Public Banking Initiative UK
Public Banking Initiative UK

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  • Ellen Brown (Monday, March 21 16 11:27 pm GMT)

    Greetings, UK public banking group! We are delighted to be working with you. We seem to be at a revolutionary moment in history, when people are fed up with the old oligarchy and ready for something
    new; and today there is real hope of precipitating change. We’ve now got the Internet and social media, tools money reformers never had before; and awareness of what is going on behind the curtain is
    growing daily. There is the real possibility of a major grassroots movement to reclaim control of our money for the public good. It’s an exciting time, and you’re an exciting group! I totally enjoyed
    my visit there in February and look forward to dropping in again.

    Good luck and best wishes,
    Ellen Brown
    Founder, Public Banking Institute (USA)

  • Ellen Brown (Tuesday, March 15 16 01:47 pm GMT)

    Great work on the conference, the website and the radio show! The first step to opening the money spigots for the benefit of the people is to understand how the system works and where the blockage
    is. Good luck in your efforts!

  • Ian Lovegrove (Sunday, March 13 16 06:10 pm GMT)

    Since I attended the conference on public banking on 20th Feb 2016 in Manchester, I have been reading one or two books to sharpen up my knowledge in this area of economics. I have been a student of
    Economics , for which I have a MA, for 50 years but I must admit that my awareness of precisely how commercial banks work & not necessarily in the public interest was not as good as it might have
    been.

    But I have a practical proposal of my own to make. At present 81% of the shares in Royal Bank of Scotland are in public ownership. The Conservative Government would doubtless like to sell these
    shares back into the private sector. And in August 2015 it did start the process of selling its shares. It is perfectly obvious to me that there is no reason why banks cannot be run efficiently in
    the public sector and indeed may operate in the public sector with more accountability & more in the public interest.

    My proposal depends on being able to identify and distinguish the 81% of shares from the 19% already in private ownership. Is this possible? (I imagine it must be but perhaps I am mistaken.) If this
    is the case, then it would be possible for the Labour Party to announce to the public that it would take back these shares into public ownership, without compensation. This idea is very old in Labour
    circles but the key to my proposal is that the announcement is made BEFORE the shares are privatised. Then, if the privatisation went ahead, the new shareholders cannot accuse the Labour Party of bad
    faith. They would have acquired the shares in full knowledge that they would be worthless if Labour formed a government.

    This proposal is deceptively simple so that it seems that there must be a flaw in the logic somewhere. I am aware that shares can be sold to Pension Funds as well as individuals & that
    underwriters ensure that share issues do not fail, etc. But these details do not seem to undermine the argument.

    Of course, the logic of my suggestion, if accepted, can apply to any other prospective privatisation, which the Labour Party thinks is not in the public interest, whether this is in the banking
    sector or elsewhere.

    (Under John Major’s Government in the 1990s, when British Rail was privatised, I made a similar proposal in a letter to The Guardian. The letter was published but the idea never received any exposure
    in the media thereafter. But the issue was simpler, because the whole rail network was in the public sector & the prospective privatisation was very unpopular.)

    There is a very strong case for public sector banking and the Labour Party should be making it. It is about time Labour started championing coherent socialist policies instead of policies that are
    little better than apologetics for capitalism.

  • Marie McCahery (Thursday, March 10 16 07:04 pm GMT)

    People here might be interested in my latest radio show where I interview Professor Richard Werner. I'd like people to make comments on it here
    https://audioboom.com/boos/4285980-why-don-t-economists-9th-march-2016?t=0

  • Andrew Carmichael (Wednesday, March 09 16 04:00 pm GMT)

    Public banks benefit the community they serve, they don't benefit the super rich people who own, or effectively own, the shares of the central banks and they don't benefit the super rich and funds
    who own the shares of the "tier 1" banks which sit just underneath the central banks.

    The mechanism by which the big banks create indebtedness in a population only came to light relatively recently in the UK - but for some reason our mainstream news media has failed to run
    investigative journalism on this matter; it does not appear to have attempted to get the information over to the voters. Voters traditionally rely on the mainstream media for their information.

  • Bob (Tuesday, March 08 16 06:10 pm GMT)

    Having studied and found how public Banking works positively for the community local or regional in which it operates. Having a local public bank set up say by a local authority, it must be of
    enormous benefit for society as a
    whole.
    I don't understand why we in Britain do not have these, and why is public banking unheard of in Britain?

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