The Growing Movement for Publicly Owned Banks
Continued from previous page
Money today is just a ticket, a receipt for work performed and goods delivered. We can fund the work we need done by creating our own credit. The real promise of publicly-owned banks is not that they can bail out subprime borrowers but that they can jumpstart the economy by creating real wealth. They can provide the liquidity to put labor and materials together, allowing the economy to build and grow. Our private, profit-driven banking sector has been bleeding wealth from the rest of the economy. Public-interest banks can transfuse the economy with the credit it needs to flourish and be productive once again.
Reprinted from "America: The Remix," the Spring 2010 YES! Magazine, PO Box 10818, Bainbridge Island, WA 98110. Subscriptions: 800/937-4451 Web: www.yesmagazine.org.