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Public Banks: Helping Workers By Helping People

Business  (tags: americans, economy, goodnews, interesting, society, usa, activists, finance, investments, money, news )

- 1890 days ago -
Union support for creation of public banks in states, and more importantly in cities and counties all across America will help a lot of Americans back to prosperity, and the unions back to a position of political power, by investing pensions locally.

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Craig Pittman (52)
Saturday January 12, 2013, 11:58 am
Great article and a super concept. Thanks Michael. Credit Units are another good alternative to the current system.

ParsifalAWAY S (99)
Saturday January 12, 2013, 12:38 pm

Banks ? There Are Alternatives And We Must Act

Micahel Dewey (1021)
Saturday January 12, 2013, 12:46 pm
Craig they seem like our best shot out of the mess. Yes Credit Unions also. I believe the concept talked bout here is for Public Banks to fund local Banks such as Credit Unions.

Ellen m (215)
Saturday January 12, 2013, 1:42 pm
I went to the Bank of ND website and started reading of the long journey it has had.
But since they have succesfully set the groundwork for others to follow I think all states would benefit from looking into and giving this model a try.
The fact that they are giving loans to small farmers is also immpressive, and much needed
Just think of all the people that will be able to stay true to their conscience andnot be forced to lease or sell to developers and oil/gas companies, and can instead farm their land to feed their families. Kill 2 birds w/1 stone on that one ;-)
I haven't used a bank in years..hate even walking into one to deposit the rent check..the
feel of oppression and violation is palpable in them..
Thanks so much for sharing this, and to Parsifal for the link

Patrick Donovan (344)
Saturday January 12, 2013, 2:38 pm
It should be noted that "Public Banks" already exist across this country. They are called "Credit Unions" have no shareholders, they belong to the depositors. They have been established by unions, communities, armed forces services and other community-type groups meeting the eligibility requirements. The National Credit Union Administration is their regulator. The excess of income over expenses goes to the depositors.

Let's not re-invent the wheel. The NCUA Web site is:


Lydia S (155)
Saturday January 12, 2013, 3:35 pm
Thanks , I would like to get away from big banks.

Angelika R (143)
Saturday January 12, 2013, 4:16 pm
Great input from Patrick, thx. (cant star you yet) Perhaps Michael was unaware of this?

Michela M (3964)
Saturday January 12, 2013, 4:27 pm

Evelyn Z (300)
Saturday January 12, 2013, 5:09 pm
Thanks Michael. I have been a member of Credit Unions for the past 30 years (as a member, I know I own a piece of it and would never opt for a "bank account" anywhere)

Silvia W (5)
Saturday January 12, 2013, 5:19 pm
I agree on CUs, have been a member since 1979 and wouldn't change for the world. It is so good to be able to walk in and talk to people who really care about helping you.

Tim C (2420)
Saturday January 12, 2013, 7:26 pm
Thanks Michael.

Michael Carney (218)
Saturday January 12, 2013, 11:22 pm
Noted, thanks Michael...I've switched to a Credit Union, best move I ever made...

Beth S (330)
Saturday January 12, 2013, 11:33 pm
I like this idea a lot. Thanks, Michael. We actually have a loan at a credit union. I'm really glad they're around, and I'm very wary of big banks,

Faye Swan (23)
Sunday January 13, 2013, 1:42 am

Alexandra Rodda (180)
Sunday January 13, 2013, 3:22 am
Yes, very good idea. here in Australia we have credit unions and the Bendigo Bank, which has some of the features of a public bank.

Arild Gone for now (174)
Sunday January 13, 2013, 3:52 am
Looks like the sensible way forward,thanks for sharing Michael.

Micahel Dewey (1021)
Sunday January 13, 2013, 4:45 am
Credit Unions are also part of the way out of the mess. One part of Public Banks I like a lot, is that States can deposit their tax dollars into them, to be lent to Community Banks such as Credit Unions. Don't know all the details of it all. But they do look like a step out of the Fed, which their is no easy way out of their trash-cash. Here in Belgium they have a Bank of the Post which am told is part Public, part Private, which has some potential also.

