Public development bank proposed in Kentucky

Courthouse Square, Murray, Kentucky

Fourth on Courthouse Square, Murray, Kentucky

 

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.

Ward writes:

“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!

Ward continues: 

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.

[Read the full article]

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