Wednesday, April 25, 2012

Discussions Begin in Philadelphia on Public Banking - an End to Wall Street's Monopoly?

The potential for public banks to rescue and revitalize American cities,
towns and states will be discussed at the first national public banking
conference getting underway in Philadelphia, PA on Friday, April 27th.
Municipal, county and state officials from around the country will discuss a
new strategy that would move public moneys currently managed by Wall Street
banks into banks that are publicly owned and operated in the public

Themed "Public Banking in America - Democratizing Money,"
( the conference is being held by the
non-profit, non-partisan Public Banking Institute.   Seventeen states are
currently in legislative discussions about adoption of various forms of the
public banking model.

Legislators, municipal officials, bankers, monetary experts, academics and
activists will review a new program called "Move OUR Money"
( in which moneys collected by municipal, county or
state operations are retained by local public banks built on the model of
the highly successful Bank of North Dakota, which has been immune to the
financial crises of recent years while featuring a significant state budget

"Wall Street banks have taken almost complete control of America's economy
and we've given them the money to do it with tax dollars that could be used
for the public interest through local public banks" says Mike Krauss,
chairman of the Pennsylvania Project (  "Over a
trillion dollars could be available for Main Street if we stop giving Wall
Street our money."

The "Move OUR Money" campaign will get underway at this week's conference
with legislative leaders discussing the options public banks provide
communities.  Public banks are owned by the people rather than private
investors and support community banks by partnering public monies for local
concerns, including lower costs for civic projects and significantly more
credit for local businesses.

The conference's Philadelphia location was inspired by the successful use of
the local "Continental" currency, embraced by the Quakers, which produced a
stable and productive local economy.  It was England's demand that this
currency be eliminated as legal tender that Ben Franklin said was a primary
motivator for the American Revolution.

The Public Banking in America conference will be held at the Friends Center
at 15th and Race Street.  Live streaming of discussions is available at:

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