DO YOU HEAR YOUR POLS AND CANDIDATES IN PRIMARIES SHOUTING ANY OF WHAT MY WEBSITE WRITES AND MOST EVERYONE KNOWS IS THE TRUTH? IF NOT, THEY ARE NEO-LIBERALS AND NEO-CONS. SEE WHY CINDY WALSH FOR GOVERNOR OF MARYLAND IS CENSURED IN MARYLAND MEDIA?
Below you see an article that let's you know the Wall Street banks are still as systemically criminal as they were before the crash and Obama----they have not been held accountable and there are no laws changed to protect us no matter how much neo-liberals pretend they there are. Trans Pacific Trade Pact has as a center-piece that banks will be completely deregulated globally which means here in the US they will continue the fleecing and ignoring of US law without consequence and all neo-liberals are building the structures that allow TPP to take hold-----ESPECIALLY HERE IN MARYLAND! So, what the people need is a Public Banking system that allows those wanting to escape this criminal financial system and receive a reasonable interest return on savings to go. Public Banks will also take those low-wage earners that neo-liberals serve up to payday and check cashing systems----and mainstream banks openly killing with illegal fines and fees-----and give them a safe place to cash checks and deposit their money. Lastly, a state would not want to support a known criminal system like Wall Street by allowing state revenue to bring profits to Wall Street banks with state revenue deposits in these banks. We certainly wouldn't want the state entering any contracts with banks we know were still systemically criminal and soaking the public of hundreds of millions of dollars in Maryland every year.
ONLY A NEO-LIBERAL AND A NEO-CON WOULD DO THAT. THIS IS HOW YOU KNOW WHICH CANDIDATES WORK FOR GLOBAL CORPORATIONS AND WHICH FOR PUBLIC INTEREST.
The first thing Maryland's pols did after the crash-----mortgage the state and local government with all kinds of Wall Street financial instruments all knowing an economic crash bigger than 2008 is coming.
FOR THOSE THINKING THIS IS SOCIALISM------STOP ALLOWING THESE TERMS TO CONFUSE SIMPLY PUBLIC PROTECTIONS AND US CONSTITUTIONAL RIGHTS TO EQUAL PROTECTION!!!!! I KNOW MARYLAND REPUBLICANS LIKE CINDY WALSH.
The first thing a legitimate government would have done after the economic crash in 2008 is establish a public banking system in the state to protect citizens from a criminal financial system until we can reform this system.
I think Ezra Klein was the most honest of mainstream media as to the scandal that is Wall Street. Not surprisingly he left Washington Post recently----probably too much truth in journalism. News journals and public policy and government watchdogs all call Wall Street systemically criminal and yet Congress, Maryland Assembly, and Baltimore City Hall still has Wall Street front and center of all business transactions. These banks should have been nationalized, investigated, fraud recovered, and downsized to regional banks. THAT WOULD HAVE BEEN RULE OF LAW AND EQUAL PROTECTION. Then, they would have been sold to begin life as new private banking interests. The banking executives would be in jail and those implicated in these massive fraud banned from the financial industry for life. THAT WOULD HAVE BEEN RULE OF LAW AND EQUAL PROTECTION.
Wonkbook: The financial system was systemically corrupt
If you haven't been following the Libor scandal, read Dylan Matthews' great primer. But if you refuse to do even that, here it is in a few sentences: Libor is the rate at which banks lend to each other. It's considered a measure of how safe the financial system is. As such, many banks use it as a benchmark to set the rate on the consumer debt you and I buy -- they start with the Libor rate and then they add on whatever they think our risk is. But there's something odd about Libor: It's a rate the banks report themselves. And, in recent weeks, we've found out Barclays was lying about it.
In recent days, however, we've found out that it wasn't just Barclays lying about it. Everybody was lying about it. Citigroup was lying about it. German banks were lying about it. We know a number of banks -- though we don't know exactly who -- are talking to the feds about a settlement. We know HSBC, Deutsche Bank and JPMorgan Chase are being investigated.
On Wednesday, Lloyd Blankfein, CEO of Goldman Sachs, was asked about Libor. "The biggest impact is once more undermining the integrity of a system that has already been undermined substantially. There was this huge hole to dig out of in terms of getting trust back and now it's that much deeper."
Remember when Ronald Reagan said "trust, but verify"? Well, we've spent the last few years verifying. And when it comes to the financial system, the lesson is not to have too much trust.
_______________________________________________
Now, I am always skeptical of of all new private non-profits because of the neo-liberal practice of using non-profits as 'progressive posers'. So, I do not know if the Public Banking Institute is the good guy----but the policy is right on. Vermont has adopted Public Banking and there is a completely guideline to rolling these structures out that I would use here in Maryland. Remember, if you do not have Rule of Law and you leave the public justice system dismantled----even public banking will become corrupt. Look at MECU to see public funds used in questionable deals.
We must starve Wall Street not feed it. When the Maryland Assembly and Baltimore City Hall send public pensions to Wall Street in the guise of 401Ks-----used as fodder by Wall Street even more than pension funds......you know you have pols working for global corporations and not you and I.
LET'S LISTEN TO A CRIMINAL WALL STREET RATING AGENCY LIKE MOODY'S AND STANDARD AND POOR WHO TELL US TO CUT BACK PUBLIC PENSIONS BECAUSE THEY WERE VICTIMS TO 1/2 OF THEIR VALUE STOLEN IN FRAUD AND PUBLIC MALFEASANCE SAY THESE NEO-LIBERALS.
This is not socialism-----it is public justice and equal protection!
Why Public Banking? Large Private Banks Are Fleecing America. What are YOU going to do about it?
The Public Banking Institute (PBI) is actively enrolling leading organizations to participate in a national coalition to create a network of public banks. These banks can be capitalized from several sources, including public employee and other labor pensions, with the core deposits coming from tax and other revenues from city/county/state governments.
