Money

The Public Banking Movement Is Taking Off In The U.S.

March 19, 2018 Margaret Flowers and Kevin Zeese, Clearing the FOG. Podcast Banking and Finance, Money, Public Banks, Wall Street

Public Banks exist around the world. They are used to hold public dollars, such as taxes and fees, to keep the money local so it serves the public interest, instead of giving it to Wall Street banks who charge high fees and interest rates. There is only one public bank so far in the United States, the Bank of North Dakota. It has been in existence for almost 100 years. Now, thanks to the work of the Public Banking Institute, there is a vibrant movement to create more public banks in the U.S. at the city and state level. We speak with Walt McRee and John Comerford about the reasons to support public banks, how they would serve people instead of Wall Street profits and current efforts across the country.

Former Governor Of Bank Of Spain: Public Entity Should Create Money

December 6, 2017 Staff, publicbankinginstitute.org Create! Banks, Money, Public Banking, Spain

By Staff of Public Banking Institute - Positive Money, the monetary reform group based in the UK, posts that Miguel Ángel Fernández Ordóñez, former governor of Bank of Spain, is now recommending money creation by public entity instead of by private banks. He references the advances in technology that would allow safe public issuing. He came to the Spanish Lower House on Nov 7, 2017 and said the following: “In the latest years, some analysts have emerged who are evaluating the possibility to change current money creation system by private banks and to substitute it with another one which would let every citizen deposit their money at central banks. These studies have surged, because the technological advances in the computing and data storage, have made it technically possible today for money to be issued by the State, and not by private banks which would be of course doing their businesses in the assets’ side, but without the need that their problems should be resolved by the State, as deposits would be completely safe at the issuing bank. The possibility to issue public and safe money thanks to new technologies, according to these researchers, would have positive consequences, not only for the system's stability, but also to reduce or even do without the huge prudential regulation which is today damaging financial innovation.

The History Of Putting A Price On Everything

December 2, 2017 Adam Gaffney, newrepublic.com Educate! Budgets, Cost of living, Money

By Adam Gaffney for New Republic - In 2015, according to the Centers for Disease Control, some 33,091 people died as a result of an opioid overdose. The final 2016 figure, there is little doubt, will be even higher. Last year, researchers at the CDC put the “societal” cost of the opioid epidemic at $78.5 billion for 2013. Some of that figure includes spending on healthcare and on criminal justice related to the trade in opioids. But much of the $78.5 billion represents something less tangible: “lost productivity.” The researchers estimated that the lost future economic output of Americans affected by the epidemic—those who were disabled by opioid dependence, who died prematurely, or were incarcerated—amounted to $41.9 billion a year. And in November, the White House made headlines by putting an even bigger price tag—$504 billion—on the opioid epidemic, by adding to this a dollar value for each life lost, the so-called “value of a statistical life.” The idea of putting a price on health—or life and death—may seem intuitive, even natural, in an age in which the human body is commonly conceived as a sort of investment. “When I’m at a country club or a party and people ask me what I do, I say I’m an asset manager,” said one concierge physician (annual fee: $40,000 and up) whose practice was recently profiled in the New York Times. “When they ask what asset, I point to their body.”

Prosperity Through Keystrokes: Understanding Federal Spending

November 18, 2017 Steve Grumbine, www.popularresistance.org Create! Austerity, Budget Cuts, Money, New Economy, Taxes

By Steve Grumbine. It has long been known that our electoral system and methods of voting are corrupt, untrustworthy, and easily manipulated by less than savvy politicians, state actors, and hackers alike. The answers to many of these issues is the same answer that we would need to push for any progressive reforms to take place in the United States: namely, we need enlightened, fiery, peaceful, and committed activists to propel a movement and ensure that the people rise, face their oppressors, and unify to demand that their needs be met. What is not as well-known, however, is how a movement, the government, and taxes work together to bring about massive changes in programs, new spending, and the always scary “National Debt” .

Renegotiating NAFTA Is Putting Lipstick On A Pig

August 27, 2017 Robert E. Scott, www.epi.org Educate! Money, NAFTA, Trade, Trump

By Robert E. Scott for Economic Policy Institute. The first round of the Trump administration’s NAFTA renegotiations began in Washington wrapped up on Saturday. The negotiators will meet again in September in Mexico City and then again in October in Canada. The United States has not yet proposed any specific measures on important issues such as labor rights, currency manipulation, or rules of origin. By all accounts, these negotiations are more likely to hurt than help most working Americans, who would be better served by efforts to target countries with large, global trade surpluses such as China, the European Union (EU) and Japan. Rather than tinkering around the edges of NAFTA, the United States should begin a campaign to realign the U.S. dollar and rebalance global trade.

