{"id":11412,"date":"2019-03-22T11:25:02","date_gmt":"2019-03-22T18:25:02","guid":{"rendered":"http:\/\/occupysf.net\/?p=11412"},"modified":"2019-03-22T11:25:03","modified_gmt":"2019-03-22T18:25:03","slug":"to-fund-a-green-new-deal-we-need-to-set-up-public-banks-and-democratize-the-federal-reserve","status":"publish","type":"post","link":"https:\/\/occupysf.net\/index.php\/2019\/03\/22\/to-fund-a-green-new-deal-we-need-to-set-up-public-banks-and-democratize-the-federal-reserve\/","title":{"rendered":"To fund a Green New Deal, \u201cWe need to set up public banks and democratize the Federal Reserve.\u201d"},"content":{"rendered":"\n
\"Public<\/figure>\n\n\n\n

posted by PUBLIC BANKING INST<\/strong> | 8gb<\/em>
March 21, 2019<\/p>\n\n\n\n

\"San<\/figure>\n\n\n\n

San Francisco Federal Reserve. Photo by Alex Bierwagen.<\/em><\/p>\n\n\n\n

\u201cThe Green New Deal won\u2019t get far if it\u2019s left hostage to the whims of private finance,\u201d Johanna Bozuwa and Thomas M. Hanna of Democracy Collaborative proclaim in the latest issue of Jacobin magazine<\/a>. They continue, \u201cAsserting public control over the financial system is \u2026 essential if we want to prevent catastrophic climate change.<\/strong>\u201d<\/p>\n\n\n\n

Along with a large-scale expansion of public and cooperative banking, the authors say the Fed needs to be democratized:<\/p>\n\n\n\n

\u201cA truly publicly owned, transparent, and democratically accountable central bank would change that \u2014 and could become a powerful weapon in the fight against climate change. As Fed expert William Greider puts it, we need to \u2018create a new public institution that truly understands that its obligation is to society, not money markets.\u2019 Congressional action to reform the Fed could \u2018harness the Fed\u2019s money creation and lending powers to help finance major public objectives.<\/strong>\u2019\u201d<\/p><\/blockquote>\n\n\n\n

PBI Chair Ellen Brown notes in her latest Truthdig<\/em><\/a> article that former Greek finance minister Yanis Varoufakis has been proposing a similar public bank-driven proposal for a Green New Deal in Europe for several years through the Democracy in Europe Movement 2025 (DiEM25)<\/a>. In Varoufakis’ proposal<\/a>, \u201cthe European Investment Bank (EIB) issues [\u20ac500bn in] bonds [each year] with the European Central Bank standing by, ready to purchase as many of them as necessary in the secondary markets.\u201d<\/p>\n\n\n\n

Brown adds that, in the U.S., \u201cA network of public banks, including a central bank operated as a public utility, could similarly fund a U.S. Green New Deal\u2014without raising taxes, driving up the federal debt or inflating prices.\u201d<\/p>\n\n\n\n

[Read the full Jacobin article<\/a>]<\/p>\n\n\n\n

[Read the full Truthdig article<\/a>]<\/p>\n","protected":false},"excerpt":{"rendered":"

posted by PUBLIC BANKING INST | 8gbMarch 21, 2019 San Francisco Federal Reserve. Photo by Alex Bierwagen. \u201cThe Green New Deal won\u2019t get far if it\u2019s left hostage to the whims of private finance,\u201d Johanna Bozuwa and Thomas M. Hanna of Democracy Collaborative proclaim in the latest issue of Jacobin magazine. They continue, \u201cAsserting… Continue reading → <\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/11412"}],"collection":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/comments?post=11412"}],"version-history":[{"count":1,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/11412\/revisions"}],"predecessor-version":[{"id":11413,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/11412\/revisions\/11413"}],"wp:attachment":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/media?parent=11412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/categories?post=11412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/tags?post=11412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}