green new deal platform: economic bill of rights includes “support the formation of federal, state...
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Green New Deal Platform:Economic Bill of Rights includes
“Support the formation of Federal, state and municipalPublic-owned banks that function as non-profit utilities”
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Chicago Green Mayoral Candidate Amara Enyia testifying last month in the Illinois legislature
”the concept of a public bank is the notion of the bank as a public utility. Its allegiance is to the taxpayers. What that means is we [would] have the money to extend lines of credit to small businesses, extend credit for home loans and repairs on their buildings …. and having the money for infrastructure projects such as streets, sewage systems -- all those sorts of projects at low interest rates.”
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THE PROBLEM
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“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.”
―Thomas Jefferson
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If we reclaim control of issuing our money,
we may yet have the chance to realize democracy.
This Changes Everything:
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So What IS a Public Bank?
Owned by the peopleDedicated to serve public interests
Supports local banks and credit unionsProvides affordable credit
Returns profits to the government
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The Magic of Owning a Bank:Create Your Own Money
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Public Banks can transform the issuance of credit for public needs
Create our own credit Invest in local assets and business
Establish a sustainable cycle for finance
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How It Works
• Taxes and government revenues go into bank• Bank administration maintains operations and
determines investments in mission• Public bank partners with local banks + to
implement programs• Bank is overseen by non-political financial
parties and executives• Bank executives work as public officials
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The Difference: Private vs. Public
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Public Banks Eliminate the Middleman
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What Can the Bank Do?
A public bank’s mission is set by the peopleExamples:
Low-cost student loansLow-cost small business start-up $$Low cost bonding and developmentEnhance lending through local banks
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A Chance to ReclaimOur Common Wealth
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THE PROBLEMin New Jersey
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Private Management of State FundsCOSTS NEW JERSEY
$600,000,000 a year!
in just 9 years, costs have climbed 6,000%!
2005 - $10 Million2007 - $60 Million
2013 - $398 Million2014 - $600.2 Million
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Last Year Alone:
Debt Service INCREASED $300,000,000 (M)
while Employee benefits DECREASED
$300,000,000 (M)
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NJ’s Transportation Trust Fund will be insolvent
as of June 30th
=
Gas-tax increase + + + ?
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New Jersey is $172,000,000,000 (B)
Behind on itsPension obligations
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Local school district funding - CUT Municipality funding – CUT
$500,000,000
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The Homestead property tax relief payment CUT
No Rebates paid in 2014None projected for 2015
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Credit Rating Downgrades
= increased burden
on taxpayers for government borrowing
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Here’s How Our Money Managers Think:Budget Officer David Rosen…..identified more than $1 billion….. where we could cut back. Eliminating the Homestead property-tax relief program, The remainder of school-aid payments, and the rest of the higher-education payments, as well as cutting hospital aid. Plus, he proposes to eliminate the expected $338 million emergency surplus
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……there’s a pattern here:CUTS TO THINGS THAT MATTER TO US
is how we are paying our debt to
Wall Street
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There is A Proven
Alternative
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Create the Credit for
New Jersey’s needsfrom our own
Common Wealth
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What could a Public Bank do for
the state & municipalities ofNew Jersey?
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Fund new transport systems
Help protect pensions
Financial support for education
Stimulate small businesses
Lower public debt and taxes
Generate new NON-tax revenues
Support Green Energy initiatives
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Improve crisis response for disasters like Hurricane Sandy AND funding for recovery
Low cost funding for infrastructure improvements
Stop the bleeding of public services like fire and police
Stop selling off our public assets
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Imagine….
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• New schools being built• Pre-school - after school programs expanded• Community gardens being built• New community centers for seniors and
young people
Imagine…
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• Crime and drug use decline• Property taxes decline• Unemployment declines• Domestic violence and sexual assault down
Imagine…
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How do we get there?
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Re-educate Yourself About Money and Banking
This is the fun part:We’re not broke
We can reclaim control of our wealthWe can make things work
We can design a new future
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Learn About Your Community’s Finances
Is local government in surplus or in crisis?Are there chronic financing issues?
How/where is public money invested?What are returns and costs?
What funding needs are unmet?How do they plan to meet them?
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Get in the Game
Wall Street may control the game now, butall government belongs to the people:
Develop your Needs CaseGather and Verify your Data
Create the Vision
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Build Your Team,and the Franchise
Local / National StakeholdersLocal AdvocatesLocal Champions
Local LeadersNational Colleagues
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Resources
Public Banking Institute.orgEllen Brown’s: Web of Debt &
The Public Bank SolutionPBI Blog / Ellen Brown.com Blog
VideosRadio: It’s Our Money with Ellen Brown
News Articles White Papers
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One More Thing
Money is about relationship and community, the underpinnings of our
Democracy
It’s up to us to reclaim the power to make our communities healthful, stable, and
peaceful
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www.PublicBankingInstitute.org
www.BankingOnNewJersey.org