6 Replies to “Public Banking”

  1. It is fascinating to contemplate how easily – in principle – society can change literally overnight, and literally with the stroke of a pen. And public banking is one of the easiest things to imagine – I have not seen the book, but I imagine it makes a case for the government to take over the money creation process, which is what lending basically is.

    With this one change, you can eliminate the vast concentrations of private power, eliminate poverty, and still preserve some incentives for those with entrepreneurial inclinations (I’m not one of them).

    Alas, it is all “in principle” – so easy, and so unattainable. I don’t remember the exact quote from C. W. Mills, but somewhere he quipped that the US left is essentially hoping that the oligarchy would succumb to pleading, and will voluntarily give up its privileges. (Of course, uncle Marx had much harsher words)

  2. Leftsters are always peddling these get-rich-long fantasia quackeries – single payer, this “public” banking didgeridoo, no Bombathon in Syria as evidence of the peace movement’s command, direct democracy, Naderite lawsuits, Finland as education’s Valhalla, all either –
    unrealizable except in tiny outposts,
    or – completely left behind decades ago by the marauding corporate mafia.
    Remember, the scoreboard is always in plain view – the Supersystem ahead by a gazillion touchdowns.
    The Occupado movement begged to differ, and in its death is the wake of more Hopey-Changey, extremely suspect “former” Establishment types to power-point the way, via endless lectures and books, to the World that Shall Never Be – “From Austerity to Prosperity” ! No snake-oil in that marketing slogan, eh?

  3. Left behind doesn’t mean lost forever, does it? And the Bank of North Dakota is doing just fine.

    Meanwhile, I don’t know anybody who seriously credits the left in this country for stopping Obummer’s Syria bombing plans. That was Russia, and perhaps the top of the Pentagon.

  4. Well, yes, this game of social betterment is indeed lost forever. Given the thermodynamics of entropy, how could it be otherwise? Complex organisms beget complex social structures which perpetuate the destruction of the conditions that are needed as the natural supply of energy.
    Or something like that. Choose your own scientific metaphor wisely. The leftist ideal of progressive change is certainly not the institutional reality we encounter.
    The action’s ehadingthe other way.
    Bank of North Dakota? – Great, if you are one the five people that live in North Dakota. Citibank? JP Morgan House-Price-Sizzlers? Not so good. Well-armed. Capable of shape-shifting. Interlocked with all the other corrupt mega-institutions.

  5. Martin, you appear to have some wit, intelligence and literary talent. You might turn your talents to writing something like: ‘The Triumph of Rational Capitulation’.

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