LRT: #Vermont needs #PublicBanking. #VT has the 52nd largest economy of the 52 total states plus DC and PR, and yet the state budget is still $9.4B USD proposed for FY2027.
$40M to restore a major monument is not a lot of money, in the grand scheme—0.425% of that budget—but we aren't managing our wealth well, because we lack control over it.
Public banking would put us in control of our future, because it would allow us to create the liquidity needed to invest in our infrastructure. #VTpol
' The more banks lend, the higher real estate prices rise, thus encouraging more bank lending. As mortgage debt service rises, more of household income and more of the rental value of real estate are paid to the financial sector. When the imbalance becomes too large, the bubble bursts.
(T)he goal of creditors is to capture the entire economic surplus of a country into payments of debt service. '
#PublicBanking #JustRent #LandValueTax #Economics #MMT
https://www.counterpunch.org/2016/02/03/why-michael-hudson-is-the-worlds-best-economist/
The problem for Americans is that both political parties regard the needs of the American people as a liability and as an obstacle to the profits of the military/security complex, Wall Street and the mega-banks, and Washington’s world hegemony. The government in Washington represents powerful interest groups, not American citizens. This is why the21st century consists of an attack on the constitutional protections of citizens so that citizens can be moved out of the way of the needs of the Empire and its beneficiaries. Hudson learned that economic theory is really a device for ripping off the untermenschen. International trade theory concludes that countries can service huge debts simply by lowering domestic wages in order to pay creditors. This is the policy currently being applied to Greece today, and it has been the basis of the IMF’s structural adjustment or austerity programs imposed on debtor countries, essentially a form of looting that turns over national resources to foreign lenders.
Publicly owned #banking is key to breaking the back of #neoliberalism and #neofeudalism. I'm going to keep saying this until people start to understand it. Lending is a license to literally print #money, and the power to print money belongs in the hands of the trustees of the people, not in the hands of private, for-profit corporations.
I'll just be satisfied that I didn't waste too much life energy trying to persuade a bunch of nincumpoop legislative apparatus that ....
there is no 'democracy' without
#RankedChoiceVoting and #ProportionalRepresentation and
#PublicBanking
It's not like they haven't been told already by voices more authoritative than mine.
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,
Gemma Seymour
whoosh
Gemma Seymour
Muir