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.
The first of these videos deals with money and money creation. People will work for decades to make the money they need to pay the bills and other necessities. Yet, fewer than 1-in-1000 people understand how this money actually gets into circulation and who benefits from our current system. After viewing this video, you will be one of those 1-in-1000 who understand this troubling issue in our current banking system. This is important knowledge. Please pass it on.
The second video informs you of perils your deposits face in large global banks — as set by law. People think that money is safe in the big banks because the FDIC will protect the deposits. This assumption is not based on fact. This video will show official government documents that describe the plans for confiscating deposits when (not if), a big bank fails. Individual, as well as public funds from municipal, university, county deposits are at serious risk. Your taxpayer money will disappear in the next crisis! Public officials in charge of taxpayer funds need to be aware of the dangers here. The loss of taxpayer funds and the inability to meet payrolls and obligations will certainly prompt a response that will both immediate and forceful.
For more information about current law and how it jeopardizes your bank deposits, see Legal Framework for Big Banks Puts Depositors at Risk by Steve Seuser, Co-Director, DC Public Banking Center.
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.