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Why the Fed Needs Public Banks

The General Agreement on Trade in Services, Article XXI, the procedure for modification or withdrawal of sectoral services commitments. Its explained on the WTO’s web site.

Its the procedure we need to follow to do most of the things that we Americans mistakenly think we can vote for to change. We’ve been misled by all of the players involved to hide this truly horrible situation, instead they pretend we can just do whatever we want. Meanwhile, foreign countries are clamoring for the jobs they assert to have been promised.

Yes, it is what you think. Its probably worse than you think. We have no frigging idea generally. We’re like children believing the things they say.

So, what now? Read Article XXI, the article on its jurisprudence has a bit more information than the raw text by itself.

And especially, read the large body of criticism of this totally undemocratic “multilateral system” that has stolen the right to regulate from all of us and turned our future from a bright one to a dismal one.

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No, I don’t think I want to waste any more time on GATS.

What do you like to spend your time on, pray tell? Why did you ask me then? I suppose youre one of the bright fellows here who insist that its not important or that somehow its just a big nothing.

There is no way in a million years that is the case, what is happening is, we’re being led into a trap.

I read extensively abou the issues concerned. Basically, the powers that be are trying to force the world to change to make it much more profitable for corporations and the changes they want to make are going to be devastating for Americans who work because they are making structural changes that dismantle the social contract. Now that we voted for the system we are being pushed into, we’re going to get it.

Unfortunately because of its focus on optimization of global value chains, it has no place for most of us.

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If both the US and EU have withdrawn, then it is not important and so what is the point? There are bigger fish to fry.

To understand the mess we are in, you have to understand that GATS - limits literally everything governments do at all levels and even with non governmental entities that receive any tax money at all.
anything that “affects trade in services”- prohibiting any activities that inhibit total commercial exploitation of everything they can, in committed sectors and FSs is the one thats the most impacted GATS also contains a freeze, a standstill, and ratchet-like clause, forcing the privatization of the entire financial services sector.

GATS is public but outside of the trade related circles, largely unknown or forgotten, but understanding what it really is is essential to understanding the mess we’re in- And TISA requires that understanding to understand. The CRS publications on GATS are not what they should be and if one were to rely on them one would most certainly be totally clueless - and never realize that this basically supersedes our own governments ability to govern in most of the things that matter to people.

See policyspace dot xyz slash /tisa

  • To add to that, TISA, makes road changes in the form of a blanket standstill which applies by default to limit regulation to only deregulation, which basically guarantiees GOP victories - they have to only deregulate- largely, with only the narrowest exceptions allowed.

TISA is a guaranteed bad situation, whose details are secret so they are not being helpful. TiSA was actually begun in 2006, not 2013 as they say. It almost certainly will be revived as soon as Biden assumes office.

Hidden agenda’s like these deals make everything that politicians say into a lie, just about. A huge lie of omission, especially. They say they want one thing but they are actually doing its opposite. Actually, our government, has intentionally shed itself of most of the power to regulate banks in all practical terms.

Public Citizen has written a substantial amount about this, but not enough. I think that as of quite a few years ago they stopped presenting as much as they need to to get across what is happening in this area. Also other divisions of Public Citizen are it seems totally unaware of the trade aspects of causes they work on which is absolutely stunning.

The bottom line is, no Democrat likes to admit to themselves that we’re being misled by people in high places in the way we are or contemplate the actual reasons why or the implications for all of us of this specific bunch of deceptions.

But we have to because its cost to each of us financially is likely to be bigger than anything people even remotely could imagine.

Its the difference between a totally impossible disastrous situation and a decent future that is far far less likely than any of us imagine now.

There isnt anything they are telling us that is true, when the real situation with these FTAs is taken into account. They are lying to us because the track record of these deals has been so bad and the adverse impacts on peoples lives has already been so huge that its literally totally shifted the direction the world was going from a good one to a very bad one, Most of us still think we’re going in a positive direction because they think we still could vote a better set of leaders who could then be empowerd to fix the mess we’re intentionally burying ourselves deeper and deeper in. But that’s ridiculous. The people who are doing this simply aren’t that stupid.

Its a trap, one built up over three decades of planning., And its goal is literally to steal the world and end democracy except in name only. Its already demonstrably caused three major disasters for both the country and world.

