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Web of Debt

Web of Debt - 2019-06-14 - Original post - cached version

Home ownership has been called “the quintessential American dream.” Yet today less than 65% of American homes are owner occupied, and more than 50% of the equity in those homes is owned by the banks. Compare China, where, despite facing one of the most expensive real estate markets in the world...

Web of Debt - 2019-05-31 - Original post - cached version

This article is excerpted from my new book Banking on the People: Democratizing Money in the Digital Age, available in paperback June 1. The U.S. federal debt has more than doubled since the 2008 financial crisis, shooting up from $9.4 trillion in mid-2008 to over $22 trillion in April 2019. The...

Web of Debt - 2019-05-25 - Original post - cached version

My new book, nearly 3 years in the making, is finally in print. It’s called “Banking on the People: Democratizing Money in the Digital Age” and is published by the Democracy Collaborative. As our democracy hangs in the balance, I hope this book allows many more people to understand why having...

Web of Debt - 2019-04-18 - Original post - cached version

As public banking gains momentum across the country, policymakers in California and Washington state are vying to form the nation’s second state-owned bank, following in the footsteps of the highly successful Bank of North Dakota, founded in 1919. The race is close, with state bank bills now...

Web of Debt - 2019-04-03 - Original post - cached version

“If you invest your tuppence wisely in the bank, safe and sound, Soon that tuppence safely invested in the bank will compound, “And you’ll achieve that sense of conquest as your affluence expands In the hands of the directors who invest as propriety demands.” — Mary Poppins, 1964 When Mary...

Web of Debt - 2019-03-21 - Original post - cached version

As alarm bells sound over the advancing destruction of the environment, a variety of Green New Deal proposals have appeared in the US and Europe, along with some interesting academic debates about how to fund them. Monetary policy, normally relegated to obscure academic tomes and bureaucratic...

Web of Debt - 2019-02-22 - Original post - cached version

“Quantitative easing” was supposed to be an emergency measure. The Federal Reserve “eased” shrinkage in the money supply due to the 2008-09 credit crisis by pumping out trillions of dollars in new bank reserves. After the crisis, the presumption was that the Fed would “normalize” conditions by...

Web of Debt - 2019-02-09 - Original post - cached version

Modern Monetary Theory (MMT) is getting significant media attention these days, after Alexandria Ocasio-Cortez said in an interview that it should “be a larger part of our conversation” when it comes to funding the Green New Deal. According to MMT, the government can spend what it needs without...

Web of Debt - 2019-01-27 - Original post - cached version

The Green New Deal endorsed by Alexandria Ocasio-Cortez and more than 40 other US Representatives has been criticized as imposing a too-heavy burden on the rich and upper-middle-class taxpayers who will have to pay for it, but taxing the rich is not what the Green New Deal resolution proposes....

Web of Debt - 2018-12-29 - Original post - cached version

Calls for a Universal Basic Income have been increasing, most recently as part of the Green New Deal introduced by Rep. Alexandria Ocasio-Cortez (D-NY) and supported in the last month by at least 40 members of Congress. A Universal Basic Income (UBI) is a monthly payment to all adults with no...

Web of Debt - 2018-12-17 - Original post - cached version

With what Naomi Klein calls “galloping momentum,” the “Green New Deal” promoted by newly-elected Rep. Alexandria Ocasio-Cortez (D-NY) appears to be forging a political pathway for solving all of the ills of society and the planet in one fell swoop. It would give a House Select Committee “a...

Web of Debt - 2018-11-10 - Original post - cached version

The Los Angeles charter amendment to approve a city-owned bank did not pass, but it did get 42 percent of the vote, a remarkable feat considering that the dynamic young Public Bank LA advocacy group effectively only had a month to educate 4 million voters on what a public bank is and why passing...

Web of Debt - 2018-11-04 - Original post - cached version

President Trump has stepped up his criticism of the Federal Reserve, saying of its aggressive interest rate hikes that it has “gone crazy.” The same charge has been leveled against Trump, but there may be a method to his madness . . . .   October was a brutal month for the stock market. After...

Web of Debt - 2018-11-04 - Original post - cached version

Note to Angelenos: Vote Yes on Charter Amendment B for an L.A. city-owned bank!

Web of Debt - 2018-10-03 - Original post - cached version

Wall Street owns the country. That was the opening line of a fiery speech by populist leader Mary Ellen Lease in 1890. Franklin Roosevelt said it again in a letter to Colonel House in 1933, and Sen. Dick Durbin was still saying it in 2009. “The banks – hard to believe in a time when […]

Web of Debt - 2018-09-15 - Original post - cached version

Central bankers are now aggressively playing the stock market. To say they are buying up the planet may be an exaggeration, but they could. They can create money at will, and they have declared their “independence” from government. They have become rogue players in a game of their own. Excluding...

