Americans could save $1 trillion over 10 years by financing infrastructure through publicly owned banks like the one that has long been operating in North Dakota.
The Italian banking crisis that could take down the eurozone has been called “a bigger risk than Brexit." Handwringing officials say there is “no magic bullet,” but a British professor, Richard Werner, says remedies are just being ignored.
Creating jobs requires an injection of new money into the American economy. Borrowing from the bond markets or off the balance sheet in public/private partnerships won’t do it. So if Congress won’t issue money directly, it should borrow from banks, which create money out of thin air.
Instead of privatizing public assets and delivering taxpayer money to investors, the president-elect could fund his promised infrastructure projects by simply printing money.
By borrowing from its own state-chartered, state-owned bank, California could save over $10 billion on a $9 billion loan.
More than 100 years ago, Congress surrendered the power to create money to private banks. If we take it back, we can extinguish debt, rebuild public infrastructure and propel the economy forward like a rocket.
Pointing to the massive sums the Fed produced out of the blue to bail out Wall Street in 2008, the Green Party presidential candidate says the same resources that saved the perpetrators of the financial crisis could be made available to its Main Street victims.
Despite North Dakota’s collapsing oil market, its state-owned bank continues to report record profits. With 50 times North Dakota’s population, California could do the same.
Exposing tax dodgers is a worthy endeavor, but the “limited hangout” of the Panama Papers may have less noble ends, dovetailing with a "war on cash" and the potentially imminent threat of massive bail-ins of depositor funds.
Historian and activist Gar Alperovitz argues that many socialist institutions exist in the U.S. with the support of both liberal and conservative citizens and politicians—and many more are in the making.