This is a letter to the Public Banking subgroup of Alt Banking for the weekend of January 11th, 2014:
I hope interest in educating ourselves about and possibly promoting a Public Bank (PB) for NY is till on the groups issue agenda. Sunday’s 1/12 pre-meeting film and discussion will leave little time for a sub-group meeting. So I hope some of us can stay on after 5 PM for a short meeting to plan next steps in the PB sub groups work. I’ll be at Sunday’s meeting. See y’all then.
There was a recent Rolling Stones article called 5 Reforms Millennials Should be fighting for which includes Public Banks.
Here are a couple of other sites where information on the why and wherefore of establishing a public bank can be found.
First, this PB Debate in the NY Times is interesting and includes lots of comments worth reading if you have the time.
Next, the dead-in-the-water NY State Bill re PB. Perhaps taking on the task of promoting it with our local assembly people would be useful. I called Danny O’Donnell and he signed on.
There are couple of good quotes which inspired me:
We actually need publicly owned banks for a capitalist market economy to run properly. Banking, money and credit are not market goods but are economic infrastructure, just as roads and bridges are physical infrastructure. By providing inexpensive, accessible financing to the free enterprise sector of the economy, public banks make commerce more vital and stable. Public banking is not a radical idea but has been practiced in the U.S. with excellent results for decades, and around the world for centuries.
– Ellen Brown
The state bank idea faced a setback when the Boston Federal Reserve issued a report dismissing the idea after the Massachusetts legislature agreed to explore it. But with successful public banks operating around the globe, activists in California, Oregon and Vermont in particular are not letting naysayers slow them down.
– Abby Scher
Julia Willebrand, Ed.D