Organizations supporting this coalition include large associations and established organizations in the following areas: independent business, labor, new economy, food systems, religious institutions, and others. These organizations will be announced soon.
We will focus campaigns for public banking in 5-7 targeted areas that have a good chance of succeeding with teams already formed on the ground. Once we score some victories, we can expand to other areas.
We propose the immediate formation and funding of a coalition that will create public banks with specific focus on key states, such as Oregon, Washington, Montana, Vermont and Hawaii, and cities and large counties in other states (California, Illinois, Pennsylvania, New Jersey, and others).
Our Vision We envision a network of sustainable state and local publicly owned banks that create affordable credit as an alternative to the current unsustainable, high-risk, centralized private banking system.This network of public banks will provide affordable credit to local communities, which are able to develop their economies and create well-paying jobs and provide the livelihoods needed for working families.
Localization of credit is key to restoring the financial security that our communities and middle class once enjoyed – and to providing communities new tools to address economic, racial, and social inequities.
Do you share this vision? Then join us!
____________________________________________
The American people want to get rid of global corporate dominance and rebuild the domestic economy of small and regional businesses to drive Maryland's economy. Until we receive justice from Wall Street-----that will take a decade or more----we need to provide the safety of public banking. It meets the requirements of focusing on domestic economy-building in that lending would be centralized to just that----local business ownership and home-ownership------JUST WHAT WALL STREET AND YOUR NEO-LIBERAL IS TRYING TO KILL!
WALL STREET IS HOLDING THE US ECONOMY HOSTAGE TO STAGNATION AND NO FINANCIAL INVESTMENT THAT IS NOT EXPANDING GLOBAL CORPORATE CONTROL AND YOUR POL IS MAKING SURE OF THIS!
Keep in mind public banking can be taken by fraud and corruption as much as private-----look at Spain and Greece to see a public banking system that captured politicians imploded with fraud and corruption.....so, the goals of this group sound good----but if we are not rebuilding public justice and equal protection-----it will be used against us as well.
IF A GROUP IS NOT SHOUTING THAT RULE OF LAW IS SUSPENDED AND NEEDS TO BE REBUILT WHILE OFFERING THESE PUBLIC SOLUTIONS---THEY ARE WORKING AGAINST THE PUBLIC INTEREST.
Vision
We envision a network of sustainable state and local publicly owned banks that create affordable credit as an alternative to the current unsustainable, high-risk, centralized private banking system and that provide affordable credit to local communities, which are able to then develop their economies and create well-paying jobs and provide the livelihoods needed for working families. Localization of credit is key to restoring the financial security that our communities and middle class once enjoyed – and to providing communities new tools to address economic, racial, and social inequities.
Pledge We support public banking as a solution to provide affordable credit to individuals, municipalities, students and businesses and pledge to advocate for and promote public banking whenever possible.
General Plan We have been building on the research, education and grassroots organizing fom the last 20 months. Our path for the Public Banking Coalition is to take what we have learned and create a model of public banking at every level of public governance.
Build the coalition- This movement needs political power. Political power will come from organizations, workers, students, businesses, and influential individuals organizing and talking to decision makers from a position of strength.
Roadmap Documents
Roadmap -- Final 060213.doc click to download
Roadmap -- Presentation 060213.doc click to download Objectives The objectives of the national Public Banking Coalition include:
PA Project- PBI Letter to PHL Council 04.2513 (1).pdf click to download Use this letter as a template for your county supervisors!
Petition Sign a petition to all State and County Public Finance Officeholders
__________________________________________
This article gives a good overview of private banking's takeover of all finance in Canada----one of the most progressive nations in the world. It was done in Canada just as it happened in the US and Europe---global corporate pols took over political parties pretending to be people's candidates when they were not. Blair in the UK pretended to be Labor Party---Clinton in the US pretended to be progressive democrat----and in Spain and Greece even the Socialist Party was taken by neo-liberal posers. This was a huge political takeover orchestrated by Wall Street.
As you see below, Canada has the mechanism we need in the US---the public bank---to take back control of economic functions from private banking. EASY PEASY.
IT IS NOT SOCIALISM ----IT IS EQUAL PROTECTION FOR THE PUBLIC.
Oh Canada! Time to Bring Back Your Public Banking System
.April 27th, 2012
- See more at: http://www.helladelicious.com
In December 2011, this charge was echoed in a lawsuit filed in Canadian federal court by two Canadians and a Canadian economic think tank. Constitutional lawyer Rocco Galati filed an action on behalf of William Krehm, Ann Emmett, and COMER (the Committee for Monetary and Economic Reform) to restore the use of the Bank of Canada to its original purpose, including making interest free loans to municipal, provincial and federal governments for “human capital” expenditures (education, health, and other social services) and for infrastructure. The plaintiffs state that since 1974, the Bank of Canada and Canada’s monetary and financial policy have been dictated by private foreign banks and financial interests led by the BIS, the Financial Stability Forum (FSF) and the International Monetary Fund (IMF), bypassing the sovereign rule of Canada through its Parliament.
Today this silent coup has been so well obscured that governments and gamers alike are convinced that the only alternatives for addressing the debt crisis are to raise taxes, slash services, or sell off public assets. We have forgotten that there is another option: cut the debt by borrowing from the government’s own bank, which returns its profits to public coffers. Cutting out interest has been shown to reduce the average cost of public projects by about 40%.
Game over: we win.
Ellen Brown is an attorney, president of the Public Banking Institute, and author of 11 books. Her websites are http://WebofDebt.com, http://EllenBrown.com, and http://PublicBankingInstitute.org. In her latest book, “Web of Debt: The Shocking Truth About Our Money System and How We Can Break Free,” she shows how the power to create money has been usurped from the people and how we can get it back.