Sovereign Debt Jubilee, Japanese-Style

July 1, 2017 Ellen Brown, www.ellenbrown.com Educate! Japan, Money

By Ellen Brown for Web Of Debt Blog - If the Federal Reserve raises the fed funds rate to 3.5% and sells its federal securities into the market, as it is proposing to do, by 2026 the projected tab will be $830 billion annually. That’s nearly $1 trillion owed by the taxpayers every year, just for interest. Personal income taxes are at record highs, ringing in at $550 billion in the first four months of fiscal year 2017, or $1.6 trillion annually. But even at those high levels, handing over $830 billion to bondholders will wipe out over half the annual personal income tax take. Yet what is the alternative? Japan seems to have found one. While the US government is busy driving up its “sovereign” debt and the interest owed on it, Japan has been canceling its debt at the rate of $720 billion (¥80tn) per year. How? By selling the debt to its own central bank, which returns the interest to the government. While most central banks have ended their quantitative easing programs and are planning to sell their federal securities, the Bank of Japan continues to aggressively buy its government’s debt. An interest-free debt owed to oneself that is rolled over from year to year is effectively void – a debt “jubilee.” As noted by fund manager Eric Lonergan in a February 2017 article: The Bank of Japan is in the process of owning most of the outstanding government debt of Japan (it currently owns around 40%).

How Greece Became A Guinea Pig For A Cashless And Controlled Society

June 27, 2017 Michael Nevradakis, www.transcend.org Educate! Greece, Money

By Michael Nevradakis for MintPress News - 21 Jun 2017 – Day by day, we’re moving towards a brave new world where every transaction is tracked, every purchase is recorded, the habits and preferences of everyone noted and analyzed. What I am describing is the “cashless society,” where plastic and electronic money are king, while banknotes and coins are abolished. “Progress” is, after all, deemed to be a great thing. In a recent discussion, I observed on an online message board regarding gentrification in my former neighborhood of residence in Queens, New York, the closure of yet another longtime local business was met by one user with a virtual shrug: “Who needs stores when you have Amazon?” This last quote is, of course, indicative of the brick-and-mortar store, at least in its familiar form. In December 2016, Amazon launched a checkout-free convenience store in Seattle—largely free of employees, but also free of cash transactions, as purchases are automatically charged to one’s Amazon account. “Progress” is therefore cast as the abolition of currency, and the elimination of even more jobs, all in the name of technological progress and the “convenience” of saving a few minutes of waiting at the checkout counter.

Move Your Money To The New Economy

June 22, 2017 Staff, www.neweconomy.net Create! Banks, Money, New Economy

By Staff of New Economy Coalition - Banking Alternatives: Unlike Wall St. banks, which work to maximize profits for shareholders at the expense of communities and the environment, Community Development Credit Unions, as well as many other progressive credit unions, CDFIs, and community banks, offer a local alternative rooted in the well-being of their communities. Here are some places to learn more about values-aligned banking alternatives. Invest In the New Economy: Within NEC’s membership there are dozens of amazing organizations that can help you put your savings or investments to use in building the New Economy. Here are just a few. Reinvest in Our Power: Reinvest In Our Power is an emerging national network of reinvestment campaigns and grassroots organizations, that are working together to freeze dirty investments, move the money, and resource community-led solutions at the frontlines. Through a financial cooperative of regional loan funds, governed by the grassroots organizations, this project shifts both capital and decision-making out of corporate control, and puts it in service of people and the planet. Sachie, NEC staff organizer, serves as project coordinator for the network.

How To Cut Infrastructure Costs In Half

January 31, 2017 Ellen Brown, www.ellenbrown.com Create! Infrastructure, Money

By Ellen Brown for The Web of Debt Blog - President Donald Trump has promised to rebuild America’s airports, bridges, tunnels, roads and other infrastructure, something both Democrats and Republicans agree should be done. The country needs a full $3 trillion in infrastructure over the next decade. The $1 trillion plan revealed by Trump’s economic advisers relies heavily on public-private partnerships, and private equity firms are lining up for these plumbing investments. In the typical private equity water deal, for example, higher user rates help the firms earn annual returns of anywhere from 8 to 18 percent – more even than a regular for-profit water company might expect. But the price tag can come as a rude surprise for local ratepayers.

