Public Banking Institute is having our 2013 conference in San Rafael (Northern California) on June 2, 3, 4 to publicly present solutions in banking and money worth tens of trillions of dollars to Americans.
You literally have nothing more valuable to attend to (registration info here, including for only Sunday evening; Monday evening is free).
Among public banking’s available benefits:
- State budget deficits end as state-owned banks create at-cost credit. The US has only one state with increasing budget surpluses: the only one with a state-owned bank.
- State taxes are entirely paid with ~5% public mortgages and credit.
- Trillions in taxpayer surpluses are returned from documented government CAFRs (Comprehensive Annual Financial Report) as at-cost credit replaces rainy-day funds.
- Truth in banking opens debt-free money: US national debt is ended forever, and we have full employment for the best infrastructure we can imagine (documentation here, here, here).
- Truth in banking and money can open truth everywhere: unlawful US wars can end, poverty can end, trillions of more dollars returned in the broader economy, and even truth from corporate media.
Trillions in taxpayer surpluses are returned: California’s Comprehensive Annual Financial Report (CAFR) shows ~$100 billion in surplus taxpayer accounts that dwarf the $16 billion budget deficit. California also has ~$500 billion in claimed “investments” for pension costs. But the state received only $1 billion net from $500 billion “invested” (one-fifth of one percent) while Wall Street investors received over $2 billion in fees. The entire state has ~14,000 different government entities with CAFR taxpayer surplus totals conservatively data-sampled at the game-changing sum of $8 trillion ($650,000 surplus assets per California household).
The idea of a state budget deficit in light of this sum is tragic-comic!
Importantly and related to CAFR trillions hidden in plain sight, remember that McKinsey’s former Chief Economist James Henry documents from similar public documents that $21 to $32 trillion are held in off-shore tax havens. These assets were transferred there by the same “masters” who tell the 99% that there somehow is no money to fund infrastructure: we must accept overcrowded schools, crumbling roads, and watch vulnerable human beings suffer and die from poverty.
Of course, when we have useful work to be done, available resources and labor, and are told by the same “masters” that what is missing to connect them is green paper, this becomes a helpful public lesson in critical thinking and civic competence. Please remember also that because infrastructure investment returns more economic output than the cost of investment, the results are full employment, the best infrastructure we can imagine, and falling prices.
So, while it would be helpful to reclaim these trillions, we don’t need them when we create public money and credit at our command. We would only need to reclaim them from those who acquired these trillions through criminal fraud. And I recommend Truth & Reconciliation for those criminals among our 1%.
In context of the above bullet points:
- Florida economist and Governor candidate Farid Khavari documents that 2% mortgages, 6% credit cards, and 3-4% commercial and vehicle loans would replace all state taxes. A floating interest rate could also cover state budget deficits.
- Monetary reform creates debt-free money to directly pay for public goods and services. Because infrastructure returns more economic benefits than costs, we have astounding triple benefits: government could become employer of last resort for infrastructure investment (creating full employment), falling prices because economic output increases more than infrastructure investment cost, and the best infrastructure we can imagine. Creating debt-free money is certainly another tool to end state budget deficits (documentation here, here, here).
- Being on a roll for Truth also frees other money: unlawful US wars can end, poverty can end that also increases productivity, and trillions of more dollars returned in the broader economy from other areas of parasitic oligarchic behaviors “covered” from public understanding by corporate media.
Each of the bullet-point topics will have its own article to explain in detail within the context of public banking, along with an open letter to economics teachers/professors, and a final call to the public for their action. Those links will be added at my hub articles at Washington’s Blog and Examiner.com as I complete them.