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Create a Public Bank by Renationalizing Ally Financial – People's Policy Project
To me, it seems like the easiest way to get a public retail bank going would be to renationalize Ally Bank and then build from that base. Ally Bank is not a particularly big bank (compared to the Big Four) and currently has a market capitalization of $11.88 billion. Issuing treasury bonds to buy out the bank would not be that difficult and the dividends from the bank would provide a source of funding to pay off those bonds.
banks  finance  crisis  socialism  government 
3 days ago by max_read
Permanently Nationalize the Banks During the Next Crisis – People's Policy Project
The United States has sought to avoid being an active shareholder, instead using complicated mechanisms to ensure that even companies in which it holds a majority ownership stake are not run as public services. The government placed its AIG shares in an irrevocable trust administered by three trustees recruited from the private sector, and provided the trustees with complete power to vote and dispose of its shares. In Citigroup, the government agreed to vote its shares in proportion to all other votes cast except in certain designated matters, notably the election or removal of directors. It never exercised that right, despite various scandals.

The approach was criticised by centre-right Swedish politician Bo Lundgren who argued “for me, that is a problem. If you go in with capital, you should have full voting rights.” Hanna argues that “by going to such extreme lengths to avoid any straightforward nationalization, the U.S. government response… became unnecessarily complicated, devoid of transparency, and replete with backroom deals and perverse incentives”.
banks  finance  nationalization  crisis  gfc 
3 days ago by max_read
Bank Workers Rising
The American Prospect, 7/17/2018
banks  organizing  CWA  news  WellsFargo 
5 days ago by jwjnational
France: billets et pièces en euros toujours très demandés en 2017 (Banque de France) - Boursorama
Cette progression représente la demande en monnaie fiduciaire (pièces et billets) adressée à la Banque de France, non seulement par les résidents français mais également par des non-résidents (touristes, par exemple), explique la BdF.
france  fr  money  banks 
5 days ago by pankkake
The Fed Doesn’t Work For You
Testifying before Congress in 1997, Greenspan attributed the “extraordinary’” and “exceptional” performance of the nineties economy to “a heightened sense of job insecurity” among workers “and, as a consequence, subdued wages.”
economics  banks  labor 
11 days ago by mookieproof
Democracy at Work
"Democracy at Work is a non-profit 501(c)3 that advocates for worker cooperatives and democratic workplaces as a key path to a stronger, democratic economic system. Based on the book Democracy at Work: A Cure for Capitalism by Richard D. Wolff, we envision a future where workers at every level of their offices, stores, and factories have equal voices in the direction of their enterprise and its impact within their community and society at large."
economics  justice  richardwolff  capitalism  democracy  woorkercooperatives  labor  horizontality  politics  socialism  work  society  banks  banking  creditunions  finance 
15 days ago by robertogreco
Designed in China, Assembled in California - iA
As China is learning from the West, we are slowly becoming Chinese. Here are 16 ideas we should hold onto.
China’s Xi Jinping is in a good mood. He just got approved to be president for life. His country is doing better than ever:

…this is ‘the best period of development since modern times, while the world is undergoing the most profound and unprecedented changes in a century’…Xi refers to the current period as a period of unprecedented strategic opportunity for China…1

China has already outperformed the rest of the world. They sport the highest GDP, and their economy keeps growing. They own the four biggest banks in the world.2
oliver  reichenstein  ia  essay  opinion  piece  economy  china  usa  american  world  gdp  tyranny  freedom  liberty  surveillance  mass  communism  capitalism  banks 
18 days ago by 44sunsets
After the Fall
The immediate economic consequence was the bailout of the banks. I’m not sure if it’s philosophically possible for an action to be both necessary and a disaster, but that in essence is what the bailouts were. They were necessary, I thought at the time and still think, because this really was a moment of existential crisis for the financial system, and we don’t know what the consequences would have been for our societies if everything had imploded. But they turned into a disaster we are still living through.

Just as grim, life expectancy has stagnated too, which is all the more shocking because it is entirely unexpected. According to the Continuous Mortality Investigation, life expectancy for a 45-year-old man has declined from an anticipated 43 years of extra life to 42, for a 45-year-old woman from 45.1 more years to 44. There’s a decline for pensioners too. We had gained ten years of extra life since 1960, and we’ve just given one year back. These data are new and are not fully understood yet, but it seems pretty clear that the decline is linked to austerity, perhaps not so much to the squeeze on NHS spending – though the longest spending squeeze, adjusted for inflation and demographics, since the foundation of the NHS has obviously had some effect – but to the impacts of austerity on social services, which in the case of such services as Meals on Wheels and house visits function as an early warning system for illness among the elderly. As a result, mortality rates are up, an increase that began in 2011 after decades in which they had fallen under both parties, and it’s this that is causing the decline in life expectancy.

Anyone time-travelling back to the early 1970s would have great difficulty explaining why the richest and most powerful country in the history of the world had four and a half decades without pandemic, countrywide disaster or world war, accompanied by unprecedented growth in corporate profits, and yet ordinary people’s pay remained the same. I think people would react with amazement and want to know why. Things have been getting consistently better for the ordinary worker, they would say, so why is that process about to stop?
austerity  the-crisis  banks 
19 days ago by craigryan
Patreon Is Suspending Adult Content Creators Because of Its Payment Partners
This is actually the main reason I think Bitcoin is useful. Banks are very prudish.
(See also, legal marijuana businesses)
Banks  censorship 
21 days ago by andrewducker

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