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'Stunning Rebuke to Predatory Wall Street Megabanks' as California Gov. Signs Law Allowing Creation of Public Banks

Originally published at http://www.commondreams.org/news/2019/10/03/stunning-rebuke-predatory-wall-street-megabanks-california-gov-signs-law-allowing

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Great news from California, and North Dakota. Score one for the little people.

If things weren’t so corrupt in Washington DC, Postal Banking would be restored for the little people.

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And a way of combining this approach with the Green New Deal:

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Fantastic, California!

FU greedy corporate pigs!

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I would like to believe that slowly (maybe too slowly) the world is moving away from 500 years of destructive capitalism to what some call socialism. This movement away from private capital, which puts the majority of the world’s wealth in the hands of a few, shouldn’t be defined by any one word or system. Let us understand our greed and the neurotic need to mindlessly consume which is destroying the earth we live on.

The wealth of the world belongs to all of us and should be shared. The idea of vast personal wealth is a form of insanity that obviously has to end. Is the species Homo Sapien a dead end? Are we the cancer that will eventually destroy the earth?

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Yes! An important step in economic transformation.

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" Is the species Homo Sapien a dead end? Are we the cancer that will eventually destroy the earth?"
Bingo!

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Boulder’s attempt at public banking was smashed by the powers that be. This provides some hope that similar attempts to allow public banking will be successful. If you’ve read Ellen Brown’s “Web of Debt”, you know that this is one effective way to reduce the power of private bankers who control the Fed and financial system in general.

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Congratulations and thanks for your efforts, Ellen Brown.

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Trinity Tran sez:
“The people of California just went up against the most powerful corporate lobby in the country—and won.”

Good for Californians. But, at the risk of raining on the parade, I wonder if the other shoe has not already begun its long drop.
Was it not just two weeks ago that Boss Chump abrogated California’s “states rights” as they pertained to another “powerful corporate lobby” (automakers) following the state’s tightening of vehicle emissions restrictions? I’d like to be wrong, but I doubt the lawyers are finished with this public banking question.

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You’re probably right, dammit. The Merchants of Greed will probably do their worst to turn this into another money-making scheme, at least for the liars lawyers.
;-})

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Public banking is one goal of Yellow Vests in France.

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An interesting speculation about why we don’t hear from other planets is that life evolves to technology and then snuffs vulnerable, technically advanced life forms with pollution and war.

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kudos to Newsom. as a Californian I could not be happier. Thanx Guv. may it be the beginning of a rush by the other states to imitate us once again!

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I don’t know how other POs respond to the idea, but in my locality employees expressed some concern given the manipulations forced on the institution over pension funding requirements raised some anxiety over re-introducing postal banking.
I should say that I have no in depth knowledge about the infrastructure needed, but straight out public banking would seem to be an essential component for institutional integrity.

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I’d like to see it come to fruition, but there are those who would very much like the USPS to go in the opposite direction–privatization, consolidation, cutbacks in service and a firesale of assets.

Think of all that real estate in prime downtown locations in cities large and small across the country; that enormous fleet of vehicles; and that pension plan, waxing fat under the absurd–and unique–mandate to fully fund its obligations out to 75 years.

It’s far too juicy a plum to ignore, which is why any moves to improve it will face fierce resistance from the predatory 1%–none of which is to suggest we shouldn’t try it.

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On the other hand, each change introduced presents sound, progressive programs that cross all of the false divisions imposed on we the people. Good rallying points to unite for the commons and regain the REAL work of democracy. The latter having been shredded as if it were some sort of pre-condemned “socialism”.

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WooHoo! hopefully this is just the beginning. I was involved here in Oregon probably 8 years ago and banks big lobbyists came out and killed it probably by enriching our legislatures. I have not been able to find a group that is still working on securing public banking. Of course, I gave up and haven’t looked for several years.
Hopefully, we in Oregon can get rid of these huge lobbyists monies which I have been hearing more about here in Oregon. Stop Pac’s and Lobbyists monies in politics and any form of large donations.

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Public banking - a great gain for working Americans!! Especially IF they’re not going to allow the Post Office to provide those services!!! Shame on them though, the Post Offices in rural places should be able to provide those services.

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I’m just so happy to see GOOD news this morning!!! Go California!

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