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Follow The Money
The most exciting benefit of a public bank for Santa Fe is the fact that chartered banks actually create new money through a process called “fractional reserve banking.” When getting my MBA in finance, professors talked about it. Wikipedia, Bank of England and others have excellent online articles about this practice. It would multiply the […]
An open letter to the city of Seattle: Dump Wells Fargo and start our own bank
We propose that the city of Seattle charter its own bank, a public bank, that can not only manage the city’s deposits but can expand the money available for needed projects such as affordable housing and public infrastructure.
Cash Withdrawal
“WHEN THE CITY HAS MONEY INVOLVED WITH BANKS THAT INVEST IN PROJECTS HARMFUL TO OUR COMMUNITY AND COUNTER TO THE WILL OF OUR CITY, WE NEED TO LOOK AT VIABLE ALTERNATIVES.” -MAYOR JAVIER GONZALES
The homegrown promise of a Seattle public bank
PUBLIC banks have an excellent track record in helping states and cities finance infrastructure, among other public services.
What Donald Trump Owes Wall Street
Wells Fargo. JPMorgan Chase. Fidelity Investments. Prudential PLC. Vanguard Group. These are among the major financial institutions that own business debt held by Donald Trump, according to an investigation just published by the Wall Street Journal.
MAKE AMERICA HONEST AGAIN
Supporters of Senator Bernie Sanders demand that President-elect Donald Trump fulfill a campaign pledge promising to enact a 21st Century Glass-Steagall Act to reform Wall Street.
Reader View: How A Chartered Public Bank Works For Santa Fe
Recently, discussions about a public bank in Santa Fe have increased. This note addresses skepticism expressed about the utility of a chartered public bank. Chartered banks have a marvelous, some say almost magical, way of creating money in the economy by advancing bank credit (lending). Serious students of banking have understood the process for decades. […]
Ready Or Not
In response to David Shulman’s recent letter suggesting that the city of Santa Fe is not ready to run a public bank (“Not ready,” Dec. 16), let me say that the city would not be running the bank. At this time, there is much about the management, oversight, etc. of the proposed public banking model […]
Building The Economy
I am writing to urge the Santa Fe city councilors to support the public bank resolution. As I illustrate in my book, Breaking Big Money’s Grip on America, the practices of Wall Street and the global banks have been very detrimental to most Americans, the 2008 Great Recession being the most glaring, recent example. A […]
Eight Years After an Epic Banking Crash, America’s Biggest Threat Is Still Its Banks
In 1934 the U.S. had 14,146 commercial banks holding insured deposits. By 1985, that number had barely budged, standing at 14,417. Then came the Bill Clinton administration in the 1990s and its reckless and unprecedented banking deregulation which allowed the giant Wall Street banks to swallow up, or drive out of business, thousands of banks across America. According to the Federal Deposit Insurance Corporation (FDIC), as of December 22 of this year, there are only 5,927 FDIC insured banks left in the U.S., a stunning decline of 59 percent from 1985.
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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
Retake Our Democracy