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Facebook May Pose a Greater Danger Than Wall Street
By Ellen Brown, Truthdig – Payments can happen cheaply and easily without banks or credit card companies, as has already been demonstrated—not in the United States but in China. Unlike in the U.S., where numerous firms feast on fees from handling and processing payments, in China most money flows through mobile phones nearly for free. In 2018 these cashless payments totaled a whopping $41.5 trillion; and 90% were through Alipay and WeChat Pay, a pair of digital ecosystems that blend social media, commerce and banking. According to a 2018 article in Bloomberg titled “Why China’s Payment Apps Give U.S. Bankers Nightmares”:
Could Public Banks Help California Fund Affordable Housing?
By Sarah Holder; Citylab – A coalition of bank activists in ten California cities is pushing for public banks. A bill to support them is working its way through the state legislature. “We planted a seed,” tweeted Public Banks L.A., the day the organization’s ballot measure—which would have created the country’s first city-led public banking institution—failed last year in Los Angeles. “This is just the beginning.” Turns out, they were right.
Could Public Banks Help Cities Keep Their Money Away from Wall Street?
By Jill Cowan, California Today – When a ballot measure that would’ve allowed Los Angeles to start its own public bank was rejected by the city’s voters last year, even proponents of the idea acknowledged that it was a little far out. Get one of the nation’s largest cities to take the billions of dollars it deposits in big commercial banks and instead park that money in a financial institution that would invest it back into things like affordable housing? It sounded like a progressive pipe dream.
Why Is the Fed Paying So Much Interest to Banks?
Truthout.org; Ellen Brown/The Web of Debt Blog “If you invest your tuppence wisely in the bank, safe and sound, Soon that tuppence safely invested in the bank will compound, And you’ll achieve that sense of conquest as your affluence expands In the hands of the...
Monetary policy takes center stage: MMT, QE or public banks?
A network of public banks including a central bank operated as a public utility could similarly fund a U.S. Green New Deal – without raising taxes, driving up the federal debt, or inflating prices. Nation of Change; Ellen Brown / OpEd As alarm bells sound over...
Banking on the Public
A New Mexico advocacy group wants to let the people decide what happens with their money Santa Fe Reporter, Will Costello In late 2016, Wells Fargo, the consumer lending behemoth of Wall Street, attracted the eyes of the Consumer Financial Protection Bureau, the...
Bank of North Dakota celebrates 100 years
By Bonnie Melbers, Dec. 8, 2018, Grand Forks Herald The Bank of North Dakota turns 100 years old next year, but it’s just as important today as when it was founded in 1919, the bank’s executives said. It is the only active state-owned bank in the country. In recent years, however, there has been interest in […]
The Bank of North Dakota — Its History and Operation
The Bank of North Dakota — Its History and Operation
North Dakota has a public bank – a bank that has been owned and operated by the people of North Dakota since 1919. Because of the Bank of North Dakota, the state weathered the crisis of 2008 far better than most. North Dakota has not had a single local bank failure in more than 20 years. This documentary, produced by Prairie Public Broadcasting, presents the bank’s history, its current operation, and how it benefits the state.
San Francisco Public Bank PSA
San Francisco Public Bank PSA
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Standing Rock’s Surprising Legacy: A Push for Public Banks
Jan. 2, 2019, Deonna Anderson, Yes! magazine The effort to divest from Wall Street—and stop environment-killing projects gained momentum after the historic pipeline protest. Here’s what a city needs, and could gain, from municipal banking. In February 2017, Seattle became the first city to pass legislation to divest from a financial institution because of its […]
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Episode: Everyone deserves a public bank
“I had the good fortune to work on this initiative before Bernie kidnapped all my time. This is one of those no-brainer initiatives that only the 1% could oppose. It has the potential to save the state millions of dollars by vastly reducing the cost of its bonds to improve infrastructure funding. in a public bank, our state funds can be used to build our local economy and our local infrastructure.”
– Paul Gibson
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