• Archives

  • Blog Stats

    • 673,090 hits
  • Categories

  • Advertisements

Green Light for City-owned San Francisco Bank

Sadly even though it is almost 5 years since this article, neither San Francisco nor any other city in California, nor the State of California itself appear to be any closer to establishing a public bank. That is a testament to the power and political influence of the big banks which can afford to donate to both politicians in both parties to make sure that their nests are always well feathered.

WEB OF DEBT BLOG

When the Occupiers took an interest in moving San Francisco’s money into a city-owned bank in 2011, it was chiefly on principle, in sympathy with the nationwide Move Your Money campaign.  But recent scandals have transformed the move from a political statement into a matter of protecting the city’s deposits and reducing its debt burden.  The chief roadblock to forming a municipal bank has been the concern that it was not allowed under state law, but a legal opinion  issued by Deputy City Attorney Thomas J. Owen has now overcome that obstacle.

View original post 1,255 more words

Advertisements

The Global Banking Game Is Rigged, and the FDIC Is Suing

WEB OF DEBT BLOG

Taxpayers are paying billions of dollars for a swindle pulled off by the world’s biggest banks, using a form of derivative called interest-rate swaps; and the Federal Deposit Insurance Corporation has now joined a chorus of litigants suing over it. According to an SEIU report:

Derivatives . . . have turned into a windfall for banks and a nightmare for taxpayers. . . . While banks are still collecting fixed rates of 3 to 6 percent, they are now regularly paying public entities as little as a tenth of one percent on the outstanding bonds, with rates expected to remain low in the future. Over the life of the deals, banks are now projected to collect billions more than they pay state and local governments – an outcome which amounts to a second bailout for banks, this one paid directly out of state and local budgets.

It is not…

View original post 1,591 more words

Fox in the Hen House: Why Interest Rates Are Rising

WEB OF DEBT BLOG

The Fed is aggressively raising interest rates, although inflation is contained, private debt is already at 150% of GDP, and rising variable rates could push borrowers into insolvency. So what is driving the Fed’s push to “tighten”?

On March 31st the Federal Reserve raised its benchmark interest rate for the sixth time in 3 years and signaled its intention to raise rates twice more in 2018, aiming for a fed funds target of 3.5% by 2020. LIBOR (the London Interbank Offered Rate) has risen even faster than the fed funds rate, up to 2.3% from just 0.3% 2-1/2 years ago. LIBOR is set in London by private agreement of the biggest banks, and the interest on $3.5 trillion globally is linked to it, including $1.2 trillion in consumer mortgages.

Alarmed commentators warn that global debt levels have reached $233 trillion, more than three times global GDP; and that…

View original post 1,620 more words

War Propaganda Always Wins

I remember watching a video on YouTube where Huey Long describes the two parties and states that “The only difference that I found between the Democratic leadership and the Republican leadership was that one of them was skimming from the ankle up and the other was skimming from the ear down.”

Keeping It Unreal

Remember the Maine. And the Lusitania. And Pearl Harbor. And Kuwaiti babies being thrown from incubators. Stop the dreaded Huns. And the evil Krauts. And the dirty sneaky rotten Japs. And the wide-eyed Arabs. Stop those dominoes. Stop Al-Qaeda. Stop Isis. Stop Isil. Stop Islamo-Fascism. If you see something, say something.

Donald Trump’s absurd decision to bomb Syria once again, for the old canard of “using chemical weapons” on their own people, reminds us once again that the War Party always wins. This ridiculously transparent false flag had even less “evidence” behind it than the “weapons of mass destruction” fairy tale.

It doesn’t matter that Trump rightly criticized our involvement in Syria, and elsewhere, numerous times over the years and during his presidential campaign. Promises are made to be broken, especially the promises of politicians. And the fact that Trump talked about getting out of Syria literally a few days…

View original post 1,080 more words

New Bill To Establish Banks In Every Post Office To Serve Low Income Consumers — Consider The Consumer

There was a new bill recently introduced in the Senate pushing to cut off and force competition for payday lenders and establish banks in every Post Office. The idea behind this is for the Post Office Banks to serve consumers with a low income. Many are looking at this as a positive, or at least better…

via New Bill To Establish Banks In Every Post Office To Serve Low Income Consumers — Consider The Consumer

This is good news as it will introduce some much needed competition in the banking and payday loan industry.

Saving the Post Office: Letter Carriers Consider Bringing Back Banking Services

WEB OF DEBT BLOG

On July 27, 2012, the National Association of Letter Carriers adopted a resolution at their National Convention in Minneapolis to investigate establishing a postal banking system.  The resolution noted that expanding postal services and developing new sources of revenue are important to the effort to save the public Post Office and preserve living-wage jobs; that many countries have a successful history of postal banking, including Germany, France, Italy, Japan, and the United States itself; and that postal banks could serve the 9 million people who don’t have bank accounts and the 21 million who use usurious check cashers, giving low-income people access to a safe banking system.  “A USPS bank would offer a ‘public option’ for banking,” concluded the resolution, “providing basic checking and savings – and no complex financial wheeling and dealing.”

View original post 1,606 more words

What We Could Do with a Postal Savings Bank: Infrastructure that Doesn’t Cost Taxpayers a Dime

the infrastructure in the United States is decaying rapidly, I agree that using a postal savings bank to help fund much needed improvements is a good idea.

WEB OF DEBT BLOG

The U.S. Postal Service (USPS) is the nation’s second largest civilian employer after WalMart. Although successfully self-funded throughout its long history, it is currently struggling to stay afloat. This is not, as sometimes asserted, because it has been made obsolete by the Internet. In fact the post office has gotten more business from Internet orders than it has lost to electronic email. What has pushed the USPS into insolvency is an oppressive 2006 congressional mandate that it prefund healthcare for its workers 75 years into the future. No other entity, public or private, has the burden of funding multiple generations of employees who have not yet even been born.

The Carper-Coburn bill (S. 1486) is the subject of congressional hearings this week. It threatens to make the situation worse, by eliminating Saturday mail service and door-to-door delivery and laying off more than 100,000 workers over several years.

The Postal…

View original post 1,579 more words

%d bloggers like this: