The Savings and Stability of Public Banking

by Public Bank LA
in Updates
Hits: 997

By Ralph Nader, Common Dreams. As a society obsessed by money, we pay a gigantic price for not educating high school and college students about money and banking.

The ways of the giant global banks – both commercial and investment operations – are as mysterious as they are damaging to the people. Big banks use the Federal Reserve to maximize their influence and profits. The federal Freedom of Information Act provides an exemption for matters that are “contained in or related to examination, operating, or condition reports prepared by, on behalf of, or for the use of an agency responsible for the regulation or supervision of financial institutions.” This exemption allows financial institutions to wallow in secrecy. Financial institutions are so influential in Congress that Senator Durbin (D, IL) says “[The banks] frankly own this place.”

Read more

If China Can Fund Infrastructure with Its Own Credit, So Can We

by Public Bank LA
in Updates
Hits: 490

By Ellen Brown, Common Dreams. This week has been designated “National Infrastructure Week” by the US Chambers of Commerce, the American Society of Civil Engineers (ASCE), and over 150 affiliates. Their message: “It’s time to rebuild.”

What is Fox TV?
Ever since ASCE began issuing its “National Infrastructure Report Card” in 1998, the nation has gotten a dismal grade of D or D+. In the meantime, the estimated cost of fixing its infrastructure has gone up from $1.3 trillion to $4.6 trillion.

Read more

What if People Owned the Banks, Instead of Wall Street?

by Public Bank LA
Hits: 720

By Jimmy Tobias, The Nation. From Seattle to Santa Fe, cities are at the center of a movement to create publicly owned banks.

When Craig Brandt marched into the City Council chambers in Oakland, California, in the summer of 2015, he was furious about fraud. The long-time local attorney and father of two had been following the fallout from the Libor scandal, a brazen financial scam that saw some of the biggest banks on Wall Street illegally manipulate international interest rates in order to boost their profits. By some estimates, the scheme cost cities and states around the country well over $6 billion. In June of 2015, Citigroup, JPMorgan Chase, and Barclays, among other Libor-rigging giants, pleaded guilty to felony charges related to the conspiracy and agreed to pay more than $2.5 billion in criminal fines to US regulators. But, for Brandt, that wasn’t enough. He wanted the banks banished, blocked from doing business in his city.

Read more