Los Angeles voters and California legislators exploring the public bank option may be breaking not just from Wall Street but from the Federal Reserve.
Establishing public banks can help stop acquisition by megabanks and keep credit flowing in local economies.
Cities, counties and states, by chartering their own banks, can foster long-term economic stability and build a firewall against the incoming administration's threats of financial blackmail.
Public banks give people the right to share in sustainable abundance—a goal that neoliberalism makes impossible.
JPMorgan Chase has been involved in more than a dozen felonies. Why are we still doing business with it?
Earlier this month, leading scholars, activists and other concerned people met in San Rafael, Calif., to explore the idea of public banks: democratically run, fiscally transparent institutions designed to serve community stakeholders rather than capital shareholders.
Once upon a time American banks supported the economy by financing the growth and development of industry. For the last many decades they've had the opposite effect by plowing money into existing assets and loading the economy down with debt. The consequences have been disastrous, economist Michael Hudson told The Real News Network this week.
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.
Confiscating customer deposits in Cyprus banks was not a one-off, desperate idea of a few eurozone “troika” officials scrambling to salvage their balance sheets. A joint paper by the U.S. Federal Deposit Insurance Corporation and the Bank of England, dated Dec. 10, 2012, shows these plans have been long in the making.