The facts are easy to establish and the literature on this proves conclusively whats happening. In contrast the kinds of information which politicians here provide is known to not have any binding or factual based aspect to it, and in fact the United States is well known as a country where the political system is increasingly a carnival of dis-informative crap. The spin we Democrats are subjected to is lacking in honesty because it embeds disinformation that’s intended to create a simulacrum of misleading assertions that has the effect of brainwashing virtually all of us. No, its not about Truimp and Biden, they are just cogs in a machine whose purpose is to misinform us while the machinery of government is busy deregulating away our legacy of former functional government in ways that will prove impossible to reverse because of costs that are based on imaginary lost expected profits. We’ve had a system that is by all accounts lacking democratic legitimacy forced on us and the oligarchs are desperate to lock it in, lock in their ill gotten gains and protect themselves from any restoration of actual democracy or accountability for fraud,

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I don’t understand your meaning.

Sorry about the spelling errors, there is a short time limit herewhen you post for edits and frankly, its dificult explaiing this under any circumstances without somebody experiencing it from many sources and putting together their picture. It is a worldwide phenomenon and pretty much all of it is available to read, in videos, all of the websites that carry academic papers. If you spend time filling in your own personal blanks you’ll learn what you want to understand whatever it is. What do you want to know, with the caveat that I may not know thigs and of course I may be wrong, I’d be happy to try to explain what I can. I was put off by your comment because its not possible to understand the situation for public banking in the US without understanding GATS as its literally the root of the problem. There are a hell of a lot of links on my web site, which is not very well organized, I admit that but there is also so much information, more than any other site that accessible to beginners, and I do focus on the financial services issue a lot because I was initially made aware of this mess by its hijacking of the US healthcare situation.

The first link in my external links directory is a paper written by the late Nicholas Skala that explains an Understanding that is part of our (the US’s) WTO commitments and its also been signed by several dozen other countries. Also, if you search on the keyword - its full name, on the left you’ll find a bunch of stuff. Also searching on sentences from the actual key sentences in the text of trade agreements is always a way to find new legal writing on and and criticism of them.

If you want to find new and original writing I would recommend that.

Just dont waste your time reading the US press, or sites like this one where you’ll find next to nothing, you likely wont find stuff Ive written either. lets just say it vanishes down the memory hole.

This is an extremely fucked up situation. Sorry for the language, but it is. We’re being put into an impossible situation that deliberately will wreck the economy, and will likely pull the rug out from underneath most Americans in one way or another.

You dont have to believe me here or now, just remember what I said. I am a real democrat, which means that I beleive the peope and our votes are smarter than fake crooks of all labels.

We’re seeing a theft of the entire planet by the very rich. Nobody gave them permission to do it and its all totally illegitimate.

The thing we should know is that the real people ae and have been right. Both democrats and rank and file republicans both have a strong feeling that a theft is occurring. The heroes of this country are out there and we are the vast majority. But we don’t obsess about stealing the world, we have lives and loves and functional moral compasses, I’ve never wanted huge amounts of power, nor have any of my friends, we just want a decent life, decent work, and a decent amount of security for all of us.

so we stand in the way of their global ambitions to suck out the value from every possible thing and leave most of us, everywhere with nothing.

that’s the good news. Most of us would agree on whats right and whats wrong.

The bad news is that the crooks have all the resources and the cloak of authority, they even run the fake fact checking organizations, just remember that when they warn about disinformation, that THEY themselves are the ones producing it. They are it. Both fake US “parties” are really the same one, the party of thieves and con artists, in collusion, trying to turn the nation and world against one another to allow them to literally steal it. Nobody would in million years vote for what they are doing if they knew about it. And thats obvious to all. Even themselves.

But this time, I hope and pray, they may have out slicked themselves.

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Thank you for the accurate comment. The “vilification of socialism” occurs widespread here in Iowa. The vilification is ahistorical, as you point out, with plenty of examples of successful cooperative projects over several hundred years in this country, but it occurs unabated here nonetheless. You wonder if the ignorance is caused by something in the water out here.

Senator Joni Ernst ran her re-election campaign on vilifying her opponent, Theresa Greenfield, a real estate developer/ realtor. Socialist? According to Ernst’s rabid rants, Greenfield was part of a cabal of “radical left wing socialists.” That’s an accurate quote from one debate, that she repeated several times.

