Recent conversations I've had regarding #PublicBanking, #ModernMonetaryTheory #MMT, and #LandValueTaxation #LVT in #Vermont #VT have again shown how little knowledge and understanding there is among the electorate of not only these particular concepts, but of how economies actually function.
People approach these subjects with deep skepticism, because they run counterintuitive to received "wisdom".
I often feel like Galileo attempting to prove the fact that the Earth revolves around the Sun.
Taxes categorically do not "pay for" government, at least, not on the level of the government that issues the currency. #ModernMonetaryTheory #MMT demonstrates this ably. The federal government *must* first spend the currency into existence, in order for taxes to be paid.
However, for the state and municipal governments in the US, since they cannot spend more currency into existence, they are forced to tax first, then spend.
#PublicBanking would allow them to get around that limitation.
#Currency is created in two ways in modern economies: by spending it into existence by the central government; and by lending it into existence through fractional #banking.
That gives us power that most people don't even realize we have, because while the law prevents states and cities from printing #money, it does not and cannot prevent them from owning and operating banks that could lend new money into existence.
#PublicBanking is key to reviving #Vermont's economy. #VTpol #VTpoli
RE: https://phpc.social/@Crell/116211306059340696
"It's #JustPlainStupid that we still use this broken plurality system."
Indeed. Please support #ProportionalRepresentation and #PublicBanking
I am cautiously optimistic about Amanda Janoo running for #VTGovernor, but as I've already said, I want to see concrete policy proposals, not vague ideations.
#VTDems need to wake up to the new realities of our nation and the challenges we actually face as a state in it.
#GunControl is a non-starter, so ban it from your vocabulary. We need #LandValueTax and #PublicBanking, first and foremost. We need #urbanism and #redevelopment.
https://www.sevendaysvt.com/news/amanda-janoo-announces-bid-for-vermont-governor/
What chance do local governments have in fighting authoritarian austerity, especially when they are left to rely on feckless legislators at the state and federal levels who refuse to push back? Right now, we see austerity budgets appearing across every institution and major employer in the U.S. If the federal government continues to sabotage municipalities,
But there is a loophole to this, and that loophole is the fact that in our society, much of our currency is not actually created by the government, it's created by fractional banking. It's created by bank lending.
And that's why we need #PublicBanking. Municipally-owned and state-owned banks can lend money into their own economies that is tied to location, to ensure that the wealth they create stays local. This is most obviously done by mortgage and construction lending.
WBAI Panel Why Zohran Mamdani’s Inaugural Speech Matters Nationally
Zohran Mamdani’s speech challenged austerity politics and redefined governance. A WBAI panel explains its national implications.
#affordability #DemocraticSocialism #freePublicTransit #governance #NewYorkCity #PacificaRadio #peoplePoweredDemocracy #ProgressivePolitics #publicBanking #rentFreeze #universalChildcare #WBAI #workingClass #ZohranMamdani https://wp.me/p1OjMZ-oxd
Why the Big Four Banks Profit While Australians Suffer
#BankingReform, #BigFourBanks, #DollarSovereignty, #PublicBanking, #SocialJusticeAustralia
Big Four banks in Australia profit as citizens struggle—learn how dollar sovereignty could shift the balance of power.
https://socialjusticeaustralia.com.au/big-four-banks-in-australia/
The Bank of North Dakota proves that so much of what we accept about modern private banks are unnecessary: systemic risk, excessive fees for things like overdrafts, exorbitant charges for loans and bonds, massive profit extraction. We don't need to accept any of those things.
How the Bank of North Dakota provides public banking, a more profitable, stable, and supportive model than private for-profit capitalist alternatives
Gemma Seymour
whoosh
Gemma Seymour
Muir
Egberto Willies
Denis
Scott Bennett