In the wake of COVID-19, only a mere 5% of the nearly $3 trillion relief package had been allocated to the 50
In the wake of COVID-19, only a mere 5% of the nearly $3 trillion relief package had been allocated to the 50 states by early May. States remain desperately short of funds. The Federal Reserve money helicopter, however, flew directly to Wall Street and hovered. Banks can now borrow money virtually interest-free with no strings attached. States, on the other hand, can only sell bonds to the Fed at much more expensive market rates of 3% – 4% or more, plus penalty fees. What is behind this discrimination? What does it mean for the people? PBI Chair Ellen Brown talks with Cornell Prof. Robert Hockett and Michael Brennan, Democratizing Capital Policy Organizer for the Democracy Policy Network.
(Friday) 1:00 pm - 2:00 pm
Public Banking Institute