The public banking message has even reached a small town in Western Kentucky. Columnist Marshall Ward began a series of articles last week in the Murray Ledger that articulately outlines the need for Kentucky to implement a public “development bank program that transforms our economy and infrastructure development into a 21st century model.” Murray, Kentucky has a population of 17,741 and began its existence as a post office. With the concept of public banking reaching towns like that, we’re well on our way to achieving PBI’s vision of public banking becoming common knowledge.
“The trick will be to use these state banks as a depository for state and municipal revenues. Rather than lending their capital directly, the bank leverages those deposits 10X in loan programs. … Locally, we desperately need to bring our roads, bridges, dams, libraries, post offices, universities, electrical power, mortgages and farms to 21st century standards. This is a great opportunity to start-up our own Kentucky Infrastructure Bank!”
We need a bank that can take public deposits, revenues, and resources and leverage them for local projects instead of sending them to Wall Street. A public bank cuts out the middle man!
This movement can be our New Deal, the Great Society, the Landing on the Moon and the Civil Rights movement for a new generation.
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