Get News & Views Updates
Most Popular This Week
Popular content
Today's Top News
All Banks Are Not Created Equal
How the people can use public banks to supplant Wall Street greed
It is well known that Philadelphia was the birthplace of the U.S. Constitution and American democracy. Less well known is that it was also the birthplace of public banking in America. The Philadelphia Quakers originated a banking model involving government-issued money lent to farmers. The profits returned to the government and the people in a sustainable feedback loop that nourished and supported the local economy. 
Both landmark events will be commemorated in upcoming gatherings in Philadelphia. On April 7th, during Occupy Philly’s celebration of its six month anniversary on the mall in front of Independence Hall, the Occupy Philly General Assembly reached consensus in support of the National Gathering Working Group proposal to hold an Occupy National Gathering at the same location from June 30 to July 4, 2012. The endorsement included a commitment by Occupy Philly to provide the resources necessary to make the first Occupy national gathering in history a resounding success. The stage was thus set for what could be a revolutionary event located at the historic birthplace of the First American Revolution.
Resonating with that theme, on April 27th-28th the Public Banking in America Conference will be held at the Quaker Friends Center in Philadelphia, hosted by the Public Banking Institute (PBI). PBI’s vision is to establish a network of public banks across the country to generate affordable credit according to the priorities of real people, not corporate persons or banks. These priorities include student loans, sustainable agriculture, worker-owned coops, renewable energy, and so on. The Bank of North Dakota, currently the only publicly-owned depository bank in the USA, has over two dozen loan programs reflecting the priorities of the people of North Dakota.
Freeing the American people from the economic injustices perpetuated by Wall Street is what Occupy Wall Street is all about. We have become slaves to the economic power of Wall Street and their political lackeys. We now pay obscene amounts of interest to private bankers in exchange for the necessities of life. The American public thought it was chasing the two pillars of the American Dream: getting an education and buying a house. Now both of these pillars have been used against us to further the interests of Wall Street. Student and mortgage debt are used to club us into servitude.
Samuel Adams said of those whose allegiance was to money: “If ye love wealth greater than liberty, the tranquility of servitude greater than the animating contest for freedom, go home from us in peace. We seek not your counsel nor your arms. Crouch down and lick the hand that feeds you. May your chains set lightly upon you; and may posterity forget that ye were our countrymen."
After over six months of OWS protests over economic injustice, the Occupy National Gathering and Public Banking in America Conference will look at solutions, inspired by the revolutionary efforts of those who came before us in the birthplace of American freedom, Philadelphia.
Comments
Note: Disqus 2012 is best viewed on an up to date browser. Click here for information. Instructions for how to sign up to comment can be viewed here. Our Comment Policy can be viewed here. Please follow the guidelines. Note to Readers: Spam Filter May Capture Legitimate Comments...



12 Comments so far
Show AllWithout economic freedom -- which means freedom from tyrannical rule by the big banks -- there is no true freedom. I’d like to hear the peal of a new liberty bell ringing in Philadelphia, commemorating the American people’s victory over the Fed, GS, BOA, Chase, City, and the vile like, and the rebirth of freedom.
I see it as small hometown banks and credit unions are or should be for helping people. Anything else is a terrorist organization and money laundering institutions run by sociopaths meant to put the fear of austerity and worse into people and these traitors to the u.s. more than ever need to be shut down, violently if necessary. That is why the big white boy club banks have not compunctions about cheating people out of their money. The amazing thing is the people whom continue to still bank with these official financial terrorists who don't have to worry about repercussions of what they do to their customer base as they are totally void and bankrupt of moral integrity.
Philadelphia Freedom
Philos and Adelphos- we borrowed those beautiful ideas from the Greek language and blended them together making a wonderful union. This is what we hope to see someday – brotherly love.
What a perfect birthplace for the constitution and American democracy -AND public banking, the best kind of banking. I hope to see it coming to a city near everyone soon.
The origins of a banking model derived from the Quakers who lent government-issued money to their farmers, and.the best part – … the profits returned to the government and the people in a sustainable feedback loop that nourished and supported the local economy.’
I support the priorities of the Public Banking Institute. They rock
The current crisis is the inevitable outcome of two inter-related processes: The protracted decline of American capitalism and a crisis of profitability in basic production that is rooted in fundamental contradictions of the capitalist system. Behind the colossal growth of financial parasitism and outright criminality is the attempt by the American ruling elite to overcome the mounting contradictions of its system by shifting investment from manufacturing to ever more exotic forms of financial speculation. Particularly over the past three decades the financial power brokers, supported by the government, have dismantled much of the industrial base of the United States to seek higher rates of profit from various forms of financial manipulation. The creation of wealth for the ruling class has been largely separated from the creation of real value in the production process.