- See more at: http://www.helladelicious.com/diy/2012/04/oh-canada-time-to-bring-back-your-public-banking-system/#sthash.D3Cmz7En.dpuf
________________________________________________
So, how does Wall Street stop the current calls for public banking and get hold of the next public agency it wants to implode? Post Office banking! Just look at the neo-liberals flying to this policy. Remember, the Post Office is not in financial trouble----it is simply having all of its revenue-making operations privatized and there is that hundreds of billions in pension pre-payment.
THE POST OFFICE IS FINE ON ITS OWN AND DOES NOT NEED BANKING TO HELP IT!
Think about this----neo-liberals and neo-cons started this public private partnership policy with the Federal Housing Agency by creating Fannie and Freddie. FANNIE AND FREDDIE IMPLODED THE FHA WITH FRAUD AND CORRUPTION. Then neo-liberals and neo-cons created Sallie Mae privatizing Federal Student Loans and imploded that with fraud and corruption. Now, neo-liberals are working to end these two Federal agencies that were working fine before these partnerships and helped low-income people for decades with strong quality service.
TAKE A WELL-WORKING OPERATION AND BLOW IT UP WITH FRAUD AND CORRUPTION---THE BAINS CAPITAL APPROACH TO KILLING A FEDERAL AGENCY!
Neo-liberals and republicans have worked for decades to dismantle the Post Office. It was not only the republicans--neo-liberals as well. With a super-majority of democrats in 2009 why did they not take 10 minutes to end pension pre-funding that is killing the Post Office? It was on their radar and they didn't because they intend to end this service. No, what neo-liberals and republicans do is place the Post Office in the business that is filled with fraud and corruption AND IT WILL IMPLODE THE POST OFFICE. We have a credit union system that was built to do just what neo-liberals aer now calling for the Post Office to do and these credit unions are now operating just like WALL STREET BANKS. If you notice it is again the low-income used as an excuse to take this great public agency into harms way----Freddie was created to give low-income people more opportunities to own homes.....Sallie Mae was created to give low-income people more opportunity at student loans and in both cases low-income people and taxpayers were fleeced in fraud.
DON'T ALLOW NEO-LIBERALS TO STEAL THIS ISSUE. WE NEED A PUBLIC BANKING SYSTEM AND IT NEEDS TO STAND ALONE.
Democrats say struggling post office branches could dabble in banking
By Bernie Becker - 02/05/14 06:00 AM EST The Hill Blog
Congressional Democrats are coalescing behind the idea of allowing local post offices to fill gaps in the banking business.
They say the move would be a victory for both the cash-strapped U.S. Postal Service and for low-income communities that are often underserved by the major banks.
The idea gained steam after the Postal Service’s inspector general said in a report last week that the USPS could likely add billions of dollars a year to its coffers by offering prepaid cards or loans to the 68 millions adults who currently get little or no services from banks.If the Postal Service partnered with banks to offer more services, those customers would then have an alternative to the often hefty fees charged by payday lenders and other banking alternatives, the inspector general said.
Rep. Elijah Cummings (Md.), the top Democrat on the House Oversight Committee, had released legislation to give the USPS more authority to open new revenue streams like check cashing even before the inspector general’s recommendations.
In recent days, Sen. Elizabeth Warren (D-Mass.), the populist champion embraced by progressive groups, endorsed the idea in a Huffington Post op-ed.
“There’s a lot of low-income people who no longer have banking access, who need the opportunity to cash a check or do modest kinds of banking,” Sen. Bernie Sanders (I-Vt.), another backer of the idea, told The Hill. “So I think there is an opportunity there.”
But to the banking industry and congressional Republicans, the idea is far from the win-win that Democrats and the inspector general claim.
GOP lawmakers argue that local post offices shouldn’t be given more leeway to compete with private-sector companies because of a host of inherent advantages it would have — including generally being exempt from a host of taxes.
“There are unique things that the Postal Service can offer. But being your local loan shark is not one of them,” said Rep. Jason Chaffetz (R-Utah).
“To try to sell T-shirts, coffee and give you a bridge loan — I don’t think is going to solve the problem the post office has,” Chaffetz added.
Advocates for the banking industry dismiss the idea that they’re afraid of the competition and argue that an agency bleeding cash should hardly be allowed to wade into financial services.
“This is the worst idea since the introduction of the Edsel,” said Camden Fine, the chief executive of the Independent Community Bankers of America.
“They can’t even deliver your mail on time. The track record speaks for itself,” Fine added. “If this was about competition, give me all the sloppy competitors I can get.”
The debate is part of a broader argument among lawmakers and stakeholders about how to best put the agency — which has racked up more than $25 billion in losses over the last three years — on more solid financial footing.
Lawmakers and outside groups have for years sought to craft postal reform proposals that would strike a balance between making cuts to an agency that has seen plunging mail volume in recent years, and giving the USPS access to new revenue streams.
Top Republican lawmakers have generally been more willing to let the Postal Service roll back its Saturday delivery. But liberals and postal unions have pushed back on those and other cost-cutting ideas, and sought to give the agency the opportunity to expand its business portfolio.
The last major postal reform bill, which was enacted in 2006, bars the Postal Service from offering new products that aren’t mail-related in most cases.
But the inspector general report issued last week suggests that the USPS — which already sells money orders — could explore new financial services options within its existing authority.
In all, the Postal Service inspector general says that customers underserved by banks spent about $89 billion on interest and fees on alternative services in 2012, or roughly $2,400 per underserved household. The USPS could bring in close to $9 billion — far more than its 2013 losses of $5 billion — if it got just a tenth of the interest and fees now going elsewhere.
The options raised by the inspector general include partnering with banks to offer prepaid cards that consumers could use to pay bills or take out cash, and to offer products that encourage consumers in low-income areas to boost their savings.
Customers with the prepaid postal cards could also have access to smaller loans, instead of having to seek out a payday lender.
The inspector general argued that the Postal Service is well suited for banking, given that it has more than 35,000 locations around the country.
