SF Public Bank San Francisco City Hall

Photo caption: SF Public Bank at San Francisco City Hall. Photo by Kurtis Wu.

The public banking movement rallying across the country is growing stronger by the week. Truthout is the latest publication to call attention to its influence and the surge of demands for public control of the public’s banking system. Robert R. Raymond writes,

“Spurred by the need for an alternative to the for-profit, extractive model of finance exemplified by Wall Street, there is a budding movement in the United States that is working to reimagine banking as an institution that truly serves the public. … Growing largely out of the need for more democratic ownership over capital, the aim of this budding movement is to create a robust public banking infrastructure across the nation that is rooted in the principles of economic, environmental, racial and social justice.”

Raymond talks with Kurtis Wu of SF Public Bank and the California Public Banking Alliance about how quickly advocates anticipate seeing real change. Wu says:

“If the state bill successfully passes, we will likely push for the creation of a public bank through a ballot initiative … putting this issue directly to the voters — so it’s ultimately decided by the people. There’s a fierce urgency to this, and we want to make sure that the timeline keeps up with that. I think that it’s possible for a fully-fledged and operating public bank to be created in five years.”

[Read the full article]

2 Thoughts on “Truthout: Wall Street beware, The public banking movement is coming for you”

  • I fear that the great potential for public banking benefits will be co-opted by politicians and global warming advocates. The first and most successful advocate of public banking has kept its use to the improvement of North Dakota’s infrastructure and low cost loans for schools, etc.
    Their proper use of public banking has resulted in the lowest unemployment in the U.S. among other benefits and has always returned a fair return to their state bank. North Dakota has also made it a high priority to cooperate with local banking.
    I can’t think of anything worse than allowing California politicians to start finding projects to finance that are tainted by the same philosophy that controls the California legislature. If the objective is not to fund programs that pay for themselves for the benefit of CA citizens we’ll have the same kind of disaster similar to the complete failure of the state run retirement fund.

  • Hi all:
    Here’s my testimony on HB 1482, a bill for a two year moratorium on foreclosures and for a task force to study banking and money.
    David
    Keep cool this summer.
    July 16, 2019
    INTRODUCTION:
    Legislators MUST pass bills on stopping foreclosures, especially HB1482 calling for a moratorium on foreclosures and for time to study why foreclosures happen and for a time to study how our banking and financial system work, especially on how money is created.
    WHY? Because banks DO NOT LEND DEPOSITOR’S MONEY….as most people believe….. Nor do they lend out their own money!
    Let me repeat that….Banks do not lend money…..instead they monetize the so-called borrower’s promise to pay with an accounting entry as if the so-called borrower was making a deposit. AND they charge interest. That is usurious. Far beyond the 20% laws of usury in Massachusetts (Chapter 271 Section 49, attached), and that is criminal.
    If and when you know that….If and when you believe that …then the only conclusion you must come to is that foreclosing entities are stealing our homes….and let me repeat that….banks or foreclosing entities are stealing our homes without investing a dime. They are the ones getting a free home!
    HOW?
    Foreclosing entities are getting free homes by lies, by deceit, by deception, by forgery, by fraud, and by trickery. And they are getting free homes through various civil and criminal violations, totally disregarding current laws.
    So how can there be any foreclosures, if NO MONEY is lent to the so-called borrower???
    1) How can the banks change interest if NO MONEY WAS LENT?
    2) How can there be ANY foreclosures if no money was lent to the so-called borrower’s
    LEGISLATORS, especially Judicial legislators. It is your responsibility to see we return to a judicial system for foreclosure in order to re-establish justice, instead of a non-judicial foreclosure system where banks and their lawyers disregard the laws, where courts and judges allow false and misleading documents, and where banks sell unfunded securities. Banking is an implemented lie. And to cover up that lie, they have disregarded various laws.
    These civil and criminal violations must be addressed.
    And the way for the truth to surface is to have a moratorium on foreclosures.
    The following have already has been presented to the Senate Judiciary committee by Grace Ross AND must be addressed by the Joint Judiciary committee
    The evidence of 160 civil violations
    The evidence of 60 criminal violations
    Factual Considerations must be EMPHASIZED
    1. Banks DO NOT LEND YOU ACTUAL MONEY.
    2. Instead, banks lend so-called borrower’s promise to pay as an asset entry on their books and charge them interest! Again that is criminal usury!
    3. One’s promissory note that one signs represents the REAL MONEY!
    4. Individuals were lied to, and deceived, at the closing, creating a VOID mortgage!
    5. These VOID mortgages are then bundled as “SECURITIES” and sold to investors.
    6. During the foreclosure process Courts are accepting false, forged and misleading documents.
    If you knew for certain, without a doubt, that your signature on the promissory note CREATES NEW MONEY in the monetary system…would you be AMAZED?
    If you knew for certain, without a doubt, that banks DO NOT lend depositor’s money nor do they lend their own money, would you pass a moratorium on foreclosures?
    Legislators!, Especially Judicial legislators. It is your responsibility to see we have a Moratorium on foreclosures to re-establish economic justice with the time to study and re-think how money is created and how it enters the system. A moratorium would give banks notice that their scheme of pretend lenders is about to be exposed to the public.
    The most important responsibility of the State of Massachusetts and the Federal Government is the issuance of debt-free, honest money based on the productive output of the people of Massachusetts. This can be done with a study to understand the creation of money….but we need breathing room to do it.
    One way is the passage of HB 1482: Declare a two (2) year moratorium on foreclosures thereby enabling ALL of us to take a good look at our current debt-based, interest bearing usurious, deceptive, dishonest, unjust, corrupt and fraudulent monetary system. A two (2) year moratorium will give us time to study various papers and books, especially a book called BANKING ON THE PEOPLE by Ellen Brown
    Money MUST BE honest with full disclosure for the easy exchange of goods and services and be publically issued debt and interest free to benefit ALL the people of the commonwealth…not just few.
    Finally, as a side note, we don’t need the public catching on to the idea that they are paying back their own money. You know if the public gets ahold of the idea that it is their money that is being lent, and not the banks or any depositor’s then then is no more guilt to pay it back. So we must extend a moratorium to get to public banking and an honest monetary system.
    Thank you for listening to this…..this 16th day of July 2019

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