PUBLIC BANKING INSTITUTE'S MARC ARMSTRONG ON KZYX -- FRIDAY AT 9 AM
PASS THE WORD!
Public Banking Institute's Marc Armstrong will be our guest on "All About Money" on KZYX, Friday, February 22, at 9 AM. We'll discuss the possibility of starting a county-owned bank -- and funding the new economy -- right here in Mendocino County.
Marc Armstrong made a presentation to the Mendocino County Board of Supervisors last year, and he's coming back sometime in 2013.
Public banking already works in the United States. Public banking was first introduced in America by the Quakers in the original colony of Pennsylvania. Other colonial governments also established publicly-owned banks. The concept was later embraced in 1919 by the State of North Dakota to insure a dependable supply of affordable credit for its farmers, ranchers and businesses. North Dakota is the only state to currently own its own bank. But there's good news...20 states, and even some cities and counties, are now considering some form of public banking legislation.
Marc Armstrong has been kind enough to give us three free tickets to hear Matt Taibbi speak at the Public Banking Institute's National Conference in San Rafael, CA, on June 2-4.
We'll offer the tickets as premiums for Friday's show, which will also be a mini-pledge drive for KZYX. We'll also have other gift premiums.
Here's More About Public Banks
Public Banks are ...
• Viable solutions to the present economic crises in US states.
• Counter-cyclical, meaning they are capable of reducing the negative impact of recessions, because they can make money available for local governments and businesses precisely when private banks decrease lending.
• Potentially available to any-sized government or community
able to meet the requirements for setting up a bank.
• Owned by the people of a state or community.
• Economically sustainable, because they operate transparently according to applicable banking regulations
• Able to offset pressures for tax increases with returned credit income to the community.
• Ready sources of affordable credit for local governments, eliminating the need for large “rainy day” funds.
• Required to promote the public interest, as defined in their
• Constitutional, as ruled by the U.S. Supreme Court
• Operated by politicians; rather, they are run by professional
• Boondoggles for bank executives; rather, their employees are
salaried public servants (paid by the state, with a transparent pay structure) who would likely not earn bonuses, commissions or fees for generating loans.
• Speculative ventures that maximize profits in the short term,
without regard to the long-term interests of the public.