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Why Public Banks Outperform Private Banks: Unfair Competition or a Better Mousetrap?

by Ellen Brown – Previously published (10 Feb 2015) on The Web of Debt Blog, Global Research. See also: A Public Bank Option for Scotland (7 Sep 2014).

Public banks in North Dakota, Germany and Switzerland have been shown to outperform their private counterparts. International private competitors have responded by pushing for regulations limiting the advantages of the public banking model, but public banking advocates are pushing back.

In November 2014, the Wall Street Journal reported that the Bank of North Dakota (BND), the nation's only state-owned bank, "is more profitable than Goldman Sachs Group Inc., has a better credit rating than J.P. Morgan Chase & Co. and hasn't seen profit growth drop since 2003." The article credited the shale oil boom; but as discussed earlier here, North Dakota was already reporting record profits in the spring of 2009, when every other state was in the red and the oil boom had not yet hit. The later increase in state deposits cannot explain the bank's stellar record either.

California Dreamin': Why I am running for State Treasurer

Originally published on (Emphasis added.)
Ellen Brown, author of The Web of Debt and one of the world's foremost advocates of public banking, is standing for Treasurer in the forthcoming California state elections. She plans to use the office of Treasurer to reproduce the success that the state of North Dokota, with its public banking system, had in avoiding the 2008 recession in California.

Governor Jerry Brown and his staff are exchanging high-fives over balancing California's budget, but the people on whose backs it was balanced are not rejoicing. The state's high-wire act has been called "the ultimate in austerity budgets."

Public Banking in Costa Rica: A Remarkable Little-known Model

In Costa Rica, publicly-owned banks have been available for so long and work so well that people take for granted that any country that knows how to run an economy has a public banking option. Costa Ricans are amazed to hear there is only one public depository bank in the United States (the Bank of North Dakota), and few people have private access to it.

Don't miss this Video: How Iceland saved its economy from ruinous dictates of the International Monetary Fund

(This article originally published 27 Sep 2013. See also: 'Iceland proved there is a way of dealing with financial crisis in isolated country' of 27 Apr (includes embedded broadcast) and Iceland President accuses England, Holland of financial bullying of 1 Feb 2010 on YouTube.) As Iceland’s banking system went into meltdown at the start of the global financial crisis, it came under enormous pressure from the rest of Europe to accept crippling austerity measures that would have burdened its people for generations to come. And yet the tiny island nation stood up to the European Goliath, defiantly opting for democracy even as it stood on the brink of bankruptcy. What can Iceland teach the world about the power of the people and the rule of law? To discuss these issues, Oksana Boyko, powerful Worlds Apart journalist, is joined by the President of Iceland, Olafur Grimsson. The video inside includes a hilariously black piece of humour in footage of Milton Friedman telling a much younger Olafur Grimsson that his values could only lead to tyranny. Olafur Grimsson argues in retrospect that Friedman led the tyranny of the market which is currently impoverishing the states that do not stand up to the international bankers.

Public Banking for Wales, Ireland and Scotland: Promise and Possibilities

This article, by Dr. Ian Jenkins, was re-published on by Ellen Brown on 11 Sep 2013.

Dr. Ian Jenkins of Arian Cymru (Money Wales) has written two excellent articles on why Wales should have its own bank and how that might be accomplished. The shorter article is reprinted below, and the longer, more technical article is linked here.

Dr. Jenkins is hosting an event in Cardiff on September 26th titled "Banking and Economic Regeneration Wales," at which Marc Armstrong, executive director of the Public Banking Institute, will be speaking, along with Ann Pettifor of the New Economics Foundation and several Welsh leaders. As Dr. Jensen states:

This is in an issue on which Wales could provide leadership on an EU-wide level, a matter in which a small nation could make a big difference.

That is also true for Ireland and Scotland, where interest in public banking is growing. I will be speaking on that subject at a series of seminars in Ireland on October 12th-15th (details here), and I spoke late last year in Scotland on the same subject (see my earlier article here).

Hot off the press: The Public Bank Solution

Many who rightly oppose of the ongoing theft of humanity's wealth by the global elites, foremost amongst them, the private bankers, are apparently unaware of just how fragile is the power of the private bankers. As Ellen Brown has shown in the The Web of Debt of 2007 (see web-site), any sovereign government, with the will to do so, could easily safeguard its national economy against the financial economic ravages that much of the world has endured for several centuries. Ellen Brown's The Public Bank Solution, only just released, shows how no sovereign country need ever suffer an economic recession. Order here. Kindle edition also available.
Also available from Amazon: Demography, Territory & Law: The Rules of animal and human populations in print or on Kindle, The Final Energy Crisis, 2nd Edition in print by Sheila Newman.

See also: The Crime of Alleviating Poverty: A Local Community Currency Battles the Central Bank of Kenya of 26 June 2013 by Ellen Brown, Depositors Beware: Bail-In Is Now Official EU Policy of 5 July 2013 also by Ellen Brown.

8.7 million Italians vote for bank nationalisation

Quantitative Easing for the People: Default on the Public Debt, Nationalize the Banks, and a Dividend for Citizens

It turns out comedian Beppe Grillo does have a plan for Italy... and though some is silly, there's lots to like.

by Ellen Brown, 7 March 2013, republished from Common Dreams.

Public meeting at Melbourne Unitarian Church on Wednesday 6 March for Peace in Syria

As a result of the wars and sanctions against Iraq since 1990, found by the UK Government's own Chilcot Inquiry in 2012 to have been illegal, 3.3 million Iraqis have died and many more have fled, including 1.2 million to Syria, according to Wikipedia. Knowing that the same people who invaded Iraq, Afghanistan and Libya are now arming, supplying and paying the so-called "Free Syrian Army" (FSA), Syrian patriots are fighting hard against the FSA killers -- and winning.

Please attend a public meeting at 7.30PM on Wednesday 6 March for peace in Syria at the Unitarian Church, 110 Grey Street, East Melbourne. (The previously advertised time of 6.30PM was wrong. Our apologies.)

From Scarcity to Abundance: Re-imagining Money, Finance Capital vs. Public Banking - Ellen Brown

In her talk to the New Wall Street meeting of 16 March, Ellen Brown Chairman and President of the Public Banking Institute and author of Web of Debt shows that financial crisis faced by much of the industrialised economies has been caused by their governments having surrendered to private banking corporations the right to create money.

Includes two broadcasts from YouTube also broadcast from Global Research TV as From Scarcity to Abundance: Re-imagining Money on 25 April 2025 and Finance Capital vs. Public Banking of on 22 October 2011. See also: articles by Ellen Brown on Global Research and The Corbett Report.

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