Despite Ernst’s earnest efforts to scrap protections for those with pre-existing health conditions and to scrap Social Security, in favor of Wall Street investments and 401k, along with a host of other right wing politics, she was re-elected. Iowa will send 3 right wing stiffs to the House in January, out of 4 districts, plus Ernst and Grassley. Why is it that we deserve this punishment?

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Don’t you realize that an international Understanding on Commitments in Financial Services committed to scrap Social Security bit by bit. 22 years ago. As its a “non-conforming monopoly service”

Thats the root cause. the US politicians are just helping cover up the root cause. Similar problems are caused by an Annex on Financial Services and many other portions of the GATS and the TISA which most certainly will be revived by Biden.

They likely intend to privatize all of whts left of safety nets in order to conform with therules we wrote decvades ago, and then after moving all the obligations to others, corporations, then the jobs they have committed to whomever bids cheapest will be lost as Americns train their replacements. Its not personal, they just are much cheaper. Then of course the investments just created will tank and people will have nothing,

People who have only Social Security or other benefits will be screwed in this shell game,. This is what we have been doing to other countries for years, its called structural readjustment. Except it will be cobined with the offshoring of the better jobs to on site subcontractors who have been trained over 9 months by those they are replacing. This will include a lot of professional work. When Geneva tosses the quotas the number of jobs traded away will skyrocket.

Both parties are part of this. The control over all these things was ceded to Geneva in the 90s. Its been planned in various ways for more than three decades,


Thank you, zed, for your detailed and thorough comments on this topic.
It’s economics on a level that I can barely comprehend, but all in this forum benefit from exposure to these warnings.
Months ago, you introduced me to the person and work of the late Nick Skala, and I notice that you mention him in an earlier comment in this forum. He lives on in his research.

Somehow, I have the feeling that people aren’t seeing them.

Some kind of on the fly content negotiation at some network level.

So I am directing this at those who can see them, Think long and hard and deep about whats being done.

You have a duty and its to our country, democracy, and the human race. They are lying to you for the worst reasons.

They may claim they are helping the poor, thats total bullshit. They are stabbing the poor everywhere in the back by the sleaziest way possible.

They have zillion resons to rationalize their theft, but whats motivating it is greed. If they succeed they will destroy everything almost all Americans care about.

they have a mental illness. they are delusional. They will drag this country and the world into ruin and a third world war.


Another possibility is local currencies, which do not have such requirements and have been quite successful–sometimes.

To be sure, these are not straightforward or simple either. I have found the works of Bernard Lietaer and Margrit Kennedy particularly useful in beginning to get my head around what parameters cause what sorts of result.

But hardly anything is so unworkable as allowing a few largely anonymous rich psychopaths manipulate for their profit the society’s primary expression of value. A national bank might indeed be an improvement, though I suppose that depends on how it would be set up. In no case would it really resolve the problem though, just because we do not have a representative government. As a sort of first-approach view of possible problems, you do not by opening a national bank separate the financier and rentier class from the MIC.

To clarify my own perspective here, since it is odd enough to be confusing sometimes, is the world and its resources function or fail as a commons even though we make other claims to them. I find that Ostrom’s principles therefore create a good pole for comparison, however experience might refine or modify them.

So no, the banks are not run as a commons, nor mostly as though they operated in one, though credit unions are a little closer. But we and they actually do operate or fail to operate in a commons nonetheless. It is just that the denial of this circumstance remains widespread because the misunderstanding becomes more convenient as one is awarded more influence.


The point might be the perspective that it gives regarding the next secret so-called “trade” so-called “agreement.” Since the agreement will presumably again be discussed in secret, the best available perspective might come from a view of various prior similar documents and events.


Governments are not allowed to provide “like” services at any level of government plus with financial services 1998 is the ceiling for regulation. Non conforming Services that existed in 1998 can be kept, however, as long as they are gradually eliminated or reduced in scope. Not expanded.

This US creation - signed by us and around 30 other nations, which approximates some of the provisions in TISA goes much further than the General rules which apply to all member States. You can read a good summary of them here. (From the UN so a fairly authoritative source) As you canb see the purpose of this effort is to funnel jobs to the most poor and unequal nations labor exporting firms.


Most Americans are unaware of all these changes so keep on making suggestions that are impractical since G took them all off the table starting Jan 1, 1995.

