Editor's note:I took the words "public banking" out of the title because it's so not sexy I thought it would turn people off. But I hope you'll read through this article and see how and why I believe that Public banking could be THE intervention that begins the extinction of the Top Down powers of the one percent class. I have become a Public Banking hyperenthusiast
Tonight I went to a local meeting of the Public Banking Institute with Ellen Brown as the featured speaker. First, I joined the local organizers of the meeting, Brown and the director of the institute, Mark Armstrong.
The lecture and the conversations before and after really helped me connect some dots that tie together single payer health care, Naomi Klein's Shock doctrine, tea partiers, bankrupt cities, global bankers like the Rothschilds, the class war and the war of the top-down powers against the bottom up revolution.
Ellen Brown Speaking in Bucks County, PA
First, some notes from Ellen Brown's lecture:
A -public bank is not for the public- it's created to serve in the public interest-- but is a bank for bankers, not the public-- no front offices, no advertising, no big staffs.
There's only one state with a public bank-- North Dakota-- and it is the state that has done better than every other state in terms of making budget and low unemployment.
Public banks serve governments-- cities, counties, municipalities, states and in other parts of the world, whole countries. They serve them by making interest-free loans to them and by earning far greater interest on money they have. And they have a lot of money-- government employee pension funds, rainy day funds" which ordinarily earn a tiny amount compared to what they would earn if a bank was using them to earn interest.
Mike Krauss, chairman of the Pennsylvania Public Banking project told the group, "Our thrust is to decentralize credit and decentralize wealth holding-- a decentralization of wealth will create a decentralization of political power."
Ellen Brown, author of Web Of Debt, gave some stats in her presentation:
35-40% of everything we buy goes to interest.
29% of business profits go to the financial industry.
21-32 trillion are hidden in offshore tax havens.
You don't have to be paying interest on anything directly to be paying interest. Interest is built into the product.
40% of public projects, on average, goes to interest.