Past Member (0)
Sunday January 13, 2013, 5:04 am
Shouldn't pensons invest where they will make money?

Micahel Dewey (1021)
Sunday January 13, 2013, 5:13 am
What I liked most about this article were the thoughts of Unions investing locally, for that would help communities as a whole.

Carol H (229)
Sunday January 13, 2013, 5:45 am
sounds very good to me, thanks Michaek

P A (117)
Sunday January 13, 2013, 6:55 am
A very good idea. Long ago when I still had some money in a Building Society here, the Nationwide, there was a vote among its account holders to see if they should go private - thus potentially giving us thousands of pounds just as that the Halifax and privatisations had done. I voted NO - and so did most of the other members/account holders. Twice in fact - even though I really could have done with that money - but it was a matter of principle. I think that the Nationwide is still a real Building Society, responsible to its members, as they used to be.

I thoroughly approve of this idea!

Patricia Cannell (852)
Sunday January 13, 2013, 7:15 am
Noted. Thanks Michael!

Theodore Shayne (56)
Sunday January 13, 2013, 9:31 am
How about re-instituting Glass-Steagall?

Angelika R (143)
Sunday January 13, 2013, 12:42 pm
Michael- what you mention there about Postbank is likely the same we have here in Germany and that is where I have my accounts. But beware, with the latest bank crash our Postbank, too is now said to be swallowed by one of the big privat ones.

Jane H (139)
Sunday January 13, 2013, 2:42 pm
wow---Thank you, Micheal---this is IT!!! Important that there already is a successful bank like this in ND!

Ellen m (215)
Sunday January 13, 2013, 3:19 pm
I agree Patrick, but the government isn't on board with using them in the sense (for example) in WA. State your EBT CARD IS TIED TO A CHASE ACCOUNT!
SO if those w/o bank accounts want to use it for transactions, have their money direct deposited etc., they are dealing with a monstor - and I think the number of people diing so w/o knowing this or about the ramifications is enormous...

And I feel they're being held hostage

Edwin M (346)
Sunday January 13, 2013, 5:16 pm
Great article thanks Michael, I too am a member of a credit union

. (0)
Monday January 14, 2013, 11:08 am
Thanks Michael and Patrick for hitting the nail right on the head

Sheryl G (363)
Monday January 14, 2013, 2:09 pm
Within the article:

But Americans are awakening to the threat, and there is a growing movement to challenge and break the greatest and most lawless concentration of wealth and power: the "too-big-to-fail" and "too-big-to-jail" private banking cartel of Wall Street and the Federal Reserve.

I hope so I truly hope so.

Thank you Michael for keeping this information out there. This is one way and also we need the Glass-Steagall back. I think this allows for more options, those who want to go to the private banks or otherwise, but for the best of all of us, we need Glass-Steagall back.

There was a movement awhile back to have people move their monies to Credit Unions and it stopped the fees for each withdrawal made on the debit cards. I think those Banksters saw we could move as a unit when we chose to now I hope more understand what they need to do. Don't back down because they throw a few crumbs, keep going.

Past Member (0)
Monday January 14, 2013, 4:36 pm
Noted. Thanks.

Micahel Dewey (1021)
Tuesday January 15, 2013, 6:37 am
Glass Steagall surely has its place. But talking hypothetically now: Had not the Fed ever been set up, would the people even need it and Social Security and scraps that keep people calmed down? My passion for Public Banks look like a good part of how the people can attack from the bottom up, those ripping us off.

Lois Jordan (63)
Wednesday January 16, 2013, 6:17 pm
Noted. Thanks, Michael, good article. Maybe with Elizabeth Warren in the Senate now, there will be a push to reinstate Glass-Steagall. Public banks are "the thing of the future," that states should be hopping onboard now. I dumped the big banksters last year during Occupy and opened an acct. at the local credit union...all my kids did, too. It was a bit difficult because of automatic deposit, but well worth it!

Yvonne F (181)
Monday January 28, 2013, 9:56 am
Great post!! Thanks Michael and great to see you are back!
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