While Gambling Our Money: Economics in a World without Compassion

In truth, poverty is an anomaly to rich people. It is very difficult to make out why people who want dinner do not ring the bell.
~Walter Bagehot, The Waverley Novels (1858)

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