Why Is the Fed Paying So Much Interest to Banks?

APR 01, 2019 TruthDig, Ellen Brown, Why Is the Fed Paying So Much Interest to Banks? A movement is also afoot to establish state- and city-owned banks that would have the ability to lend for infrastructure and other local needs. Local governments cannot get a risk-free 2.4% rate from the Fed for their demand deposits, but city- or state-owned banks …

‘After All, It’s Our Money’: Global Climate Campaigners Call for Public Banks to Fund Just Recovery and Green Transition

Amid the Global Week of Action for Debt Cancellation and one month ahead of the Finance in Common Summit, climate justice advocates on Monday urged public banks around the world to treat government responses to the coronavirus crisis as opportunities to coordinate just recoveries from the ongoing public health and economic calamities and to simultaneously facilitate just transitions from dirty to clean energy, thereby …

Goldman Sachs’s Shell Game

The mega-bank has created 61 different off-balance-sheet corporations with help from companies based in the Cayman Islands all of which have the same three-member panel of “independent” directors. BY DAVID DAYEN, American Prospect, January 8, 2020 Tyson Slocum has embarked on a crusade the past few months that would make I.F. Stone jealous. The director of Public Citizen’s Energy Program has …

Give every American the preferential financial treatment the Federal Reserve, America’s central bank, currently gives private banks

Excerpt from Sam Pizzagatti, July 2020 Cutting-edge progressive activists at the Roosevelt Institute-based Great Democracy Initiative have proposed giving every American the preferential financial treatment the Federal Reserve, America’s central bank, currently gives private banks. These private banks all have accounts with the Federal Reserve. All individual Americans ought to have personal accounts at the Fed, the Great Democracy Initiative argues, and …

Renewables Provide 100% New US Electricity Capacity In April, Oil Industry Shedding Jobs, Investment Community Remains Oblivious

June 9th, 2020 by Steve Hanley, Clean Technica  The Federal Energy Regulatory Commission’s Energy Infrastructure Update for April is out, and it shows that all new electricity generation capacity in the US in April came from renewable sources. Think about that. No new coal, no new natural gas, and no new nuclear. FERC defines renewables as biomass, geothermal, hydropower, solar, and wind. Some would quibble with biomass, which …

Big companies traded on the stock market took two-thirds of the money meant to bail out small businesses. Also 1 in 4 U.S. households are now underbanked or unbanked. We need a public option for basic banking services

It’s Time To Fix The Rusty Pipes Of Our Inequitable Financial System. The COVID-19 pandemic response has shown that the very foundations of our economy are shaky, fragile, and — for some of us — downright dangerous. We’re once again watching working people, especially working people of color, bear the brunt of the fallout. Meanwhile, big companies traded on the …

Why Wall Street Surges as Workers Suffer and Die From Covid-19: AOC says ‘It Starts With a C and Ends With -apitalism’: ‘This is what happens when Wall Street captures Congress and writes themselves bailout check after bailout check as working people die.’

“The mystifying government response that allows a crisis of unemployment and sudden poverty to happen and then refuses to solve it even while doling out trillions of dollars to business is in fact just American capitalism working as we have designed it to.”—Hamilton Nolan, In These Times May 06, 2020 by Common Dreams by Jake Johnson, staff writer Traders, some in …

To actually address the crises we face, let’s focus on displacing the dominant form of enterprise in our current economy: the monoculture of the profit-maximizing, shareholder-controlled corporation

The just firm is the only kind that should ultimately be permitted to exist. The time is coming when society must end the corporation as we know it, in favor of a just firm – designed from the inside out for a new mandate: to serve broad well-being and the public good. Democratic and just forms of company ownership are …

Renewable electricity from solar and wind costs less than electricity from gas and coal, and can be implemented everywhere at huge scale, giving rise to a trillion-dollar energy windfall

A sampling of stories from just the past week: Renewable electricity from solar and wind costs less than electricity from gas and coal, and can be implemented everywhere at huge scale, giving rise to a trillion-dollar energy windfall, according to Inevitable Policy Response, a project of the U.N. Principles for Responsible Investing that aims “to prepare investors for the associated portfolio risks.” Transforming …

A US green investment bank for all: Democratized finance for a just transition

The Next System Project proposes the creation of a democratized US Green Investment Bank (GIB) https://thenextsystem.org/green-investment-bank Thomas Marois and Ali Rıza Güngen, more September 20, 2019 MONEY & BANKINGENVIRONMENT & ENERGY In ways unimaginable just a few years ago, public banking and its potential for catalyzing a transition to a green and just future have been catapulted to the center of political and …