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 …

Dare to imagine: A new economy is possible! Public Finance for the Future We Want

Costa Rica’s Banco Popular Costa Rica’s BPDC is perhaps the most democratic bank in the world, with its highest governing body the Assembly of Workers, which represents nearly 1.2 million savers, or 20% of the population. Effective control over daily operations is exercised by the National Board of Directors, which is composed of four representatives of the Assembly and three …

Public Banks Have Far Greater Financial Capacity Than We Think: We Need to Harness Democratized public banks for a green and just transition. Democratization example from Costa Rica.

By  Thomas Marois, Open DemocracyJuly 6, 2019 | EDUCATE!, STRATEGIZE! Public banks are resurgent, triggered by the failure of private finance to meaningfully confront the green transformation. But will resurgent public banks act in the public or private interest? How can progressives ensure public banks support a just green transformation? Democratization is the key. The turning point for public banks was really the UN’s 2015 Addis Ababa Action …