hundred-dollar bills Alexander Mils

Photo by Alexander Mils.

David Dayen writes in The American Prospect we do not need to endure an economy raided and starved by Wall Street self-interest. We know how to fix finance. We just need to do it. It is entirely possible to establish financial institutions and regulations that work for middle- and low-income Americans. He writes:

“So how can we fix this? It’s simple: we retain the parts of the banking system that are socially useful and necessary. We ensure equitable access to those tools, stepping in with nationalized solutions if the private sector cannot accomplish this. And then we flay the rest and toss it into the sea. …

“A bank built to serve the public can channel its resources to actual public needs. It can give the American people a defined voice in the direction of their money. Instead of being at the mercy of financiers, they’d be participating in a fundamentally democratic process.”

Dayen continues:

“Americans are currently stuck with a decrepit payment system, miscreant banks, interest-bearing bank accounts that bear no interest, and a financial sector that’s thoroughly unconcerned with their lives, as they push past the public to trade their way to fortunes. Cryptocurrencies like Bitcoin inspire such frenzy because people are looking for an alternative to a broken financial system.

“The architecture for that alternative already exists. … We have a shelf full of ideas for this purpose, and a demonstrated capacity to leverage people power to make them reality. The only missing ingredient to accomplish this is the political will. … ”

[Read the full article]