12% interest for garbage collection
38% interest on water processing
70+% interest as part of public housing costs.
How can governments recapture these profits?
By owning a bank.
Banking is not a market good or service. It's financial infrastructure, which belongs in the public sector-- part of the commons.
Public banking means reduced banking costs: no bonuses, no fees, no commissions, no advertising, no branches. no high paid CEOS, just civil servants.
California has $70 billion in different pools, earns almost no interest--
20 US states have introduced bills for publicly owned banks.
Globally 40% of banks are publicly owned-- mostly in BRIC states. By 2040 BRIC states will overtake G6. One of the secrets of their success is their banks work for the public.
Original public bank in the US was a Quaker bank in PA in Ben Franklin's day.
No taxes, no inflation, no government debt.
US debt has not been paid off since 1835.
In past 24 years US has paid $8.2 trillion in interest on $15 trillion in debt.
There is less corruption in public banks-- and more profit.