Opening The Public Bank Floodgates

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Above Photo: By Ray Explores.

The California Public Banking Act has shown that legislative tides have turned and it is possible to shift power away from profit-motivated board members of privately-owned Wall Street banks into the hands of the people. Aaron Fernando writes in The Progressive that the size of California’s economy and history of setting precedents means that the rest of the country will likely follow suit.

The question at the heart of public banking may seem technical but is actually about political power. Should small groups of wealthy corporate board members get to decide how to leverage public money so that they may further enrich themselves? Or should public funds be used in a way that is accountable to the public itself, for initiatives that will secure the long-term health of society at large?

Fernando continues:

“These [public] banks could follow in the footsteps of the German KfW Group, a collection of state-owned infrastructure banks that directed more than one-third of its funds to climate and environmental protection in 2018—not just in Germany, but in thirty countries. So instead of propping up oil pipelines, public money could catalyze a rapid transition to a zero-carbon economy. Public banks can also drastically reduce the cost of financing infrastructure projects, because if the lender is a public bank, interest payments can be re-used for public benefit, rather than to enrich investors.”

[Read the full article]
  • voza0db

    So instead of propping up oil pipelines, public money could catalyze a rapid transition to a zero-carbon economy.

    What a nice piece of VERY WISHFUL “THINKING”!

    What does a “RAPID TRANSITION” looks like?

    https://uploads.disquscdn.com/images/ac01227b5c8574c278f5bad73ad9f5b448337aeecee1a99d6b1182bd6d21b4ea.jpg

    **

    https://uploads.disquscdn.com/images/de7ef56dfca23f29a33d360446cf4d933e504164c7364926be6c74d2a4edbc03.jpg

    **

    Update for Nov, 1 2019:

    According to the most recent scientific calculations we are already behind in construction (reference date 01Oct2019)!

    48 nuclear power CO2 carbon neutral not built .

    Or, for those that prefer fake green solutions

    9,600 square miles of ecosystems destroyed to build wind farms.

  • irategrandmother

    What if this were accompanied by drastic lifestyle changes?

  • voza0db

    Well… that’s the way to go! BUT…

    Try to find 6 billion humans that are available for that.

  • Steven Gaylord

    The central banks have proven their merit. Just look at the dizzying wealth the few have accrued at the expense of the many. War, civil strife, genocide, and ecocide is their mantra. Planetary slavery is their agenda. Perhaps public banking could be the flea…delivering bubonic plague to the cabal.