The most recent It’s Our Money podcast talks with economist and author Michael Shuman about the central necessity of local community investment through public banks.
Time to Think Hard About Local Community Investment
This week’s show starts with Ellen’s discussion of an evident “War on the States,” in which states devastated by the economic impact of Covid-19 find themselves fighting for Fed funding. With this forced refocusing on local financial resources, individuals and communities must reconsider where they’ve been investing their money. Global financial markets have dominated and distorted our systems of economic investment and have done very little for the important concerns of community vitality and public interest, namely local businesses; but security laws have begun to slowly open new opportunities for local investments. Our guest, noted author, economist and leading protagonist of crowd-funding Michael Shuman, argues that local investment is key to generating lasting health in local economies, and public banking plays an important role in bringing it forward.