At the same time, roughly 2,300 banks closed in 2012, the inspector general noted — with the vast majority of closures since the fiscal crisis coming in areas below the median household income level.
Rep. Stephen Lynch (D-Mass.), a senior member of the House Oversight Committee, said he sympathized with the concerns voiced by banks and the GOP.
“I understand the skepticism. I share it,” Lynch said. “But I think there might be a way to address the needs of some of those under banked communities.”
Leading postal reform proposals also weigh in on the idea.
A House GOP measure, crafted by Oversight Committee Chairman Darrell Issa (R-Calif.), would require that Congress approve any new non-postal products offered by the USPS.
On the other side of the Capitol, a bipartisan Senate measure, to be considered by the Homeland Security panel this week, would give the USPS wide latitude to explore non-postal offerings.
But the bill from Sens. Tom Carper (D-Del.) and Tom Coburn (R-Okla.) would also allow the agency’s regulator to weigh in on whether the USPS has the authority to offer certain products.
Either way, banking officials said they will continue their efforts to limit the Postal Service’s work on financial services.
Advocates for the industry say there are plenty of banking options for customers in low-income areas, and that there’s no guarantee the sorts of services the Postal Service might offer would be profitable.
Plus, Richard Hunt of the Consumer Bankers Association noted that federal regulators had effectively forced some banks to not offer a sort of advance loan that he said could be similar to what the Postal Service offers. Consumer groups have slammed that advance loan, which would be tied to a customer’s paycheck.
“We’re not monolithic. We have 7,000 competitors, and credit unions,” Hunt told The Hill. “There’s nobody in the Postal Service right now that’s experienced in the banking sector.”
Democrats say struggling post office branches could dabble in banking
________________________________________
Thursday, May 30, 2013
Cameron hands UK Post Office to Goldman Sachs
Britain Plans I.P.O. for Postal Service LONDON –
Britain is preparing to privatize Royal Mail, the country’s postal service, whose origins date to 1516 and the carrying of post for Henry VIII and the Tudor court.
The government said on Wednesday that it had appointed Goldman Sachs and UBS as the lead banks to manage a planned initial public offering on the London Stock Exchange later this year. Barclays and Bank of America Merrill Lynch will also work on the sale. The planned offering could value Royal Mail at about £3 billion ($4.5 billion), according to some analysts.
The government has been considering a sale of Royal Mail for years, but plans became more concrete over the last year when the company’s finances started to improve. Pressure is also growing on the government to find additional savings to reduce the budget deficit. Like other postal services, Royal Mail was hurt as more people swapped handwritten letters for e-mail. But earnings have improved recently, and the company reported that profit more than doubled for the year ended March 31 as more people shopped online and received their purchases by post.
The sale of the service, which was opened to the public by Charles I in 1635, would be the biggest privatization in Britain since the railroads in the 1990s. Royal Mail is one of Britain’s largest employers, and the government plans to set aside about 10 percent of Royal Mail’s shares to be held by its workers.
http://dealbook.nytimes.com/2013/05/29/britain-plans-i-p-o-for-postal-service/
Comment by Road Hog -
I blogged about this a few years ago.
This is where neo-liberals in Congress are going with this Post Office as bank policy. Believe me, republicans have been trying to do this for decades so they are not against it----it is a Wall Street policy. The UK Postal System---one of the oldest in the WEST has been completely captured into a global corporate structure.
Post Office announces plans to launch current account Customers want 'simplicity, transparency and good value for money', says Post Office director of financial services
Nick Kennett, director of financial services at Post Office, said that research into the current account market had suggested customers primarily want "simplicity, transparency and good value for money".
He added: "With over 11,500 branches, which is more than all the UK banks combined, we can provide this through the most convenient and accessible retail network in the UK."
Post Office already offers a range of financial services including savings, credit cards and travel money, and recently introduced in-branch mortgage advice for consumers. Kennett said that the launch of a current account was part of the "significant transformation" of the brand.
The account will initially be launched in a small number of branches, before a wider-roll out next year.
Kevin Mountford, head of banking at comparison website MoneySupermarket, said the launch was "big news" for consumers. "The fact that the Post Office is a popular trusted brand, already has a large savings account portfolio, and has over 11,500 branches throughout the country means it can be a serious challenger in the current account market," he said.
Michael Ossei, personal finance expert at uSwitch.com, said the banks should see Post Office as "a serious threat", with those in rural areas especially likely to be attracted by its branch network.
However, Andrew Hagger, director of Moneycomms.co.uk, cautioned that more detail is needed, pointing out that the excitement surrounding Marks & Spencer's entrance to the market last year quickly subsided when it emerged the accounts had fees of up to £20 a month.
This is not the first foray into current account banking by Post Office, which was the home of the state-owned Girobank for two decades until its sale to Alliance & Leicester building society in 1990. At that point, it was the sixth-largest provider of current accounts in the UK. It comes at a time when competition in the market is heating up, with Tesco and Virgin Money known to be working on their own launches, and existing providers enhancing their deals to attract consumers.
Below you see an article that let's you know the Wall Street banks are still as systemically criminal as they were before the crash and Obama----they have not been held accountable and there are no laws changed to protect us no matter how much neo-liberals pretend they there are. Trans Pacific Trade Pact has as a center-piece that banks will be completely deregulated globally which means here in the US they will continue the fleecing and ignoring of US law without consequence and all neo-liberals are building the structures that allow TPP to take hold-----ESPECIALLY HERE IN MARYLAND! So, what the people need is a Public Banking system that allows those wanting to escape this criminal financial system and receive a reasonable interest return on savings to go. Public Banks will also take those low-wage earners that neo-liberals serve up to payday and check cashing systems----and mainstream banks openly killing with illegal fines and fees-----and give them a safe place to cash checks and deposit their money. Lastly, a state would not want to support a known criminal system like Wall Street by allowing state revenue to bring profits to Wall Street banks with state revenue deposits in these banks. We certainly wouldn't want the state entering any contracts with banks we know were still systemically criminal and soaking the public of hundreds of millions of dollars in Maryland every year.
