Will Retail Banks Vanish? Not So Fast

Startup advisor, businesses designer, and capitalist cheerleader Thorsten Linz reminds me of an enthusiastic Dungeons and Dragons player or an excited novice high school debater. Having seen a few data points and, apparently, having hung out with only like-minded entrepreneurial dudes, Linz declared yesterday on LinkedIn that in ten years, all retail banks will shut down and everyone will use mobile apps to bank. Linz bases this prediction on his conversations with other people just like him, including Singularity University founder Pеtеr Diamandis, whom Linz talked to at a finance conference (sounds like a real barn burner). Linz supplements that evidence with the decidedly objective opinion of . . . a mobile banking app designer, Brett King.  Read more

North Carolina's Infrastructure Politics-- and How Public Banks Could Restore Local Control

It's one of the most beautiful of the United States, and some of the smartest and most beautiful people I know dwell therein. But its politics are messy these days. And it's not only people's bodies, identities, or legal statuses that state legislators want to play politics with. June and July appear to be strong months for infrastructure haters in North Carolina.  Read more

Central Banks Blink on Money-Creation

While American public banking advocates are raising eyebrows at Janet Yellen's admission that, in certain circumstances, the Federal Reserve can implement "helicopter money" (and the mainstream media's eyes become like saucers), the European Central Bank, shaken like the rest of Europe at the prospects of losing a member, is under pressure to give money out to working people and community-level enterprise rather than to the elites. Read more

Puerto Rican Debt: Myth and Reality

The mainstream media says Puerto Rico is in debt trouble because the island's government irresponsibly issued debt that it couldn't pay. As is evidenced through an understanding of the history of Puerto Rico, that's an absurdly fragmentary and incomplete explanation.  Read more

Public Banking Tops Baltimore Mayoral Candidate's Groundbreaking Platform

A Baltimore mayoral candidate may have the most on-point application of public banking we've seen in the whole economic democracy movement. Read more

Event: Big Banks and the Changing Impact on Business and the Safety of our Money: Is Public Banking an Alternative?

This Saturday, June 18, two members of the Public Banking Institute board, Ellen Brown and Ray Bishop, will be part of a discussion on public banking sponsored by the California Democratic Party. Obviously, PBI is not affiliated with any political party, but the public is invited to the event, and details are below.  Read more

A Public Bank provides responsible stewardship of public funds

The following OpEd was written on behalf of Banking on New Mexico in response to arguments in Santa Fe against the creation of a public bank there.  Usually, a household wishing to own a house must borrow the funds from a bank. The household pledges its future earning capability to pay off a mortgage during the home owner’s lifetime. Likewise, the City needs to borrow for public projects like Roadways and Streets, Utilities, and the Airport. And, the City pledges its earnings from taxes to pay off the loans over its lifetime. Of course, a city’s lifetime is indefinite, so it borrows continuously forever. Read more

What Wall Street Cost Oakland

In 2015, the City of Oakland paid over $68 million dollars in interest rates on long-term debt. Read more

Revisiting Public Banks and Worker-Owned Cooperatives

There are a number of reasons to doubt the maxim that capitalism as currently practiced, particularly in its finance capital formulation, fulfils its self-proclaimed mission of guiding investment and resources to the most socially useful or socially desirable ends.  Read more

New Legislation Prohibiting Debt Assistance Meanspirited & Misunderstands Money

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


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