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In pandemic spotlight, public banks ponder a greener role
By Thomson Reuters Foundation, Eco-Business – Limping along after a Covid-19 body blow, the global economy needs investment by public development banks more than ever, and shifts in how they do business could set a precedent for a greener, more equitable future. From ending support for fossil fuels to expanding debt relief and protecting the rights of local communities affected by development projects, public bank decisions could spur sustainability.
2019 Census Data Shows Poverty Was On The Decline In Pre-Pandemic New Mexico
By NM Voices for Children, Los Alamos Reporter – Data released Thursday by the U.S. Census Bureau show a significant improvement in the poverty rate in New Mexico between 2018 and 2019. That tracks with an increase in the median income during that timeframe. However, the data show little progress for children younger than 5, and inequities continue to persist along racial and ethnic lines.
To Provide Public Alternative to ‘Predatory’ Wall Street Banks, Sanders and Gillibrand Unveil Postal Banking Act
By Jake Johnson, Common Dreams – With the goal of providing a robust public banking alternative to abusive Wall Street institutions, Sens. Kirsten Gillibrand and Bernie Sanders unveiled legislation Thursday that would make “low-cost basic financial services” available at tens of thousands of U.S. Postal Service locations across the country.
Farming Without Rain
By Leah Cantor, Santa Fe Reporter – The US Department of Agriculture earlier this month reported 29.3% of the state is experiencing extreme drought conditions. Low snowpack, drought, extreme heat, fire and COVID-19 compounded the challenges facing farmers this season and spurred growers to think about how these traditional agricultural communities can adapt to future change.
Why Are Two Community Banks from Across the Country Merging?
By Oscar Perry Abello, Next City – What happens when two otherwise financially healthy community banks from across the country merge, willingly, to form a national bank? The residents of Black communities and other historically disinvested communities in Los Angeles and Washington, D.C. will have their chance to find out, with the announcement of a merger between Broadway Federal Savings Bank in Los Angeles and City First Bank of D.C.
For Small Farms Surviving the Pandemic, Co-ops Are a Lifeline
Lisa Held, Civil Eats – Since the pandemic disrupted agriculture supply chains and changed how most Americans eat, a number of small farms around the country have been working collaboratively. As of yet, there is no formal count of the number of farms banding together to sell their goods, but it’s taking place all over the country—from New Mexico to Massachusetts to North Carolina.
Congressional panel examines environmental justice issues in New Mexico
By Kendra Chamberlain, The NM Political Report – “Low-income communities, especially people of color, are impacted by toxic pollution. Children, the elderly and women—especially women of color—are paying the highest price from pollution as a result of increased work and health problems, and economic devastation.”
Economic Impact of COVID on Millennials
By 20/20 Vision – For the millennial generation the economic scars caused by COVID will last longer and do more material harm than for any other cohort. From distant or delayed classroom learning at tuition rates making education less of a value to a job market crippled by lack of demand, millennials now face badly and uniquely constrained economic fortunes.
Advocates say a Philly public bank could be key to addressing systemic racism
By Darryl C. Murphy, The Philadelphia Tribune – Amid the economic fallout of the COVID-19 pandemic, which has exposed systemic inequities, some say a public bank could be a key asset to Philadelphia’s financial recovery. Advocates also argue Wall Street banks have a history of discriminatory practices that contribute to Philadelphia’s disproportionate poverty rate among Black and Latino residents, and public banks offer the opportunity for divestment.
The U.S. Needs Banking-As-A-Public-Service
By Nik Milanovic, Forbes – The U.S. financial system is not adequately serving all Americans. There are 55 million unbanked and underbanked American adults, per the Federal Reserve, representing 22% of all households. Why isn’t there a national, government-owned consumer bank that offers everyone access to basic services like savings and checking?
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California’s New Public Banking Option Opens Door for Real Community Investment
FAIR / Truthout.org
Economy & Labor
Oct 22, 2019
Janine Jackson interviews Public Bank LA’s Trinity Tran about public banking for the October 11, 2019, episode of “CounterSpin.”
Ellen Brown’s
2019 Book
Today most of our money is created, not by governments, but by banks when they make loans. This book takes the reader step by step through the sausage factory of modern money creation, explores improvements made possible by advances in digital technology, and proposes upgrades that could transform our outmoded nineteenth century system into one that is democratic, sustainable, and serves the needs of the twenty-first century.
“I had the good fortune to work on this initiative before Bernie kidnapped all my time. This is one of those no-brainer initiatives that only the 1% could oppose. It has the potential to save the state millions of dollars by vastly reducing the cost of its bonds to improve infrastructure funding. in a public bank, our state funds can be used to build our local economy and our local infrastructure.”
– Paul Gibson
Retake Our Democracy