ONLY A NEO-LIBERAL AND A NEO-CON WOULD DO THAT. THIS IS HOW YOU KNOW WHICH CANDIDATES WORK FOR GLOBAL CORPORATIONS AND WHICH FOR PUBLIC INTEREST.
The first thing Maryland's pols did after the crash-----mortgage the state and local government with all kinds of Wall Street financial instruments all knowing an economic crash bigger than 2008 is coming.
FOR THOSE THINKING THIS IS SOCIALISM------STOP ALLOWING THESE TERMS TO CONFUSE SIMPLY PUBLIC PROTECTIONS AND US CONSTITUTIONAL RIGHTS TO EQUAL PROTECTION!!!!! I KNOW MARYLAND REPUBLICANS LIKE CINDY WALSH.
The first thing a legitimate government would have done after the economic crash in 2008 is establish a public banking system in the state to protect citizens from a criminal financial system until we can reform this system.
I think Ezra Klein was the most honest of mainstream media as to the scandal that is Wall Street. Not surprisingly he left Washington Post recently----probably too much truth in journalism. News journals and public policy and government watchdogs all call Wall Street systemically criminal and yet Congress, Maryland Assembly, and Baltimore City Hall still has Wall Street front and center of all business transactions. These banks should have been nationalized, investigated, fraud recovered, and downsized to regional banks. THAT WOULD HAVE BEEN RULE OF LAW AND EQUAL PROTECTION. Then, they would have been sold to begin life as new private banking interests. The banking executives would be in jail and those implicated in these massive fraud banned from the financial industry for life. THAT WOULD HAVE BEEN RULE OF LAW AND EQUAL PROTECTION.
Wonkbook: The financial system was systemically corrupt
- By Ezra Klein Washington Post
- July 20, 2012 at 7:27 am
If you haven't been following the Libor scandal, read Dylan Matthews' great primer. But if you refuse to do even that, here it is in a few sentences: Libor is the rate at which banks lend to each other. It's considered a measure of how safe the financial system is. As such, many banks use it as a benchmark to set the rate on the consumer debt you and I buy -- they start with the Libor rate and then they add on whatever they think our risk is. But there's something odd about Libor: It's a rate the banks report themselves. And, in recent weeks, we've found out Barclays was lying about it.
In recent days, however, we've found out that it wasn't just Barclays lying about it. Everybody was lying about it. Citigroup was lying about it. German banks were lying about it. We know a number of banks -- though we don't know exactly who -- are talking to the feds about a settlement. We know HSBC, Deutsche Bank and JPMorgan Chase are being investigated.
On Wednesday, Lloyd Blankfein, CEO of Goldman Sachs, was asked about Libor. "The biggest impact is once more undermining the integrity of a system that has already been undermined substantially. There was this huge hole to dig out of in terms of getting trust back and now it's that much deeper."
Remember when Ronald Reagan said "trust, but verify"? Well, we've spent the last few years verifying. And when it comes to the financial system, the lesson is not to have too much trust.
_______________________________________________
Now, I am always skeptical of of all new private non-profits because of the neo-liberal practice of using non-profits as 'progressive posers'. So, I do not know if the Public Banking Institute is the good guy----but the policy is right on. Vermont has adopted Public Banking and there is a completely guideline to rolling these structures out that I would use here in Maryland. Remember, if you do not have Rule of Law and you leave the public justice system dismantled----even public banking will become corrupt. Look at MECU to see public funds used in questionable deals.
We must starve Wall Street not feed it. When the Maryland Assembly and Baltimore City Hall send public pensions to Wall Street in the guise of 401Ks-----used as fodder by Wall Street even more than pension funds......you know you have pols working for global corporations and not you and I.
LET'S LISTEN TO A CRIMINAL WALL STREET RATING AGENCY LIKE MOODY'S AND STANDARD AND POOR WHO TELL US TO CUT BACK PUBLIC PENSIONS BECAUSE THEY WERE VICTIMS TO 1/2 OF THEIR VALUE STOLEN IN FRAUD AND PUBLIC MALFEASANCE SAY THESE NEO-LIBERALS.
This is not socialism-----it is public justice and equal protection!
Why Public Banking? Large Private Banks Are Fleecing America. What are YOU going to do about it?
The Public Banking Institute (PBI) is actively enrolling leading organizations to participate in a national coalition to create a network of public banks. These banks can be capitalized from several sources, including public employee and other labor pensions, with the core deposits coming from tax and other revenues from city/county/state governments.
Organizations supporting this coalition include large associations and established organizations in the following areas: independent business, labor, new economy, food systems, religious institutions, and others. These organizations will be announced soon.
We will focus campaigns for public banking in 5-7 targeted areas that have a good chance of succeeding with teams already formed on the ground. Once we score some victories, we can expand to other areas.
We propose the immediate formation and funding of a coalition that will create public banks with specific focus on key states, such as Oregon, Washington, Montana, Vermont and Hawaii, and cities and large counties in other states (California, Illinois, Pennsylvania, New Jersey, and others).
Our Vision We envision a network of sustainable state and local publicly owned banks that create affordable credit as an alternative to the current unsustainable, high-risk, centralized private banking system.This network of public banks will provide affordable credit to local communities, which are able to develop their economies and create well-paying jobs and provide the livelihoods needed for working families.
Localization of credit is key to restoring the financial security that our communities and middle class once enjoyed – and to providing communities new tools to address economic, racial, and social inequities.
Do you share this vision? Then join us!
____________________________________________
The American people want to get rid of global corporate dominance and rebuild the domestic economy of small and regional businesses to drive Maryland's economy. Until we receive justice from Wall Street-----that will take a decade or more----we need to provide the safety of public banking. It meets the requirements of focusing on domestic economy-building in that lending would be centralized to just that----local business ownership and home-ownership------JUST WHAT WALL STREET AND YOUR NEO-LIBERAL IS TRYING TO KILL!
