Alliance co-chair David Delk has written a great letter to the editor in support of public banking, looking to the success of the public Bank of North Dakota in making Paycheck Protection Program loans to struggling businesses in that state.
Economic forecasts predict long-term unemployment and business closures as the result of the Covid-19 pandemic. Until there's a widely available and safe vaccine, there will be no hoped-for "V-shaped" recovery. In fact, what we have seen so far is the largest corporations getting bigger and the rich getting richer, as they take over market and services from smaller and locally-owned retailers, restaurants, and service providers.
As financial institutions committed to putting the public good first, public banks would be a key component of a broad economic recovery, if there were more of them! Fortunately there are active campaigns to establish public banks in cities and states across the US. The Massachusetts and Oregon campaigns are Alliance-sponsored projects.
Economic forecasts predict long-term unemployment and business closures as the result of the Covid-19 pandemic. Until there's a widely available and safe vaccine, there will be no hoped-for "V-shaped" recovery. In fact, what we have seen so far is the largest corporations getting bigger and the rich getting richer, as they take over market and services from smaller and locally-owned retailers, restaurants, and service providers.
As financial institutions committed to putting the public good first, public banks would be a key component of a broad economic recovery, if there were more of them! Fortunately there are active campaigns to establish public banks in cities and states across the US. The Massachusetts and Oregon campaigns are Alliance-sponsored projects.
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