Activists all over the country continue to press for public banks. The following is an announcement from the New Hampshire for a series of events in support of NH House Bill 672.
AN OPEN LETTER TO THE CITIZENS OF THE NORTH COUNTRY
“Across the US, municipalities make annual payments on @ $4 trillion dollars borrowed from private parties, while in our states schools close, jobs are lost, students saddled with life-long debt, public services cut, public assets sold, small businesses stymied through lack of funds, and hope sapped from lives. This trend can not continue.” ~ Walt McRee, Chairman, Public Banking Institute.
In 2014, the State of New Hampshire paid $77 million dollars in interest payments, alone, on its state debt. Over the last decade, the interest payments totaled $629.4 million or over half a billion dollars.
Those interest payments have gone primarily to out-of-state, private investors, brokered by major Wall Street firms.
If the state had instead invested the $629.4 million here in NH, the return could have been literally in the billions — through normal, every day, fractional reserve banking practices: credit creation. Tax rates could be dramatically reduced; the state pension fund enriched; infrastructure shored up. NH citizens, businesses, community banks, economic development agencies, councils, non-profits and local governments would have full access to our own credit, common wealth. Prosperity would result.
An initial and proven step toward such prosperity is the establishment of a public bank. In contrast to the major private banks, a publicly owned bank banks in the public interest.
NH House Bill 672 introduces this idea on the state level. The bill builds on the Bank of North Dakota’s exemplary model. The model is embraced by North Dakota’s state government, its economic development agencies and corporations, as well as its state and community banks, which are flourishing, and its citizens.
The vision of a public bank will be presented at the following Community Forums, during The Bretton Woods IV Convocation:
* Sept. 29th: Bretton Woods, Mt. Washington Hotel, Grand Ball Room: 9 am & 7:30 pm
* Sept. 30: North Conway: Weather Discovery Center, 2779 Main St. 2-5 pm & 6:30-9 pm
* Oct. 1: Gorham/Berlin, Riverside Assembly of God, 450 Main St. (Rt. 16): 2:00-5:00 pm & White Mountains Community College, 2020 Riverside Dr., 6:30-9:00 pm
* Oct. 2: Colebrook: Tillotson Center, 14 Carriage Ln., 3:30-5:00 pm & 6:30-7:30 pm
* Oct. 3: Lancaster: Weeks Library, 128 Main St., 1:00-4:00 pm
* Oct. 4th: Bethlehem/Littleton: McLane Hall, White Mt. School, 9:30-11:30 am & Littleton Community Center, 120 Main St.: 3:30-5 pm
* Oct. 5: Franconia Town Hall, Franconia Center: 2:30-5:00 pm
* Oct. 6: Bretton Woods, Mt. Washington Hotel, Presidential Conference Center: 11-12:30 & 4-5:30 pm
A Warm Welcome to one and all,
Stuart Sinclair Weeks, Lancaster, NH, USA