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 …

Colorado is in a health and financial crisis. A public bank is a solution.

By Earl Staelin| Dragan Mejic| Juan Marcano -May 22, 2020 The state of Colorado and nation are reeling badly, with no real solutions in sight. The state budget faces a $3 billion shortfall. The state’s emergency funds, limited by TABOR, aren’t nearly enough to keep the state running. That is our harsh reality. Our ability to control COVID-19 is limited. We can do …

March 2020 Public Banking Update

California legalizes public banking [Oct 2019], setting the stage for more affordable housing [After 100 years of just 1 public bank in the nation (ND), California makes it possible for many to flourish, serving the public interest, instead of depositing our tax wealth in Wall Street banks.] Cities and counties in California will be allowed to create their own public banks, making …

Wall Street Megabanks Prioritizing Profits Control $509 Billion in Deposits and $4.3 Trillion in State and Local Public Pensions. Public Banking Would Put That Money to Work for People, Main Street and the Real Economy

North Dakota has the only state-owned bank in the nation. Advocates say it’s a model for getting state tax money invested in communities. What a Public Bank Can Do for Real People BY OSCAR PERRY ABELLO, Yes Magazine, FEB 19, 2020 The little city of Hazen, North Dakota, population 2,300, is the kind of town where farming and ranching families often have a second income from a …

Supporting energy democracy through a Green New Deal

January 29, 2020, by Johanna Bozuwa, Co-Manager, Climate and Energy Program, The Democracy Collaborative more and Timothy DenHerder-Thomas, General Manager, Cooperative Energy Futures more The Green New Deal is a plan to tackle the connected crises of climate change and inequality. One major goal of the Green New Deal is to achieve 100% decarbonized energy. But, far beyond reducing carbon, a Green …

Financing Freedom from Fossil Fuels: Retiring the entire US coal fleet today would cost $35–40 billion –less than one year’s worth of fuel cost to run America’s coal and gas plants. The critical importance of public banks is a common theme.

Utilities can refinance or seek partial debt relief, passing on as much as $6 billion in cost savings every year to customers when they retire coal plants. Using some of those savings for transition assistance and repurposing land and infrastructure can provide new jobs and economic opportunities for coal communities. Better yet, recycling saved capital into clean energy that is …

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 …

The key to a sustainable economy is 5000 years old

By Ellen Brown, Truthdig.com August 30, 2019  We are again reaching the point in the business cycle known as “peak debt,” when debts have compounded to the point that their cumulative total cannot be paid. Student debt, credit card debt, auto loans, business debt and sovereign debt are all higher than they have ever been. As economist Michael Hudson writes in his …