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Public Banking & Economic Democracy

From: Howard S.
Sent on: Friday, June 6, 2014 9:38 AM

Income inequality in the US is the highest it has been since 1928 and has grown exponentially over the last 40 years. The concentrating force of the debt-based banking system used to be offset by progressive taxation, but with its demise in the Reagan years, the systemic extraction of wealth from nature and people, which is transferred to those at the top, has gone unchecked.
Ecologically, we are now in the midst of a human-made species extinction larger than any other in Earth’s history. Climate change threatens our food supply, as areas of drought and flooding change rapidly. The “growth” economy demands ever-increasing production and consumption to fuel the insatiable appetite of the money system.
Creating public banks can be the democratic camel’s nose under the tent of the privatized monetary system. We start with public control of public money – creating banks where deposits of taxpayer dollars are used to finance economic development, education, and infrastructure. Over the long term, these public banks can be used to catalyze real change that is needed to transform the money used to drive the economy. Public banks on their own do not accomplish this, they merely transfer profits made by economic development lending from the private banks to the public coffers. Public banks can, however, set up systems where a public monetary utility could be established, where Time Banks and commercial barter systems can be facilitated, and their units leveraged for tax payments.

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