WALL STREET IS HOLDING THE US ECONOMY HOSTAGE TO STAGNATION AND NO FINANCIAL INVESTMENT THAT IS NOT EXPANDING GLOBAL CORPORATE CONTROL AND YOUR POL IS MAKING SURE OF THIS!
Keep in mind public banking can be taken by fraud and corruption as much as private-----look at Spain and Greece to see a public banking system that captured politicians imploded with fraud and corruption.....so, the goals of this group sound good----but if we are not rebuilding public justice and equal protection-----it will be used against us as well.
IF A GROUP IS NOT SHOUTING THAT RULE OF LAW IS SUSPENDED AND NEEDS TO BE REBUILT WHILE OFFERING THESE PUBLIC SOLUTIONS---THEY ARE WORKING AGAINST THE PUBLIC INTEREST.
Vision
We envision a network of sustainable state and local publicly owned banks that create affordable credit as an alternative to the current unsustainable, high-risk, centralized private banking system and that provide affordable credit to local communities, which are able to then develop their economies and create well-paying jobs and provide the livelihoods needed for working families. Localization of credit is key to restoring the financial security that our communities and middle class once enjoyed – and to providing communities new tools to address economic, racial, and social inequities.
Pledge We support public banking as a solution to provide affordable credit to individuals, municipalities, students and businesses and pledge to advocate for and promote public banking whenever possible.
General Plan We have been building on the research, education and grassroots organizing fom the last 20 months. Our path for the Public Banking Coalition is to take what we have learned and create a model of public banking at every level of public governance.
Build the coalition- This movement needs political power. Political power will come from organizations, workers, students, businesses, and influential individuals organizing and talking to decision makers from a position of strength.
- Core staff is currently traveling the country gaining partners and growing support.
- The Public Banking Coalition needs to establish base agreements and ways and means for reaching and activating membership as well as helping lift voices in local communities.
- Identify target states, counties and cities in which success is most likely and focus our efforts.
- Create a media campaign to reach and educate people that public banking is an attractive and real possibility; media will be intensified in our target areas.
- Over 2.6 million people have viewed one video from our first national conference.
- Conduct feasibility studies demonstrating how public banking can work in specific localities.
- Each of our target areas needs educated and activated leadership to make the right contacts in the right places in local communities, business and government, as well as provide opportunities for the electorate to get involved.
- Publish a legislative guide, training presentations, and handouts to aide local public banking initiatives.
- Hold local public forums that educate and grow public banking efforts.
- Move a legislative body to say yes!
- Create banks through initiatives, going directly to the electorate where possible and advisable.
- Publish research on the legal requirements, structure, and daily operations of existing and proposed public banks and financing systems.
- Hire banking professionals, with accountability to the people through oversight from elected officials and respected parties who are required to conduct business in a transparent and public process.
Roadmap Documents
Roadmap -- Final 060213.doc click to download
Roadmap -- Presentation 060213.doc click to download Objectives The objectives of the national Public Banking Coalition include:
- Position public banking as a compelling and legitimate alternative to the private banking monopoly;
- Fund and publish studies that accelerate the creation of public banks;
- Frame the media narrative so more people understand the possibility and benefits of public banking; and,
- Work through established organizations to organize and educate local and state groups who advocate for and establish a public bank in their respective area.
- Measuring the counter-cyclical impact of the Bank of North Dakota from 2008 - 2010
- Determining the velocity of money in North Dakota and the connection between the new money created by BND and the state's $40B GDP
- Projecting the impact (on those who are unbanked or underbanked) of a US Postal Savings Bank in a sampling of states
- Developing the technical specs for a dual-currency (USD and local currency) payment system on a mobile platform
- Identifying the conversion rate, and its baseline valuation, for public bank-issued currency
- Projecting the economic impact on locally generated food and energy with funding from a public bank in targeted states and counties
- Researching and writing the case study of the extent to which the Sparkassen banks funded the upsurge in local energy production in Germany
PA Project- PBI Letter to PHL Council 04.2513 (1).pdf click to download Use this letter as a template for your county supervisors!
Petition Sign a petition to all State and County Public Finance Officeholders
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This article gives a good overview of private banking's takeover of all finance in Canada----one of the most progressive nations in the world. It was done in Canada just as it happened in the US and Europe---global corporate pols took over political parties pretending to be people's candidates when they were not. Blair in the UK pretended to be Labor Party---Clinton in the US pretended to be progressive democrat----and in Spain and Greece even the Socialist Party was taken by neo-liberal posers. This was a huge political takeover orchestrated by Wall Street.
As you see below, Canada has the mechanism we need in the US---the public bank---to take back control of economic functions from private banking. EASY PEASY.
IT IS NOT SOCIALISM ----IT IS EQUAL PROTECTION FOR THE PUBLIC.
Oh Canada! Time to Bring Back Your Public Banking System
.April 27th, 2012
- See more at: http://www.helladelicious.com
In December 2011, this charge was echoed in a lawsuit filed in Canadian federal court by two Canadians and a Canadian economic think tank. Constitutional lawyer Rocco Galati filed an action on behalf of William Krehm, Ann Emmett, and COMER (the Committee for Monetary and Economic Reform) to restore the use of the Bank of Canada to its original purpose, including making interest free loans to municipal, provincial and federal governments for “human capital” expenditures (education, health, and other social services) and for infrastructure. The plaintiffs state that since 1974, the Bank of Canada and Canada’s monetary and financial policy have been dictated by private foreign banks and financial interests led by the BIS, the Financial Stability Forum (FSF) and the International Monetary Fund (IMF), bypassing the sovereign rule of Canada through its Parliament.
