Hick Planet
magazine
tryna find the grownups table on a hick planet
an unperiodical:
on arts, endeavors, musings, sites, sights, & other senses
Thursday, 2019 November 28th
issue 1
Feeding the People or Feeding off the People
a supplement to
by
the editorial board
The concern is often raised that there is just not enough money to address important issues.
As we have seen, it is possible to create money as needed.
Since we have given this credit-creation (money-creation) power to banks for their profit-seeking goals, it should be just as easy to create loans (new money) to address critical infrastructure needs as we decide they should be addressed.
The questions then are how to do this and who will be making these loans?
There is a movement in the USA to establish public banks (see Public Banking Institute) based on the 50+ years of success for the Bank of North Dakota.
It has been shown through this example that ownership of banks does not need to be private.
Another example of this thinking is the NFL team the Green Bay Packers, which is owned by the city of Green Bay, Wisconsin.
Another is an amusement park in Rye, New York, called Rye Playland that is owned by the town.
If you live in Palo Alto, California, your electricity is provided by a city-owned utility company.
A good news item is that California just passed a law to allow public banks.
Now it will be possible for cities and states to create banks that can create loans (new money) to build or fix infrastructure to enable future economic activity.
Copyright 2019 The Cool Publication Company.