A new video by Vermont Independent and Vermonters for a New Economy features many local advocates including Gwendolyn Hallsmith, Rep Valerie Fraser, and Henry Jacqz to explain why a Vermont Public Bank is a vital need. It’s full of great quotes and is part of a larger documentary film project by Rob Williams.
“The benefits for issuing money go to private institutions and are largely responsible for the growing gap in income inequality.” — Gwen Hallsmith
“My tax money goes to big banks and those big banks can use it for what they choose. One of those choices that TD Bank is making is to invest in fossil fuel industry and fossil fuel infrastructure, which is destroying the environment, undermining indigenous culture.” — Rep. Brian Cina
“Private banks do not serve the people. And in fact sometimes do the opposite.” — Jim Hogue, historian
“If we can work within the system by borrowing money at a fraction of what we borrow it at now, that would really be the biggest help.” — Rep Valerie Fraser
“Vermont needs a Public Bank now because we’re drowning in debt. [It’s] the reason we see austerity measures in the legislature and programs cut every single year. … Whey are we paying all of this in debt service to private entities?” — Gwen Hallsmith
“I think that money should be a public utility not a means of further consolidating wealth.” — Lauren Greco, grad student