Today this silent coup has been so well obscured that governments and gamers alike are convinced that the only alternatives for addressing the debt crisis are to raise taxes, slash services, or sell off public assets. We have forgotten that there is another option: cut the debt by borrowing from the government’s own bank, which returns its profits to public coffers. Cutting out interest has been shown to reduce the average cost of public projects by about 40%.
Game over: we win.
Ellen Brown is an attorney, president of the Public Banking Institute, and author of 11 books. Her websites are http://WebofDebt.com, http://EllenBrown.com, and http://PublicBankingInstitute.org. In her latest book, “Web of Debt: The Shocking Truth About Our Money System and How We Can Break Free,” she shows how the power to create money has been usurped from the people and how we can get it back.
- See more at: http://www.helladelicious.com/diy/2012/04/oh-canada-time-to-bring-back-your-public-banking-system/#sthash.D3Cmz7En.dpuf
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So, how does Wall Street stop the current calls for public banking and get hold of the next public agency it wants to implode? Post Office banking! Just look at the neo-liberals flying to this policy. Remember, the Post Office is not in financial trouble----it is simply having all of its revenue-making operations privatized and there is that hundreds of billions in pension pre-payment.
THE POST OFFICE IS FINE ON ITS OWN AND DOES NOT NEED BANKING TO HELP IT!
Think about this----neo-liberals and neo-cons started this public private partnership policy with the Federal Housing Agency by creating Fannie and Freddie. FANNIE AND FREDDIE IMPLODED THE FHA WITH FRAUD AND CORRUPTION. Then neo-liberals and neo-cons created Sallie Mae privatizing Federal Student Loans and imploded that with fraud and corruption. Now, neo-liberals are working to end these two Federal agencies that were working fine before these partnerships and helped low-income people for decades with strong quality service.
TAKE A WELL-WORKING OPERATION AND BLOW IT UP WITH FRAUD AND CORRUPTION---THE BAINS CAPITAL APPROACH TO KILLING A FEDERAL AGENCY!
Neo-liberals and republicans have worked for decades to dismantle the Post Office. It was not only the republicans--neo-liberals as well. With a super-majority of democrats in 2009 why did they not take 10 minutes to end pension pre-funding that is killing the Post Office? It was on their radar and they didn't because they intend to end this service. No, what neo-liberals and republicans do is place the Post Office in the business that is filled with fraud and corruption AND IT WILL IMPLODE THE POST OFFICE. We have a credit union system that was built to do just what neo-liberals aer now calling for the Post Office to do and these credit unions are now operating just like WALL STREET BANKS. If you notice it is again the low-income used as an excuse to take this great public agency into harms way----Freddie was created to give low-income people more opportunities to own homes.....Sallie Mae was created to give low-income people more opportunity at student loans and in both cases low-income people and taxpayers were fleeced in fraud.
DON'T ALLOW NEO-LIBERALS TO STEAL THIS ISSUE. WE NEED A PUBLIC BANKING SYSTEM AND IT NEEDS TO STAND ALONE.
Democrats say struggling post office branches could dabble in banking
By Bernie Becker - 02/05/14 06:00 AM EST The Hill Blog
Congressional Democrats are coalescing behind the idea of allowing local post offices to fill gaps in the banking business.
They say the move would be a victory for both the cash-strapped U.S. Postal Service and for low-income communities that are often underserved by the major banks.
The idea gained steam after the Postal Service’s inspector general said in a report last week that the USPS could likely add billions of dollars a year to its coffers by offering prepaid cards or loans to the 68 millions adults who currently get little or no services from banks.If the Postal Service partnered with banks to offer more services, those customers would then have an alternative to the often hefty fees charged by payday lenders and other banking alternatives, the inspector general said.
Rep. Elijah Cummings (Md.), the top Democrat on the House Oversight Committee, had released legislation to give the USPS more authority to open new revenue streams like check cashing even before the inspector general’s recommendations.
In recent days, Sen. Elizabeth Warren (D-Mass.), the populist champion embraced by progressive groups, endorsed the idea in a Huffington Post op-ed.
“There’s a lot of low-income people who no longer have banking access, who need the opportunity to cash a check or do modest kinds of banking,” Sen. Bernie Sanders (I-Vt.), another backer of the idea, told The Hill. “So I think there is an opportunity there.”
But to the banking industry and congressional Republicans, the idea is far from the win-win that Democrats and the inspector general claim.
GOP lawmakers argue that local post offices shouldn’t be given more leeway to compete with private-sector companies because of a host of inherent advantages it would have — including generally being exempt from a host of taxes.
“There are unique things that the Postal Service can offer. But being your local loan shark is not one of them,” said Rep. Jason Chaffetz (R-Utah).
“To try to sell T-shirts, coffee and give you a bridge loan — I don’t think is going to solve the problem the post office has,” Chaffetz added.
Advocates for the banking industry dismiss the idea that they’re afraid of the competition and argue that an agency bleeding cash should hardly be allowed to wade into financial services.
“This is the worst idea since the introduction of the Edsel,” said Camden Fine, the chief executive of the Independent Community Bankers of America.
“They can’t even deliver your mail on time. The track record speaks for itself,” Fine added. “If this was about competition, give me all the sloppy competitors I can get.”
The debate is part of a broader argument among lawmakers and stakeholders about how to best put the agency — which has racked up more than $25 billion in losses over the last three years — on more solid financial footing.
Lawmakers and outside groups have for years sought to craft postal reform proposals that would strike a balance between making cuts to an agency that has seen plunging mail volume in recent years, and giving the USPS access to new revenue streams.
Top Republican lawmakers have generally been more willing to let the Postal Service roll back its Saturday delivery. But liberals and postal unions have pushed back on those and other cost-cutting ideas, and sought to give the agency the opportunity to expand its business portfolio.
The last major postal reform bill, which was enacted in 2006, bars the Postal Service from offering new products that aren’t mail-related in most cases.
