Debate: ‘Public Banks Are Key to Capitalism’ [View all]

Former Truthdigger of the Week and Public Banking Institute President Ellen Brown led a debate in The New York Times’ opinion pages this week, arguing: “We actually need publicly owned banks for a capitalist market economy to run properly.”

“To ask whether public banks would interfere with free markets assumes that we have free markets, which we don’t,” Brown begins. “Banking is heavily subsidized and is monopolized by Wall Street, which has effectively ‘bought’ Congress. Banks have been bailed out by the government, when in a free market they would have gone bankrupt. The Federal Reserve blatantly manipulates interest rates in a way that serves Wall Street, lending trillions at near-zero interest and pushing rates so artificially low that local governments have lost billions in interest-rate swaps.”

More at link http://www.truthdig.com/eartotheground/item/debate_public_banks_are_key_to_capitalism_20131003

http://publicbankinginstitute.org/

North Dakota's thriving state bank makes a mockery of Wall Street's casino banking system -- and that's why financial elites want to crush it.
http://www.alternet.org/corporate-accountability-and-workplace/why-socialism-doing-so-darn-well-deep-red-north-dakota

Public Banking seems to be working very well in Denver