Web of Debt - 2018-08-24 - Original post - cached version

Giant Chinese tech companies have bypassed credit cards and banks to create their own low-cost digital payment systems. The US credit card system siphons off excessive amounts of money from merchants, who must raise their prices to cover this charge. In a typical $100 credit card purchase, only...

Web of Debt - 2018-07-30 - Original post - cached version

The president has criticized Federal Reserve policy for undermining his attempts to build the economy. The best way to make the central bank serve the needs of the economy is to make it a public utility. For nearly half a century, presidents have refrained from criticizing the “independent”...

Web of Debt - 2018-07-05 - Original post - cached version

California legislators exploring the public bank option may be breaking not just from Wall Street but from the Federal Reserve. Voters in Los Angeles will be the first in the country to weigh in on a public banking mandate, after the City Council agreed on June 29th to put a measure on the...

Web of Debt - 2018-05-26 - Original post - cached version

California has over $700 billion parked in private banks earning minimal interest, private equity funds that contributed to the affordable housing crisis, or shadow banks of the sort that caused the banking collapse of 2008. These funds, or some of them, could be transferred to an infrastructure...

Web of Debt - 2018-04-22 - Original post - cached version

The Fed is aggressively raising interest rates, although inflation is contained, private debt is already at 150% of GDP, and rising variable rates could push borrowers into insolvency. So what is driving the Fed’s push to “tighten”? On March 31st the Federal Reserve raised its benchmark interest...

Web of Debt - 2018-04-05 - Original post - cached version

Bayer and Monsanto have a long history of collusion to poison the ecosystem for profit. The Trump administration should veto their merger not just to protect competitors but to ensure human and planetary survival. Two new studies from Europe have found that the number of farm birds in France has...

Web of Debt - 2018-03-18 - Original post - cached version

The US Postal Service, under attack from a manufactured crisis designed to force its privatization, needs a new source of funding to survive. Postal banking could fill that need. The US banking establishment has been at war with the post office since at least 1910, when the Postal Savings Bank...

Web of Debt - 2018-02-28 - Original post - cached version

“One Belt, One Road,” China’s $1 trillion infrastructure initiative, is a massive undertaking of highways, pipelines, transmission lines, ports, power stations, fiber optics, and railroads connecting China to Central Asia, Europe and Africa. According to Dan Slane, a former advisor in President...

Web of Debt - 2018-01-24 - Original post - cached version

In a blatant example of “do as I say, not as I do,” the US government is profiting handsomely by accepting marijuana cash in the payment of taxes while imposing huge penalties on banks for accepting it as deposits. Onerous reporting requirements are driving small local banks to sell out to Wall...

Web of Debt - 2018-01-05 - Original post - cached version

This is the second in a two-part article on the debt burden America’s students face. Read Part 1 here. The lending business is heavily stacked against student borrowers. Bigger players can borrow for almost nothing, and if their investments don’t work out, they can put their corporate shells...

Web of Debt - 2017-12-27 - Original post - cached version

Higher education has been financialized, transformed from a public service into a lucrative cash cow for private investors. The advantages of slavery by debt over “chattel” slavery – ownership of humans as a property right – were set out in an infamous document called the Hazard Circular,...

Web of Debt - 2017-11-04 - Original post - cached version

Phil Murphy, a former banker with a double-digit lead in New Jersey’s race for governor, has made a state-owned bank a centerpiece of his platform. If he wins on November 7, the nation’s second state-owned bank in a century could follow.    A UK study published on October 27, 2017 reported that...

Web of Debt - 2017-10-30 - Original post - cached version

Crushing regulations are driving small banks to sell out to the megabanks, a consolidation process that appears to be intentional. Publicly-owned banks can help avoid that trend and keep credit flowing in local economies. At his confirmation hearing in January 2017, Treasury Secretary Stephen...

Web of Debt - 2017-10-30 - Original post - cached version

Stacy interviewed me on public banking at the Nexus Conference in Aspen, posted on MaxKeiser.com on October 7, 2017. The interview begins at 14:50.    

Web of Debt - 2017-10-12 - Original post - cached version

During his visit to hurricane-stricken Puerto Rico, President Donald Trump shocked the bond market when he told Geraldo Rivera of Fox News that he was going to wipe out the island’s bond debt. He said on October 3rd: You know they owe a lot of money to your friends on Wall Street. We’re gonna...

