Public Banking

New Economy Week — October 12-18, 2013

October 10, 2013 Staff, www.neweconomyweek.org Create! Cooperatives, Education, Energy, Environment, Finance and the Economy, Food and Agriculture, Public Banking, Solar, Worker Rights and Jobs

It’s becoming clearer every day that something is wrong in America. We see symptoms of a deeper problem through our own experiences with growing inequality, chronic unemployment, financial instability, undemocratic consolidations of power, environmental crisis, and the declining well being of communities, families, and individuals. Many of us have come to the realization that our economy is out of control; undermining many of those things we hold most dear. For some this leads to despair or resignation, for others it inspires activism, and for increasingly more Americans it leads to a desire and a commitment to innovate and build something that works better for the people, planet, and places we love. New Economy Week is a celebration of this innovative spirit, an opportunity to shine a light on the thousands upon thousands of things that everyday people are doing right now to build a new kind of economy.

The Looming Mass Destruction from Derivatives

September 20, 2013 Ellen Brown, www.ellenbrown.com Educate! Finance and the Economy, Public Banking

Increased regulation and low interest rates are driving lending from the regulated commercial banking system into the unregulated shadow banking system. The shadow banks, although free of government regulation, are propped up by a hidden government guarantee in the form of safe harbor status under the 2005 Bankruptcy Reform Act pushed through by Wall Street. The result is to create perverse incentives for the financial system to self-destruct. Increased regulation and low interest rates have made lending to homeowners and small businesses less attractive than before 2008. The easy subprime scams of yesteryear are no more. The void is being filled by the shadow banking system. Shadow banking comes in many forms, but the big money today is in repos and derivatives.

Billionaire Bailout Society: 99% May Never Recover In Our Lifetimes

September 17, 2013 Les Leopold, www.alternet.org Create! Finance and the Economy, Public Banking

What will it take to win? There are some positive signs popping up all over the country. Low-wage workers are organizing. The AFL-CIO is finally coming out of its defensive crouch and opening up to non-traditional worker organizations. More and more co-ops are forming. And more than 20 states are seriously considering moves toward public banks. But we'll need much more to dent the billionaire bailout society. We will need nothing less than a broad movement that connects all these efforts and many more into a coherent force aimed at high finance. The money labor squanders on meaningless elections should be funding the attack on Wall Street. It's time we looked more seriously at the last time Americans rose up against Wall Street. That was during the Populist Era of the late 19th century.

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