Are not speculative ventures that maximize profits in the short term, without regard to the long-term interests of the public.
My personal hope is that the long-term interests of the public, and public banking are in accord to the health of the planet. The planet is the ultimate persona to which we are in service, providing the basis for healthy individuals, communities and cultures.
Public banks are more likely to identify the win-win relationship of healthy environment to healthy community and customers. According to Eric Hardmeyer, President of the Bank of North Dakota, the only existing State public bank:
Really what separates us from private banks is that we plow those deposits back into the state of North Dakota in the form of loans. We invest back into the state in economic development type of activities. We grow our state through that mechanism....over the last 10-12 years we've turned back a third of a billion dollars just to the general fund to offset taxes or to aid in public sector types of needs.
According to some Public Banking advocates, the corporate -- private banks have colluded with governments to enslave the population. When one thinks about the number of hours worked in relation to pay and benefits, the movement towards slavery of the now defunct working class, or lower middle class, becomes a "no-brainer".
Slavery of the "working class" is known in this modern age when one sees that the average worker in the States works more hours for less pay and benefits. Add to that facts like the profit from our labor goes to the elite, the banks own most of our homes and demand mortgage, and we are educated /advertised to become consumers so that we are totally dependent on maintaining our wage labor. Each new dollar that comes into circulation from the private banks, including the Fed, comes as a debt with interest payable. That interest is the invisible chain that binds us into slavery. Whatever happened to the strength of the unions? Then there are the overseas enslavement of peoples in places like China who do the corporate bidding. What if they began to unionize?
And the Chinese government call themselves the "People's Republic?"
As Ellen Brown says on her Web of Debt site:
Just the interest on the U.S. government's burgeoning $12 trillion debt could soon be more than the taxpayers can afford to pay. Articles are appearing daily in the news that bring the looming economic crisis into sharper focus and strengthen the case for monetary reform. While Wall Street and the speculative economy has recovered at the expense of the taxpayers and the states, Main Street's challenges are deepening. (what ballooned to a $13,000 Dow Jones before the 2008 burst in the bubble has now gone up to over $15,000. Has your salary and lifestyle grown accordingly during the past fiver years? Not unless you are part of the elite for whom invested money makes more money! To keep up appearances, the "Plunge Protection Team" has been authorized by presidential order to use U.S. taxpayer money to manipulate markets to make them appear healthier than they are, and lately it has been working overtime. But official assurances of a "soft landing" are mere window dressing, aimed at preventing another worldwide depression, as the money supply collapses along with the commercial lending on which it depends.
Why do we put up with it? In many ways, the corporate banks have the technique down pat. First, they make us dependent upon corporations/banks for food and shelter. They do this by keeping us in debt through loans. For example, a 30 year interest loans on housing is a "sleight of the hand" magicians trick. This illusion manifests because the loans contain relatively low monthly payments. Thus, it makes payments look "easy" to make. The lending institutions count on very few of us really looking at the long-term cost to us as individuals if we can manage to "swing" the monthly payment like a pickax. (We are all John Henry, one step ahead of the machine that can make us obsolete!)
Then there is the fact that corporations are manifesting money out of thin air. Indeed, we hardly need to use cash anymore. Most of our transactions are via computer. We live an illusionary lie that makes the plot to the movie Matrix ring true. Oh, how true is fiction, fairy tale and myth!
Moreover, each bit of interest that we and our laboring brothers and sisters pays to the bank can be lent out tenfold to the next borrowers behind the eight-ball because they can only fall further behind on the financial treadmill. When will we realize that our labor, purchases and loans are all empowering the few who profit from debt?
How many people would actually be able to pay off that debt of illusive "ons and offs" in a computer chip? Mm, I'm 30 years old...so in 30 years I'm 60, close to retirement and not too far off from death, which then means the property is out of my hands. After all, the property generally doesn't go to my kids, for they have moved on to other states, or have their own houses that they pay 30 year mortgages on, or they rent. Another scenario is that I get another job, or a divorce and move. Thus, I have to sell my house. Here the bank has already made interest on what I have paid and a new loan is made out to whoever buys the house I sold.
Who truly owns "my" property? The bank! You don't fall more than one month behind because of illness, accident, family obligations, loss of job, increased indebtedness, or divorce before the bank very forcefully reminds you who really owns all you purportedly possess. Walk away from an impossible debt burden and they instantly destroy your "credit rating," turning you into a financial pariah. It's not just that you lose your home or car and can't borrow more; try renting, getting another job, or maintaining your self-respect.
The corporate world owns a large portion of the land of "civilized" nations, and perhaps the rest of the world. World domination is in their hands. Indeed, their sociopathic actions have pretty much destroyed a large part of this planet's wild, as evidenced by a trip into Maine's North Woods. There, corporations such as Plum Creek have reeked havoc. According to an organization called RESTORE:
Although the primeval forest has been diminished by a century of logging and is threatened by development through massive land sales, the 10-million acre heart of the Maine Woods still survives as the greatest undeveloped region east of the Rockies. If the people of Maine and America act soon, we can restore this magnificent landscape to health and build a sustainable way of life for the people of this region.