Photo by Ferran Fusalba Rosello.
In this week’s Truthout, Phoenix Goodman, co-founder of Public Bank LA, envisions what an ideal public banking system would look like:
“[W]e must formulate a type of bank that most reflects the general will of the commons, competently. … We need banks that are not only publicly owned, but accountable, democratic, local, environmentally and socially conscious, uncorrupt, competent and conducive to social good and sustainable economic growth.”
Goodman expands on that vision by specifying the concept of a “people’s bank” — one that puts the public good at the center of the bank’s charter and solves the problems identified with our current private banking system. He writes:
“We literally cannot have a real democracy until finance itself is democratic. Until the levers of money creation are under public accountability, we will have a pseudo-democracy subverted by financiers behind the curtain. But when that pillar of our system is brought under democratic accountability via People’s Banks, we may begin to see economics, and politics itself, shaped in a much more democratic image, and the real changes so direly needed can come to bear.”