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Public Banking: An Idea Whose Time Has Come
Working cooperatively with responsible community banks like B of C and non-profit credit unions, establishing public banks across America is vital at a time of financialized power, casino capitalism, depression-sized unemployment, socialized losses, privatized profits, and Wall Street crooks operating an unprecedented money making racket.
Like B of C, public banks provide low-interest loans to businesses, farmers, communities, households, students, and other worthy borrowers as a way to revive and sustain inflation-free prosperity.
It's no pipe dream. It's real. It happened before. It's happening in North Dakota, the only state with a publicly owned bank, and can anywhere they're established.
They don't have to earn profits. They're not beholden to Wall Street or shareholders. Only the state, community, or federal government's creditworthiness matters.
So far, in over 230 years, no state ever went out of business, and, except for Arkansas during the Great Depression, none ever defaulted, even when poorly governed.
Moreover, they can lend to themselves and municipalities interest-free, as well as to businesses, farmers, and individuals at low affordable rates to create sustainable, inflation-free growth.
Notably, the more often loans roll over, the more debt-free money is created - inflation-free if used productively for growth, not speculation, big bonuses and other excesses.
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