One of the tenacious organizers with Public Bank LA, Ben Hauck, passionately explains in Medium the imperative behind leaving Wall Street banks to create the revolutionary alternative system that stops banks from syphoning wealth away from our communities.
“Public banking will not only allow us to fully divest from Wall Street banks and their unethical investments, it will provide us with the power to create money through lending. Why do we allow Wall Street banks the near monopoly on money creation, when the power should be in the hands of the people? There is no justification for the stranglehold big banks have over our economies.”
“Through the power of lending, public banks can finance the needs of our communities. The just transition from a toxic fossil fuel driven economy to a clean, renewable future can be facilitated through public finance. Urgent needs for infrastructure can be addressed, fixing crumbling roads and bridges, water infrastructure, and climate change resilience projects. Affordable public housing can be built, helping to solve the urgent homelessness crisis. Schools, health care, firefighting, small business loans, low interest student loans… the possibilities with public banking are vast and capable of potent positive transformation.”
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