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We Need a Public Option for Banking

Originally published at http://www.commondreams.org/views/2020/05/28/we-need-public-option-banking

From 1911 until the best Congress money can buy dismantled Postal Banking was the banking public option for low income Americans that commercial banks did not want to serve.

The end of Postal Banking launched the predatory loan industry (payday loans) that has provided big bribes to Congress ever since to make sure Postal banking remains in the dust bin of history.

Restore Postal Banking and New Deal regulations and programs and 99% of the 99%'s problems will be solved.

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Congress is trying to crash the economy.
After reviewing their actions to date I don’t know how anyone paying attention, could conclude anything else. Anyone with just basic knowledge knows consumers drive an economy, not corporations. By refusing basic UBI payments until the economy is recovered, they are ensuring a long painful recovery, if at all. Even The Fed chairman has indicated congress must get more money into the hands of the people, or we are facing an economic disaster.
The ideas in the story are solid, and exactly why we won’t see them become law.
And yes, I hope I’m wrong.

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The Federal Reserve is neither Federal, nor does it have “reserves”. It can create money out of thin air and is owned by the same Too Big To Fail (TBTF) banks.

Federal elections are rigged in part to ensure the Fed chairman chosen is a lackey for the TBTF banks. For example Obama’s entire economic team was chosen by Citibank and Bernanke was on their list. (published in CD years ago)

The TBTF banks will never agree to allow Fed Accounts for All.

Better to choose “federal credit unions” or municipal banks. The latter are being promoted by Ellen Brown (read her Web of Debt and sign up for her emails).

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It pains me that I see all these articles where people dont realize that we signed a trade agreement that takes all these “public options” off the table. As long as we have commercial banking, we cant have public banking unless we leave the WTO GATS agreement. the same applies to health insurance. there is no wiggle room on that, its literally forbidden. There are actually very inflexible rules which could destroy tings like medicare and Social Security if we ignore them, and they sure look a lot like booby traps to me. People should realize it takes a pretty evil bunch of people to do what they have done and then lie about it for so long, while so many people are misled. I am not saying (public banking) its a bad idea, I think we need it actually, but I am telling you, they took it off the table a long time ago. Because they dont want government to be able to compete with commercial entities. because they want to globalize everything, that is their solution, bring foreign banks in and give them free rein to be just as devious as their US cousins.

During the 1990s we signed this global deal.

The same applies to health care insurance. Look at my other posts, and web site, under financial services and banking and similar. I have collected a lot on this. ~http://policyspace.xyz/external -that will get you a huge number of articles, so you need to winnow it down, try searching on those keywords or use the search Public Citizen also has written a LOT of good stuff, much of which is loosely collected in my /documents folder. near the end. I dont know if it is still on their web site

Visa is creating cashless cities with India that appeal a lot to rich people because they keep the poor out. Read up on the demonetization which India pursued in partnership with big US players such as the Better than Cash Alliance.

GATS which I mentioned earlier is providing a framework to basiclly privatize everything. Even roads and maybe eventually things like water and air will be privatized. Companies are already selling air in countries like the UK, that means the government must support the UK’s infant air business. The same thing applies to water in countries like Australia. Water mining is a big thing. Water is supposed to become the oil of the 21st century. People literally cant live without it.

The selling of air was a joke at the beginning, but it still makes the legal situation change making air a potential marketable commodity that the UK government must protect the right to sell.

Please tell me how banks could seize stimulus money from the Federal Government?

How can you trust the Fed chairman who has doled out $6 trillion to mostly corporations thru several different methods.

Tell me how to banks seize stimulus payments, I have a friend who hasn’t gotten hers.

I don’t “trust” the Fed, merely pointing out that the chairman publicly called out congress for not putting real money in the hands of the people to help the economy. Despite any personal feelings towards the entity, their job is to keep the economy as stable as possible, I don’t always agree with their methods, but the point you bring up (6 trillion), was mandated by congress.

Tell your friend, they aren’t alone. I have yet to see the first stimulus check either, nor can I get my state to approve me for UI, not even what the federal govt. is kicking in, because of owning a new small business, instead of working for someone else for a paycheck.

I sure don’t remember congress passing a bill for the Fed to pump up economy by $4 billion. I know they authorized the $2.3 trillions.

Sorry about your stimulus and UI I guess she has lots of company.

Thanks

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It’s in there, on the face and as presented to the public it was about $2.3 trillion. But in the fine print, there’s a way to expand it another approx. $4.25 trillion, for the corporations of course. This will be done by giving the Fed $425 billion to capitalize $4.25 trillion leveraged lending to corporations, with any defaults picked-up by the taxpayers.

(h)ttp://www.youtube.com/watch?v=VXPjNLIJ3W4
“Corporate News Hides Ugly Truth of Stimulus Bill” - Jimmy Dore platform

He does a pretty good job of explaining it, along with Dylan Ratigan.
Please be aware I have a hard time distinguishing between uppercase “i” and lower case “L” in you tube web addresses. If you have trouble with it, search Dore’s platform with the vid. title.

Thanks Brian, I will watch. I love Dylan Ratigan

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My pleasure.

We have 2. Credit Unions and the USPS. The corporate Dems and Republicans are the problem. The solution is obvious.