As public banking gains momentum across the country, policymakers in California and Washington state are vying to form the nation’s second state-owned bank, following in the footsteps of the highly successful Bank of North Dakota, founded in 1919. The race is close, with state bank bills now passing their first round of hearings in both states’ senates.
Public Banking
Funding Infrastructure: Why China Is Running Circles Around America
“One Belt, One Road,” China’s $1 trillion infrastructure initiative, is a massive undertaking of highways, pipelines, transmission lines, ports, power stations, fiber optics, and railroads connecting China to Central Asia, Europe and Africa.
“Print the Money”: Trump’s “Reckless” Proposal Echoes Franklin and Lincoln
“Print the money” has been called crazy talk, but it may be the only sane solution to a $19 trillion federal debt that has doubled in the last 10 years. The solution of Abraham Lincoln and the American colonists can still work today. “Reckless,” “alarming,” “disastrous,” “swashbuckling,” “playing with fire,” “crazy talk,” “lost in a forest of nonsense”: these are […]
“Food Insecurity” Otherwise Known As Famine, Starvation and Death in Ethiopia 2016
You may be thinking ‘but this disaster befell that poor African country more than thirty years ago, surely things must be better today’. Well sadly, no, things are not any better. In fact the systemic failures which precipitated the local food shortages and amplified the effects of the drought have never been fixed and are in fact worse today than they were back then.
How A Bankrupt Germany Solved Its Infrastructure Problems
“We were not foolish enough to try to make a currency [backed by] gold of which we had none, but for every mark that was issued we required the equivalent of a mark’s worth of work done or goods produced. . . .we laugh at the time our national financiers held the view that the value of a currency is regulated by the gold and securities lying in the vaults of a state bank.”
It’s the Interest, Stupid! Why Bankers Rule the World
People generally assume that if they pay their bills on time, they aren’t paying compound interest; but again, this isn’t true. Compound interest is baked into the formula for most mortgages, which compose 80% of U.S. loans. And if credit cards aren’t paid within the one-month grace period, interest charges are compounded daily.
Topshop protests over Living Wage and suspensions
Cleaners at Topshop are sub-contracted to a company, Britannia Services Group, that made £1.34m profit after tax. Philip Green, worth nearly £5bn, runs the Arcadia Group that owns Topshop. Arcadia made more than £250m profit last year, but it is registered to Philip Green’s wife, who lives in the Monaco tax haven. Mr. Green recently bought a £100m yacht. The […]
The Populist Revolution: Bernie and Beyond
The world is undergoing a populist revival. From the revolt against austerity led by the Syriza Party in Greece and the Podemos Party in Spain, to Jeremy Corbyn’s surprise victory as Labour leader in the UK, to Donald Trump’s ascendancy in the Republican polls, to Bernie Sanders’ surprisingly strong challenge to Hillary Clinton – contenders with their fingers on the popular pulse are surging ahead of their establishment rivals.
IMF’s Rogues Gallery: Crooks, Rapists and Swindlers
The IMF is the leading international monetary agency whose public purpose is to maintain the stability of the global financial system through loans linked to proposals designed to enhance economic recovery and growth. In fact, the IMF has been under the control of the US and Western European states and its policies have been designed to further the expansion, domination and profits […]
Debt audits challenge the power of opaque finance
Financial capitalism is photophobic; it doesn’t like the light and thrives on opacity”, says Gerardo Pisarello. He is deputy Mayor of Barcelona, where the panel he speaks on takes place. This late November event is the culmination of several days of convergences between NGOs and social movements to formulate a ‘Common Project on Debt for Europe’. Shedding light on the […]
Ex-World Bank chief economist exposes “failure” of austerity, deregulation
Joseph Stiglitz, a senior OECD expert, slams OECD’s own policies to prevent global slowdown.
In a little-known speech at the United Nations University, renowned Nobel Prize-winning economist Joseph Stiglitz criticised Western approaches to addressing the global economic crisis for being obsessed with market solutions that cannot work.
Killing Off Community Banks — Intended Consequence of Dodd-Frank?
The Dodd-Frank regulations are so lethal to community banks that some say the intent was to force them to sell out to the megabanks. Community banks are rapidly disappearing — except in North Dakota, where they are thriving.