Now the countless trillions of paper values are collapsing, leaving in their wake an economic and social disaster. To even begin to offset these losses the ruling class must intensify its exploitation of the working class, spreading unemployment, poverty and social misery.
No progressive economic plan to solve the crisis can be developed apart from taking the major banks and financial institutions out of private hands. They must be nationalized and transformed into public utilities under the democratic control of the working population. The vast financial resources that the banks control must be used to provide decent education, housing, health care, retirement benefits and well-paying jobs for all.
http://www.wsws.org/articles/2009/jan2009/pers-j19.shtml
As an alternative to the Corporate Banksters, the idea of Public Banks has bloomed as an idea that can, along with the OWS upwelling for financial fairness, radically change the way the financial system works in America. It would return control of the Banks back to the people whom it‘s supposed to serve. This type of Banking has already been used in North Dakota successfully for almost a hundred years.
Check out this amazingly clear explanation of public banking at:
http://www.youtube.com/watch?v=r0rJWnRFUJA&feature=related
http://publicbanking.wordpress.com/
http://www.youtube.com/watch?v=7qIhDdST27g
Public Citizen has a Petition to "Break up B of A." As a suggestion, in the comments section, I demanded that we nationalize BofA, and then break it up into State Banks, like North Dakota's, giving birth to Public Banking from an institution that has basically already, through bailouts/subsidies, become a public institution anyway. Here's the petition: http://action.citizen.org/p/dia/action/public/?action_KEY=9386
the word public, should be distinctively different than interest of the shareholders positioned at the top of the pyramid skim
We don't need state banks. We have our little credit unions. Their best feature is that they do not intimidate us. It is beyond me why someone would advocate building mega-godzilla monsters and proclaim them to be benevolent servants of the people. Don't mind the monster stepping on your head. And imagine if the author's home state of Kalifornia operated a bank. That would be the bank from hell, for sure. So I don't really get where the author is coming from.
Credit unions are a great model for small, local, nonprofit businesses of all types. Credit unions have excellent track records. Credit unions are much better than state banks simply because state banks are centralized, prime targets for hijack by plotting elites, despots, or wannabes. Other reasons too - we don't need big kredit. We don't need big munny to fund big initiatives/enterprisez that require hierarchical kommand/kontrol structures, enslaving the people. We've seen the corruption and waste, and we know there are no benefits to justify it.
So we see a whole web of interconnected kaka, created by elites, that we simply don't need, and are vastly better off without. State banks are connected into that. They are not as evil as profit banks but just a lesser evil that still stomps on our heads. Utterly amazing that someone would advocate that. When we on the far left say we don't need something, we're actually saying we greatly prefer the holistic sphere of good, consisting of many interconnected goods, over the big rotten sphere of evil, consisting of many interconnected evils. We the people think things through, which is why we are superior stewards of society. We have vision. The elites got nuthin but big fat useless egos.
While they say the elites fear the rabble more than anything, the elites are terrified most by the rabble tending to their own local enterprises, thumbing their noses at or simply ignoring the elites.
Credit unions may be a good place to deposit your personal funds, but that's not what public banking is all about. It's about depositing the local government's funds. We're giving away huge sums in leverage to Wall Street by putting the states' billions in Bank of America and other Wall Street banks. We can leverage that money into credit for our own state/city/county by setting up our own publicly-owned banks. There's no avoiding local government in this; we're talking about the local government's money. And once the bank is set up, it is operated like any other bank, by bankers, not by politicians.
i think you leave behind the essence of economy where the government must act as the money lender to the banks, and not the bogus borrower, from entities belonging to rich individuals
"All Banks Are Not Created Equal"
"Freeing the American people from the economic injustices perpetuated by Wall Street is what Occupy Wall Street is all about. We have become slaves to the economic power of Wall Street and their political lackeys. We now pay obscene amounts of interest to private bankers in exchange for the necessities of life."
It's breaking through
- knowledge of the better ways to do
everything for US and you
Ellen Brown's in fine form these days, serving up good info on how to change over to a non-usurious banking system. (Read her book "Web of Debt" - essential reading).
12 states now have campaigns to form Public Banks. Take a look at the effort in Washington state at: wapublicbankproject dot org
Root out the Good Old White Boys out of our pockets.