Time for public banks?

[Helen Dew]

This campaign is about banks in the US. How long will it be before NZ (actually Australian) banks follow suit?

 

Helen Dew

LIVING ECONOMIES Educational Trust

Website & bookstore: www.le.org.nz

12 Costley St, Carterton 5713, New Zealand

E: in...@le.org.nz P: 0064 6 379 8034 M: 027 9009 742
FB: https://www.facebook.com/livingeconomies#!/livingeconomies

Living Economies promotes and supports interest-free systems of exchange to complement money in local communities.

You can accomplish a lot in 90 days. In some cases, you don’t even need the 90 days. All you need is the right motivation and energy to intersect with the right moment. At PBI, we believe that moment is now and invite you to join us in advancing the next phase of public banking in America. Last month, Bank of America sent a letter to cities and towns across the country dumping them as customers. Citing low margins and the need for more profitability, Bank of America declared its public sector customers a “low-margin business”* and is giving municipalities 90 days to replace servicing for their multi-million dollar accounts, stating: “We hope this period gives you sufficient time to rearrange your banking needs before the accounts are closed and these services are terminated.’’ While this whimsical dismissal of the financial needs of the public sector came as a surprise to some, you and I both know this is business as usual for the big Wall Street banks. We know our money system has been taken over by private money lenders and rigged in favor of those who Thomas Jefferson referred to as, “bold and bankrupt adventurers just pretending to have money.” We know the impact of these deceptions on our money system has resulted in the fleecing of trillions of dollars from cities and states. We know the problem. We know we’ve been deceived. Now, it’s time to support the solution.   It’s time to support public banks.   At the end of 90 days, rather than hearing that the aforementioned public sector clients of Bank of America were simply assimilated by another big bank willing to continue the charade, would it not be better to hear that these municipalities are instead taking steps to establish a sustainable alternative to the high-risk private banking system? Would it not be better to hear that they are exploring the opportunity to establish public banks?   At PBI, we think so, and are doubling our efforts to expand understanding and support the implementation of public banks across the country. Won’t you join us?   Donate today!    Sincerely,   Walt McRee Chair, Public Banking Institute Public Banking Institute http://www.publicbankinginstitute.org/ * Source: Beth Healy, Boston Globe, Oct. 2, 2015 Public Banking Institute · United States  This email was sent to jjo...@yahoo.com. To stop receiving emails, click here.  You can also keep up with Public Banking Institute on Twitter or Facebook. Created with NationBuilder, the essential toolkit for leaders.

 

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[Deck Hazen]

Thanks Helen,

  Although considering things like the Open Banking Resolution (http://www.rbnz.govt.nz/regulation_and_supervision/banks/policy/4368385.html) that legalize bail-ins and the theft of even more of the public's money,  closing the accounts is probably a kindness.

                   -- Deck

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