People's banks

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.”

[Read the full article]

2 Thoughts on “Truthout: “Move over Wall Street, people’s banks are coming to replace you””

  • Just a caution: Remember what happened to “Occupy Wall Street?” I was active in that movement, (which drew its impetus from the same Wall Street power, arrogance and hubris as Public banking does) I attended encampments in Oregon, Michigan and Washington DC. I saw firsthand the work of “:agents” posing as activists, infiltrating the meetings and rallies, misdirecting the intentions and goals of the movement. I was at first puzzled why the emphasis (of the occupy movement) was not on our banking system which as Bernie Sanders remarked, “has fraud as a business plan.” This lucrative and powerful cartel is not going to lie down and willingly let this grass roots movement to confront the fraud get any kind of a start, is it?. So, using the art of war and the strategies of aikido to defeat the dupable masses, the powers that be simply misdirect the copious energies that are rising once again wanting to confront our illegitimate, parasitic ruling class, who clearly draw their power from control of banking. But as of now those elites and insiders (see for example recent revelations of the work of Larry Summers, offering the choice of being insiders or outsiders to the likes of Elizabeth Warren and Yanis Varoufakis) still control the money creation process (“banking” is little more than private monopoly of money creation). As I say, just a caution. As long as the public banking movement is just a thousand points of light scattered across the US, the little sprouts of community public banks can be easily snuffed! What then SHOULD be the strategy?: Returning the federal reserve system itself to what it pretended to be all along. A TRUE public banking SYSTEM, working as did the Bank of Canada from the depression through WWII on to the 70s explanding infrastructure and jobs and creating prosperity never since matched! That golden era of honest banking for the public ENDED with Canada’s entry into the BIS international cartel in about 1973. and their national debt graph took off like a hockey stick.

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