Public Banking Can Replace The Federal Reserve! [FFON 227]

So if a Centralized Private & Corporate Bank like the Federal Reserve isn’t going to work because of its war crimes, laundering cash for fascists and ensuring the working class stays indentured and impoverished, what is a better solution to the problem? Some might say it’s best to get rid the idea of money, and go towards a logical, resource based economy, like architect Jaques Fresco suggested in the 70s, but I think we’re not quite there yet. When we can cancel the game Monopoly, maybe we’ll be ready to talk about Resource Based Economies. 

By the way, I’m not saying a Resource Based Economy would be a bad idea, rather the opposite. I think it’s a fantastic idea and I did a whole video about it like 2 years ago. I’m now allowed to talk anyone at Wells Fargo or Chase bank, but I count that as a win. But it’s going to time to get to at Resource Based Economy and we should work on putting the steps in place to get out of the profit-driven death cult that is Capitalism, where we pay dues to meet our demise! 

So a more immediate solution to the problem of the Federal Reserve is Public Banking. A Public Bank is exactly what it sounds like, it’s a state, city or county run banking system that uses loans to funds more community based banks or credit unions at lower interest rates and uses that interest to fund public projects and utilities for everyone to benefit from. Currently the system in place puts more money into Wall Street which is basically a way for rich people to put a point system to their Godhood. It’s like D&D but only with calculators instead dice and mages.  

A Public Bank makes banking a utility so it’s accountable to the people that use that bank. The community of people are the shareholders not some James Bond villain in an ivory tower! Look we are accountable to pay the banks back for the loans we take, so why aren’t they accountable when they fuck up and … well I don’t know Crash the entire economic system and create genocidal world wars to profit from?! 

And we do a pretty prominent Public Bank in place in the socialist paradise of Bismark, North Dakota. The Bank of North Dakota is a public, state owned bank that was created by farmers in 1919 and was able to whether the 2008 financial collapse. These farmers were tired of having banks in cities like Minneapolis and New York control who gets loans and how much they get. So, they decided to pool their resources and create a state-run Bank that is more about cooperation and community than about competition and corruption. 

With that in mind, the Public Bank of Los Angeles movement is picking up steam. Despite their loss in 2019, they took the momentum of their movement and won on a state level to legitimize a Public Bank in California! Public Banks do what the Federal Reserve claims it does and ACTUALLY provide stability for their state, city or county by reinvesting taxes and interests into the state itself. 

A major thing that Public Banks would help with is the underbanked and the unbanked in our communities. 30% of the citizens of Los Angeles don’t have access to bank account and fall victim to predatory lending practices like payday lenders, check cashiers who take a portion of their wages. Plus we’d lift the burden on mattress companies to make products that can also hide cash and focus on making products that just help us sleep at night. And we’d all be sleeping way better knowing our communities are being taken care of and most vulnerable in our societies are not being preyed on Capitalistic Vultures! That alone will extend millennial life spans by at least 15%! 

Public Banking wouldn’t be something that could go National, but each state, city, or county would determine what kind of needs a Public Bank would serve in their community. This way the banking system isn’t centralized but the currency can be. And if the value of that currency is backed by the needs of people it makes it far stronger than saying it’s backed the Hocus Pocus power of Nazi Buddies like JD Rockerfeller! 

Dr. Martin Luther King Jr. is quoted to say “When Machines and computers, profit motives and property rights are considered more important than people, the Giant triplets of racism, materialism and militarism are in capable of being conquered.” The Federal Reserve funds the military, pushes the people to purchase things we don’t need for the sake of more debt and supported the OG Fascism! They’re the giant triplets rolled into one! Divesting from Wall St. and the Fed shows the powers that be that we want to put the power back in our hands. Wealth backed by the people is far more valuable than wealth backed by vapid, greedy old men playing God.