Agriculture To Demonetisation: Made In Washington

January 7, 2017 Colin Todhunter, www.countercurrents.org Educate! Food and Agriculture, India, Money, Washington

By Colin Todhunter for Counter Currents - We don’t have to dig too deep to see where Modi feels at home. Describing itself as a major ‘global communications, stakeholder engagement and business strategy’ company, APCO Worldwide is a lobby agency with firm links to (part of) the Wall Street/US establishment and functions to serve its global agenda. Modi turned to APCO to help transform his image and turn him into electable pro-corporate PM material. It also helped Modi get the message out that what he achieved in Gujarat as Chief Minister was a miracle of economic neoliberalism, although the actual reality is really quite different. In APCO’s India brochure, there is the claim that India’s resilience in weathering the global downturn...

Demonetisation: Bhasmasur’s Dance Of Death

January 2, 2017 Vijaya Kumar Marla, www.countercurrents.org Educate! India, Money

By Vijaya Kumar Marla for Counter Currents - As per mythology, one demon king, Bhasmasur had undertaken tapas to attract the attention of Shiva. His tapas was so powerful that earth and heaven were shaken and pleased with his devotion, Parameshwar appeared before him. Bhasmasur asked for a boon from Shiva, that he should have the power to destroy anything he lays his hands up on. Having promised, Parmeshwar had no option but to grant it. This demon king wanted to test whether the boon really works and so, he chased the Lord himself to put his hand up on his head. Bhasmasur had left a trail of death and destruction in his wake.

Central Bank Digital Currencies: A Revolution In Banking?

September 20, 2016 Ellen Brown, www.counterpunch.org Create! Banking, Currency, Digital, Money

By Ellen Brown for Counter Punch - Several central banks, including the Bank of England, the People’s Bank of China, the Bank of Canada and the Federal Reserve, are exploring the concept of issuing their own digital currencies, using the blockchain technology developed for Bitcoin. Skeptical commentators suspect that their primary goal is to eliminate cash, setting us up for negative interest rates (we pay the bank to hold our deposits rather than the reverse). But Ben Broadbent, Deputy Governor of the Bank of England, puts a more positive spin on it.

Stark New Evidence On How Money Shapes America’s Elections

August 16, 2016 Lynn Parramore, www.ineteconomics.org Educate! Elections, Money

By Lynn Parramore for INET - Outrage over how big money influences American politics has been boiling over this political season, energizing the campaigns of GOP nominee Donald Trump and former Democratic candidate Sen. Bernie Sanders alike. Citizens have long suspected that “We the People” increasingly means “We the Rich” at election time. Yet surprisingly, two generations of social scientists have insisted that wallets don’t matter that much in American politics. Elections are really about giving the people what they want. Money, they claim, has negligible impact on elections.

Trump’s “Reckless” Proposal Echoes Franklin And Lincoln

May 16, 2016 Ellen Brown, Chris Hedges, www.ellenbrown.com Educate! Finance and the Economy, Money

By Ellen Brown for Web of Debt - “Reckless,” “alarming,” “disastrous,” “swashbuckling,” “playing with fire,” “crazy talk,” “lost in a forest of nonsense”: these are a few of the labels applied by media commentators to Donald Trump’s latest proposal for dealing with the federal debt. On Monday, May 9th, the presumptive Republican presidential candidate said on CNN, “You print the money.” The remark was in response to a firestorm created the previous week, when Trump was asked if the US should pay its debt in full or possibly negotiate partial repayment.

War On Savings: Panama Papers, Bail-Ins, And Push To Go Cashless

April 13, 2016 Ellen Brown, www.ellenbrown.com Educate! Finance and Economy, Money, Panama Papers

By Ellen Brown for Web of Debt - The bombshell publication of the “Panama Papers,” leaked from a Panama law firm specializing in shell companies, has triggered both outrage and skepticism. In an April 3 article titled “Corporate Media Gatekeepers Protect Western 1% From Panama Leak,” UK blogger Craig Murray writes that the whistleblower no doubt had good intentions; but he made the mistake of leaking his 11.5 million documents to the corporate-controlled Western media, which released only those few documents incriminating opponents of Western financial interests.

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