From time-to-time we will post items that we are calling Money and Banking 101. These come from various sources around the world. This is the first in that series. The three videos presented here come from the Public Banking Institute and the Pennsylvania Public Bank Project. This is the last post of three in this series.
The third of these videos shows us an important part of the solution to the problems outlined in the first two videos–the formation of public banks. Our cities are not broke. They are struggling with onerous interest payments to Wall Street bankers who are nothing but middlemen. These interest payments impoverish your communities, while enriching Wall Street. This video shows how municipalities, counties, universities and states can significantly reduce their interest payments by creating their own public bank. This has already been done and proven, and could cut the costs of public projects by at least half.