But the inspector general report issued last week suggests that the USPS — which already sells money orders — could explore new financial services options within its existing authority.
In all, the Postal Service inspector general says that customers underserved by banks spent about $89 billion on interest and fees on alternative services in 2012, or roughly $2,400 per underserved household. The USPS could bring in close to $9 billion — far more than its 2013 losses of $5 billion — if it got just a tenth of the interest and fees now going elsewhere.
The options raised by the inspector general include partnering with banks to offer prepaid cards that consumers could use to pay bills or take out cash, and to offer products that encourage consumers in low-income areas to boost their savings.
Customers with the prepaid postal cards could also have access to smaller loans, instead of having to seek out a payday lender.
The inspector general argued that the Postal Service is well suited for banking, given that it has more than 35,000 locations around the country.
At the same time, roughly 2,300 banks closed in 2012, the inspector general noted — with the vast majority of closures since the fiscal crisis coming in areas below the median household income level.
Rep. Stephen Lynch (D-Mass.), a senior member of the House Oversight Committee, said he sympathized with the concerns voiced by banks and the GOP.
“I understand the skepticism. I share it,” Lynch said. “But I think there might be a way to address the needs of some of those under banked communities.”
Leading postal reform proposals also weigh in on the idea.
A House GOP measure, crafted by Oversight Committee Chairman Darrell Issa (R-Calif.), would require that Congress approve any new non-postal products offered by the USPS.
On the other side of the Capitol, a bipartisan Senate measure, to be considered by the Homeland Security panel this week, would give the USPS wide latitude to explore non-postal offerings.
But the bill from Sens. Tom Carper (D-Del.) and Tom Coburn (R-Okla.) would also allow the agency’s regulator to weigh in on whether the USPS has the authority to offer certain products.
Either way, banking officials said they will continue their efforts to limit the Postal Service’s work on financial services.
Advocates for the industry say there are plenty of banking options for customers in low-income areas, and that there’s no guarantee the sorts of services the Postal Service might offer would be profitable.
Plus, Richard Hunt of the Consumer Bankers Association noted that federal regulators had effectively forced some banks to not offer a sort of advance loan that he said could be similar to what the Postal Service offers. Consumer groups have slammed that advance loan, which would be tied to a customer’s paycheck.
“We’re not monolithic. We have 7,000 competitors, and credit unions,” Hunt told The Hill. “There’s nobody in the Postal Service right now that’s experienced in the banking sector.”
Democrats say struggling post office branches could dabble in banking
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Thursday, May 30, 2013
Cameron hands UK Post Office to Goldman Sachs
Britain Plans I.P.O. for Postal Service LONDON –
Britain is preparing to privatize Royal Mail, the country’s postal service, whose origins date to 1516 and the carrying of post for Henry VIII and the Tudor court.
The government said on Wednesday that it had appointed Goldman Sachs and UBS as the lead banks to manage a planned initial public offering on the London Stock Exchange later this year. Barclays and Bank of America Merrill Lynch will also work on the sale. The planned offering could value Royal Mail at about £3 billion ($4.5 billion), according to some analysts.
The government has been considering a sale of Royal Mail for years, but plans became more concrete over the last year when the company’s finances started to improve. Pressure is also growing on the government to find additional savings to reduce the budget deficit. Like other postal services, Royal Mail was hurt as more people swapped handwritten letters for e-mail. But earnings have improved recently, and the company reported that profit more than doubled for the year ended March 31 as more people shopped online and received their purchases by post.
The sale of the service, which was opened to the public by Charles I in 1635, would be the biggest privatization in Britain since the railroads in the 1990s. Royal Mail is one of Britain’s largest employers, and the government plans to set aside about 10 percent of Royal Mail’s shares to be held by its workers.
http://dealbook.nytimes.com/2013/05/29/britain-plans-i-p-o-for-postal-service/
Comment by Road Hog -
I blogged about this a few years ago.
This is where neo-liberals in Congress are going with this Post Office as bank policy. Believe me, republicans have been trying to do this for decades so they are not against it----it is a Wall Street policy. The UK Postal System---one of the oldest in the WEST has been completely captured into a global corporate structure.
Post Office announces plans to launch current account Customers want 'simplicity, transparency and good value for money', says Post Office director of financial services
- Hilary Osborne
- The Guardian, Wednesday 10 April 2013
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Nick Kennett, director of financial services at Post Office, said that research into the current account market had suggested customers primarily want "simplicity, transparency and good value for money".
He added: "With over 11,500 branches, which is more than all the UK banks combined, we can provide this through the most convenient and accessible retail network in the UK."
Post Office already offers a range of financial services including savings, credit cards and travel money, and recently introduced in-branch mortgage advice for consumers. Kennett said that the launch of a current account was part of the "significant transformation" of the brand.
The account will initially be launched in a small number of branches, before a wider-roll out next year.
Kevin Mountford, head of banking at comparison website MoneySupermarket, said the launch was "big news" for consumers. "The fact that the Post Office is a popular trusted brand, already has a large savings account portfolio, and has over 11,500 branches throughout the country means it can be a serious challenger in the current account market," he said.
Michael Ossei, personal finance expert at uSwitch.com, said the banks should see Post Office as "a serious threat", with those in rural areas especially likely to be attracted by its branch network.
However, Andrew Hagger, director of Moneycomms.co.uk, cautioned that more detail is needed, pointing out that the excitement surrounding Marks & Spencer's entrance to the market last year quickly subsided when it emerged the accounts had fees of up to £20 a month.
This is not the first foray into current account banking by Post Office, which was the home of the state-owned Girobank for two decades until its sale to Alliance & Leicester building society in 1990. At that point, it was the sixth-largest provider of current accounts in the UK. It comes at a time when competition in the market is heating up, with Tesco and Virgin Money known to be working on their own launches, and existing providers enhancing their deals to attract consumers.
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