View Poll Results: Are Public Banks a good idea?

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  • YES

    5 45.45%
  • NO

    5 45.45%
  • I don't really understand big banking.

    1 9.09%
  • I don't care and don't think it affects me.

    0 0%
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Thread: Should Public Banks be encouraged in the USA?

  1. #1
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    Should Public Banks be encouraged in the USA?

    OpEdNews - Article: The Linchpin Tipping Point to Reverse Centuries of Top Down, 1% Power and Privatization?

    The Linchpin Tipping Point to Reverse Centuries of Top Down, 1% Power and Privatization?

    "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. "

    Are Public Banks a good idea?

    Do USA Citizens understand their banks?

    Could banks be running our Gov't?

  2. #2
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    Re: Should Public Banks be encouraged in the USA?

    Absolutely.
    Public banks are a great thing and could solve many situations in this country.


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    Re: Should Public Banks be encouraged in the USA?

    We enjoy our Bank of North Dakota, but it was born of particular circumstances stemming from left-wing populism in the early part of the previous century, which sought to product the farmer from railroad and other corporate interests. It would be a hard sell elsewhere unless you have that populist leftism deeply ingrained (and we do, despite our overwhelming conservative disposition).

    Furthermore, "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."
    -The public bank was credited for avoiding the pitfalls of the Banking crisis, particularly with the housing market. It certainly helped stave off the recession in North Dakota, but consider two things. Firstly, the State bank has less impact on the budget than does our ideological tendencies of tight domestic spending. Secondly, our low unemployment can be pointed in some respects to the banking and housing crisis not hitting this state in the same manner (we do have a housing crisis of another sort now), however, it is forgetting the boom that we are experiencing that is largely separate from the State Bank's reach.

    Edit: Protect, not product the farmer. Spelling mistakes throw out understanding, eh?
    Last edited by Fiddytree; 12-09-12 at 05:00 PM.
    Michael J Petrilli-"Is School Choice Enough?"-A response to the recent timidity of American conservatives toward education reform. https://nationalaffairs.com/publicat...-choice-enough

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    Re: Should Public Banks be encouraged in the USA?

    Quote Originally Posted by Fiddytree View Post
    We enjoy our Bank of North Dakota, but it was born of particular circumstances stemming from left-wing populism in the early part of the previous century, which sought to product the farmer from railroad and other corporate interests. It would be a hard sell elsewhere unless you have that populist leftism deeply ingrained (and we do, despite our overwhelming conservative disposition).

    Furthermore, "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."
    -The public bank was credited for avoiding the pitfalls of the Banking crisis, particularly with the housing market. It certainly helped stave off the recession in North Dakota, but consider two things. Firstly, the State bank has less impact on the budget than does our ideological tendencies of tight domestic spending. Secondly, our low unemployment can be pointed in some respects to the banking and housing crisis not hitting this state in the same manner (we do have a housing crisis of another sort now), however, it is forgetting the boom that we are experiencing that is largely separate from the State Bank's reach.

    Edit: Protect, not product the farmer. Spelling mistakes throw out understanding, eh?
    "circumstances stemming from left-wing populism in the early part of the previous century, which sought to protect the farmer from railroad and other corporate interests."
    And could those other "corporate interests" include private banks? I certainly believe we need protection from Private Corporate Banks, and instead we bailed them out.

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    Re: Should Public Banks be encouraged in the USA?

    Quote Originally Posted by DaveFagan View Post
    "circumstances stemming from left-wing populism in the early part of the previous century, which sought to protect the farmer from railroad and other corporate interests."
    And could those other "corporate interests" include private banks? I certainly believe we need protection from Private Corporate Banks, and instead we bailed them out.
    Certainly. It involved all sorts of interests that were seen as kicking in the farmer or other folks being taken advantage of.

    What I am saying, however, is that we, North Dakotans had an unusual amount of left-wing populism at that time, in comparison with the rest of the country and for our state's history before and since the NPL. It was unusually spirited, as we elected more such socialists than anyone in the country. I do not think the rest of the country has that impulse.
    Michael J Petrilli-"Is School Choice Enough?"-A response to the recent timidity of American conservatives toward education reform. https://nationalaffairs.com/publicat...-choice-enough

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    Re: Should Public Banks be encouraged in the USA?

    Quote Originally Posted by DaveFagan View Post
    OpEdNews - Article: The Linchpin Tipping Point to Reverse Centuries of Top Down, 1% Power and Privatization?

    The Linchpin Tipping Point to Reverse Centuries of Top Down, 1% Power and Privatization?

    "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. "

    Are Public Banks a good idea?

    Do USA Citizens understand their banks?

    Could banks be running our Gov't?

    Why not? What we have has crashed our economy.
    Alex Carey:

    ... the 20th century has been characterized by three developments of great political importance: The growth of democracy, the growth of corporate power, and the growth of corporate propaganda as a means of protecting corporate power against democracy.

    Australian social scientist, quoted by Noam Chomsky in World Orders Old and New

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    Re: Should Public Banks be encouraged in the USA?

    You mean a national bank instead of a private institution that can print money out of thin air and that is loosely under the supervision of an inept Congress?

    Yeah sure. National banks are better.

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    Re: Should Public Banks be encouraged in the USA?

    Quote Originally Posted by Rainman05 View Post
    You mean a national bank instead of a private institution that can print money out of thin air and that is loosely under the supervision of an inept Congress?

    Yeah sure. National banks are better.
    Actually, I think the Federal Reserve would have had to file bankruptcy, along with the banks that were bailed out, if they had not printed all that paper. I think they were caught in the same trap. I still think Iceland did the right thing, but it is a much smaller economy. What really sticks in my craw in this matter is that the crooked bankers are/were not prosecuted. Huge salaries and bonuses continue. Business as usual. It is my opinion that if the whole thing had crashed, a cleansing would have occurred and a better situation would have evolved. With some great difficulty, of course.

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    Re: Should Public Banks be encouraged in the USA?

    We already have public banks.

    Goldman Sachs, Morgan Stanley, Bank of America, etc.

  10. #10
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    Re: Should Public Banks be encouraged in the USA?

    If only we did have private banks.
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