Although I can guess why he did it, I’m saddened that Sen Bernie Sanders wasn’t more truthful to his young supporters about this.

This omission is unlikely to sit well with them later in life.

Yes, that is a definite impediment, and I am willing to match your sentiments regarding Sanders and raise you his older supporters as well.

I think that this all means that we have to break some rules, though, and not just one or two and not just a few stylish infractions. I doubt that there is any smooth path through all that, and I am decades too worn out to catch any of the fine fever that goes around that sort of event. But acquiescence is forbidden by its results when those results are not workable. If the Fed and the neoliberals want to keep driving things, they’re going to have to set their metaphorical whisky back in the drink holder and try to keep the car on the road.

Doing that seems like a reason that Brown might be correct that the Fed needs public banks; I just think that the questions past it will become relevant as soon as these are created–if they are, which I doubt.

I wish I knew more what the path ahead might look like, but I’d say it looks like hard times–increased repression and austerity broken by some larger crisis, be it military, currency-related, or ecological.

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Did you read the links I posted? I’m trying to explain why its likely that they aren’t going to break their 30 year long deal with their pals in the 3rd world, the dictators, etc, to do something they clearly never wanted to do in the first place, just didn’t want to say it to peoples faces. They are just trying to keep people deceived as long as possible, denying everything, “and lie lie lie”.

They plan to replace potentially tens of millions of workers with whomever bids cheapest. Soon.

they will be allowed to recoup the value of their investments in their physical plant here.

What people should do to survive is become self sufficient.

For healthcare, any national organization could organize flights to other countries on a daily basis.

The spirit of competition is powerful. We dont need parties and politicians who try to monopolize political services.

As fars as fighting back against surveillance and theft of personal space - whats needed is sousveillance

I have not read them yet, Zed, and I am sorry if something in my response is off-center. I am fielding a small emergency, and I need a quorum of brain cells before I can take in economics. It’s a bit like going over spelling is for many people: I can do it, but I have to be all there and take my time.

Still, for the moment and until I can inform myself more thoroughly, very little that you are writing here surprises me or provokes disagreement. I do not think that a monopoly public service will be what we need, though I think it might float the Fed for longer–likely not a good thing.

If I can surmise from what I see, powers-that-be types are busy looting and do not spare much imagination for consequences. One trouble that I see, though, is that what I take to be “the spirit of competition” fuels that.

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We already blocked off our ability to enact changes that regulate insurance any more than the way it was in 1998. Except temporarily, in emergencies, and whatever we do has to be the minimum possible, and not ‘crowd out’ any commercial sellers anywhere in the world.

So all the things we did in 2010, are non-conforming “protectionism”, almost certainly in response to the financial emergency at that time.

Not sustainable, and you should know this, we already agreed to reverse them.

This has nothing to do with US politics, its at a higher level.

**If you had an infinite amount of money, could literally conjure up as much as you wanted, how would you cover up and conceal these huge lies from the naive and trusting and basically good, American people, and the rest of the world, who mostly had no idea about the other things that were going on at the next higher level of global economic governance. Of by and for the ultra-rich? **

Well, that’s what they likely did and are doing. Seriously. Everything we know is wrong. Its theater.

Whatever. The US and EU backed out, so it is moot.

One core reason is that digital services like mcropayments for purchases like travel on privatized roads or say, water for your house meter, are a big area that US companies are planning for, and they will get a small cut out of each payment, like credit cards. In a cashless future this will be very important for them. So for a public bank to exist and be allowed, they would lose a lot of money. Its just like health insurance, it would likely add up to a very nice house or even mansion, over your lifetime. So they really don’t want it. All the Internet companies are likely working hard behind the scenes paying off everybody in the chain to get in the way. Imagine how much money they will make getting a cut of all uses of money. Its as if you had a patent on money itself, or air or water.

Because we signed a treaty agreeing not to compete with for profit entities from other countries, ever in the future, pre-existing financial services can remain if they are absolutely unchanged but if we touch them the public aspects usually have to end, kind of like building codes.

Otherwise we could just create public entities that destroyed corporate investments. There are cryptic emergency exceptions but the language enabling them contradicts itself and actually says more implying they are forbidden than allowed. So its not a good situation.

I’m virtually certain that all these public financial services, health insurance, UBI, etc, that its claimed we could create are just a sort of sordid cover up attempt.