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If Congress had money power and regulatory backbone, too-big-to-fail banks wouldn't exist. Public banks would operate with small private ones. Every state would prosper like North Dakota, the only one with a state-owned bank.
During the height of 2008's financial crisis, North Dakota had its largest ever surplus. Global contagion cratered other states. If they operated like North Dakota, prosperity would replace gloom.
If federal, state or local governments lend their own money, profit isn't at issue so rates can be low and affordable to businesses, farmers, and private individuals. Moreover, for federal, state, and municipality needs, government-issued credit is interest-free.
In addition, public banks don't have to earn profits. They're not beholden to Wall Street or shareholders. Only federal, state or local community creditworthiness matters.
In over 235 years, neither America or any state went bankrupt. Only poorly governed Arkansas defaulted during the Great Depression. Under publicly run banks, sustained prosperity is possible inflation free as long as recycled money goes for productive economic growth.
Whenever it was tried, it worked impressively, including in colonial America for a generation, and today in North Dakota. Why not everywhere across America including Washington.
Sound monetary policy isn't rocket science. It's common sense, serving public interest needs, not shareholders or Wall Street profiteers seeking maximum profits for private gain.
Without knowing the merits of public over privatized banking, Occupy Wall Streeters know a better way is vital.
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