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'After All, It's Our Money': Global Climate Campaigners Call for Public Banks to Fund Just Recovery and Green Transition

Originally published at http://www.commondreams.org/news/2020/10/12/after-all-its-our-money-global-climate-campaigners-call-public-banks-fund-just

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After all, it’s our money,

It should be, but the reality is it is their money! Until it is taken away from the fossil. fuel companies; the war profiteers and the corruption in Washington Deceit , there will be no Green New Deal.

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Capital always seeks to multiply itself, create more capital – accumulation is the goal and the bedrock of our economy. This has to change. Switching goals will require a new set of rules about excess savings and control over them. Democracy will have to reassert control, will have to subvert the power of accumulated capital through taxation and reallocation. Public banks will not be enough. Wealth must be taxed and taxed heavily. Nations must build into trade deals penalties for investing in low-wage production and selling to high wage customers – Mercantilism or colonialism in short. Professors James Crotty and Gerald Epstein and Patricia Kelly are quoted in Wm Tabb’s book the Amoral Elephant about the anti-social foundation of the current financial system known as neo-liberalism. ------ A major shift in collective thinking is need. I write a blog, economics without greed, part two.