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. Read more

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. Read more

Sanders, Nader, and the Politics of the Federal Reserve

Bernie Sanders slammed the Federal Reserve for raising interest rates a little over a week ago.  Read more

The Fed's Financial Fictions

I've learned to go straight to the point when talking about raising interest rates (or lowering them, but you'd have had to go negative to go any lower than they were). My first question will always be how this will affect the day-to-day lives of the half of Americans in the throes of financial insecurity. This is an especially salient question when the rate adjustments are as small as the one announced last week. Read more

Bankstering in 2015: An End-of-Year Review

Those wacky banksters. Private banking is a tangled web of opacity. Let's review some of their recent and long-running shenanigans, remembering this list is far from exhaustive: Read more

Detroit: From Toxic Bank Deals to (more) Toxic Air, Land & Water

It was shady Wall Street deals that most recently destroyed the finances of Detroit. Now, as the city continues to struggle with water shutoffs and widespread financial indignities, Michigan wants to punish the victims again, by relaxing pollution regulations in a way that will disproportionately sicken the people of Detroit.  Read more

Class Action Goes After 10 Banks on Interest Rate Swap Fixing

Bank collusion has been a theme in the world of banking malfeasance news for some time. We know they've been caught colluding on currency exchange rates. We know that twelve banks settled a lawsuit in September admitting to credit default swap fixing. But a class action lawsuit filed Wednesday by The Public School Teachers' Pension and Retirement Fund of Chicago contends that ten of Wall Street's largest banks have "extract[ed] billions of dollars in monopoly rents, year after year . . ." and in doing so, wrecked Chicago teachers' retirement accounts. Read more

The People Still Resist Austerity in Greece

As I post this, Greece is finishing up a 24-hour general strike that drew tens of thousands of workers demonstrating in Athens. Much of the world, certainly the U.S., has stopped paying attention to day-to-day political events in Athens because it seemed, when it happened, that Alexis Tsipras's capitulation to austerity measures to guarantee further EU bailouts of Greece was a decisive nail in the coffin of Greek resistance to neoliberalism and the heavy-handedness of the European Central Bank. Read more

A Revolutionary Pope Calls for Rethinking the Outdated Criteria That Rule the World

Pope Francis’ revolutionary encyclical addresses not just climate change but the banking crisis. Interestingly, the solution to that crisis may have been modeled in the Middle Ages by Franciscan monks following the Saint from whom the Pope took his name. Read more

“Guerrilla Warfare Against a Hegemonic Power”: The Challenge and Promise of Greece

Banks create money when they make loans. Greece could restore the liquidity desperately needed by its banks and its economy by nationalizing the banks and issuing digital loans backed by government guarantees to its ailing businesses. Greece could provide an inspiring model of sustainable prosperity for the world. But it is being strangled by a hegemonic power in a financial war that is being waged against us all.   Read more

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