Updated: Mar 23, 2020
Wall Street is not your friend, but you and every politician you know plays Wall Street's game, why? Because of the private banking system on which the corporate republic of the united sates was founded.
Millions of your tax dollars never get used properly because huge portions of that Wall Street pockets in loan fees & interest rates before funding a school, building a road, an airport,etc. What does wall street do with that money? Fund the patriarchy, build a wall, and detention centers, play around with oil prices, but mostly slip the money into the right wing's pocket.
So how does a public bank work to dismantle a system that works against the people if they're not charging insane amounts of interest?
A public bank is owned by the residents of the city. It's required to spend its money on the city as opposed to its shareholders. This means small business loans are given at low interest rates, infrastructure projects have more money to go towards building a sports stadium that will bring revenue to the city in more tax dollars, and essentially back to the public bank., then the people. Projects like green jobs will help combat global warming and allow people to be employed by the government for this agenda with money that would have been put towards the fossil fuel industry if given to Wall Street. When the stock market crashes the local government can be virtually unphased just like North Dakota, the home of the only American Public Bank. North Dakota was basically unphased by the last recession. Housing and gentrification could be solved by eliminating redlining and investing into low income housing.
Residents are on the city council to decide how the banks will spend their money . Small local banks are the front office. If the bank invests in any commercial enterprise it has to be approved by the city council. As far as private donors, there is a limit on how these potential investors like Wall Street shareholders can make deposits.
Recently, Los Angeles was nearly the second place in America in the 2018 election to almost vote for the second public bank in America polling at 48%. Click the video below to see what the city of Los Angeles had to say about what they could do to stop corporations from taking over California. Happy Beauty Rest!