Web of Debt - 2017-10-04 - Original post - cached version

The policy of guaranteeing every citizen a universal basic income is gaining support around the world, as automation increasingly makes jobs obsolete. But can it be funded without raising taxes or triggering hyperinflation? In a panel I was on at the NexusEarth cryptocurrency conference in Aspen...

Web of Debt - 2017-07-23 - Original post - cached version

Illinois is teetering on bankruptcy and other states are not far behind, largely due to unfunded pension liabilities; but there are solutions. The Federal Reserve could do a round of “QE for Munis.” Or the state could turn its sizable pension fund into a self-sustaining public bank.  Illinois is...

Web of Debt - 2017-06-27 - Original post - cached version

Japan has found a way to write off nearly half its national debt without creating inflation. We could do that too. Let’s face it. There is no way the US government is ever going to pay back a $20 trillion federal debt. The taxpayers will just continue to pay interest on it, year after year...

Web of Debt - 2017-06-11 - Original post - cached version

Higher interest rates will triple the interest on the federal debt to $830 billion annually by 2026, will hurt workers and young voters, and could bankrupt over 20% of US corporations, according to the IMF. The move is not necessary to counteract inflation and shows that the Fed is operating...

Web of Debt - 2017-05-17 - Original post - cached version

May 15th-19th has been designated “National Infrastructure Week” by the US Chambers of Commerce, the American Society of Civil Engineers (ASCE), and over 150 affiliates. Their message: “It’s time to rebuild.” Ever since ASCE began issuing its “National Infrastructure Report Card” in 1998, the...

Web of Debt - 2017-05-17 - Original post - cached version

The cavalry has arrived! Great to see so many young people getting behind public banking. We had a rousing forum on Saturday, May 13th, at the Puente Learning Center in Los Angeles. The links to the Facebook live videos and photo album are here: Part 2: https://www.facebook.com/...

Web of Debt - 2017-04-11 - Original post - cached version

Phil Murphy, the leading Democratic candidate for governor of New Jersey, has made a state-owned bank a centerpiece of his campaign. He says the New Jersey bank would “take money out of Wall Street and put it to work for New Jersey – creating jobs and growing the economy [by] using state...

Web of Debt - 2017-03-14 - Original post - cached version

The Canadian plan also helps Canadians live longer and healthier than Americans. . . . We need, as a nation, to reexamine the single-payer plan, as many individual states are doing.   — Donald Trump, The America We Deserve (2000) The new American Health Care Act has been unveiled, and critics...

Web of Debt - 2017-03-04 - Original post - cached version

A handful of Canadians are waging a noble fight to return their central bank, the Bank of Canada, to its chartered role as a low and no-interest financier of government projects and the public interest. That case is at the center of a new book called Beyond Banksters: Resisting the New Feudalism...

Web of Debt - 2017-01-26 - Original post - cached version

Americans could save $1 trillion over 10 years by financing infrastructure through publicly-owned banks like the one that has long been operating in North Dakota. President Donald Trump has promised to rebuild America’s airports, bridges, tunnels, roads and other infrastructure, something both...

Web of Debt - 2016-12-21 - Original post - cached version

It has been called “a bigger risk than Brexit”– the Italian banking crisis that could take down the eurozone. Handwringing officials say “there is no free lunch” and “no magic bullet.” But UK Prof. Richard Werner says the magic bullet is just being ignored.  On December 4, 2016, Italian voters...

Web of Debt - 2016-12-07 - Original post - cached version

To stimulate the economy, create new jobs and generate new GDP requires an injection of new money. Borrowing from the bond markets or off-balance-sheet in public/private partnerships won’t do it. If Congress won’t issue money directly, it should borrow from banks, which create money on their...

Web of Debt - 2016-11-30 - Original post - cached version

Here are my latest efforts at presenting the public banking model by power point. The longer version was at an event in Englewood, CO, on October 30, called “Taking Back the Money Power: The Public Option in Banking.” The shorter version was at an event in Santa Rosa, CA, on November 9 called “...

Web of Debt - 2016-11-15 - Original post - cached version

Donald Trump was an outsider who boldly stormed the citadel of Washington DC and won. He has promised real change, but his infrastructure plan appears to be just more of the same – privatizing public assets and delivering unearned profits to investors at the expense of the people. He needs to...

Web of Debt - 2016-10-18 - Original post - cached version

School districts are notoriously short of funding – so short that some California districts have succumbed to Capital Appreciation Bonds that will cost taxpayers as much is 10 to 15 times principal by the time they are paid off. By comparison, California’s Prop. 51, the school bond proposal...

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