The Seeds Of Democratic Economics Are Sprouting In Public Banking. Wall Street Is Finished. Forever.

We have hammered incessantly on Wall Street over the life of this blog.  They are nothing more than a cabal of crooks.  They insert themselves into the supply chain of every business they meddle in to take their cut just like an organized crime syndicate.   Essentially, that is all they are.  A protected racket of thugs just like OPEC.  They produce nothing of value to society but instead prey on creativity of companies, individuals, municipalities, retirement funds and poverty-stricken people around the world.  If you value democracy, human dignity and human development as virtues our democracy should embrace, Wall Street truly is the greatest evil we have ever faced as a free nation.  It plays a primary role in the war state, racism, high unemployment, poverty, concentration of wealth, obesity, the proliferation of gangs, rampant drug use and on and on.  Anyone who has studied history knows that many of these were hallmarks of English society during its reign of terror around the world known as the English empire.   A reign of terror backed by gold and silver based monetary systems.  And if you truly understand monetary economics, and most self-professed experts and nearly every economist are truly clueless, then you understand what I just wrote.   At some point in the future, I hope to blow your mind about how our economy and our monetary system would be different with democratic banking.   In other words,  if you can dream what the world should look like,  it is more than likely possible. 

I don’t want to get ahead of myself because I have a roadmap of posts scribbled out over time but as we have mentioned countless times, private for-profit banking is a relic of history’s tyranny.  Private for-profit banking and private money can never serve the interests of democracy.  Ever.  There are literally no examples of it doing so throughout all of human history.  I don’t care if it is backed by gold, diamonds or unobtanium.   On that note, gold is a tool of the rich, elites and the state used throughout history to deny people their basic economic rights and freedoms.  Those seeking a return to a gold standard are playing into the hands of the status quo.   They will eventually be exposed as playing the role of useful idiot for the monied elites and the corrupt interests of our society.   I wouldn’t be surprised to see a return to gold money proposed by the status quo at some point. 

We have written for the last five years that Wall Street serves no purpose to our society.  And, that it could very well turn out that advances in technology and finance make them obsolete.  For some time we have actually ramped up the rhetoric that I believe Wall Street is finished.  Forever.   When you cheat, steal and defraud local communities, states, retirement funds, corporations, our citizens and our government, there is consequence.   When you create economic misery, hunger and even death, there is consequence.  Then when you then cut off access to society’s capital or even steal it from local communities and states, there is consequence.   One of those consequences will be to re-introduce local capital and money into local communities and states.  One example of this is public banking.  (Amusingly, another is Groupon and similar services.  Groupon creates money that can only be used in the local economy.)  We can point to history for examples of this dynamic.  And we can point to Newton’s Third Law - for every action, there is an equal but opposite reaction.  The cat is too far out of the bag.  Wall Street is never going to put the cat back in the bag.   I don’t expect Wall Street to even exist within the next decade.   And how glorious that will be for democracy and human development!

The cited links below aren’t my ideas of what a public banking system would look like but I would be wildly happy were these excellent starting points approved.  They represent quantum leaps forward in democracy, democratization of capital and self-rule (localization).   And, we are likely to see solutions morph over time as society becomes more aware of what is possible with democratic banking.  In other words, these are very substantial moves in the right direction and one shouldn’t let perfection become the enemy of the good. 

Open your mind to the lies of the status quo and the corruption, fraud, poverty, misery and unemployment that results as a consequence.   You REALLY should to listen to and read these!  Spread the word of democracy and let’s get rid of Wall Street for good.

Barbara Dudley on Oregon’s effort to create a state bank. (MP3 audio)

Letter to California Governor - how to solve your employment blues.

Ellen Brown – California Legislature Passes Bill to Study State-Owned Bank