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Public Banking – Good For the People

Why should any sufficiently large government entity use a gigantic, multinational, for-profit bank for any purpose? The best interests of the people represented by a government body would seem to be served by keeping any profits and interest from government financial transactions in the area where these people live.

Public banking is a way to do just that. It can be done at a national, state, county, or local level. It has been working well for decades in Germany, India, China, Brazil, and North Dakota, among other places. Study up a bit and see if you think it is a good idea.

Good overview with FAQs:
http://publicbankinginstitute.org/home.htm

An effort to nationalize the Federal Reserve Bank:
http://www.againstausterity.org/program/nationalize-federal-reserve
FB page: https://www.facebook.com/UnitedFrontAgainstAusterity

Interview video with transcript:
http://truth-out.org/news/item/15408-public-banking-needed-to-stop-cannibalization-of-the-economy

Focus on Germany:
http://www.truth-out.org/news/item/3937:the-public-option-in-banking-another-look-at-the-german-model

Focus on North Dakota:
http://www.alternet.org/corporate-accountability-and-workplace/why-socialism-doing-so-darn-well-deep-red-north-dakota

From Occupy.com:
http://www.occupy.com/article/why-its-time-turn-public-banking

Good article:
http://www.nakedcapitalism.com/2011/06/guest-post-the-giant-banks-are-already-state-sponsored-so-why-not-create-public-banks-to-at-least-share-the-gains-help-out-main-street-and-grow-our-local-economies.html

Brief history of banking in America:
http://www.washingtonsblog.com/2013/03/stunning-facts-about-how-the-banking-system-really-works-and-how-it-is-destroying-america.html

Good MSM overview:
http://www.usnews.com/opinion/blogs/economic-intelligence/2012/09/27/can-public-banking-finance-the-new-economy

Video of a 12 tear old girl explaining public banking:
https://www.youtube.com/watch?feature=player_embedded&v=9WSMfJPX3Es

“The Web of Debt” – A book you can read on subject:
http://www.webofdebt.com/

A wonky econ geek piece:
http://georgewashington2.blogspot.com/2010/03/7-questions-about-public-banking.html

Another argument for Public banks:
http://www.washingtonsblog.com/2013/04/bail-out-is-out-bail-in-is-in-another-argument-for-publicly-owned-banks.html

Big picture piece:
http://www.nakedcapitalism.com/2011/12/public-money-for-public-purpose-toward-the-end-of-plutocracy-and-the-triumph-of-democracy-part-vi.html

Misc links:
http://www.illinoispublicbanking.org/category/about-public-banking/

http://bankonsonoma.com/

http://www.ceedprogram.com/index.php?option=com_content&view=section&id=12&Itemid=153

http://www.globalresearch.ca/remaking-the-federal-reserve-building-public-banks-and-opting-out-of-wall-street/5333496?utm_source=rss&utm_medium=rss&utm_campaign=remaking-the-federal-reserve-building-public-banks-and-opting-out-of-wall-street

http://www.nakedcapitalism.com/2012/05/ellen-brown-is-cooperative-banking-the-wave-of-the-future.html

FREE JON CORZINE! – jk

corzine jail

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(Originally posted at   https://www.facebook.com/OccupyExposesThe1percent , where I help admin.)

Jon Corzine:

Was CEO of Goldman Sachs from 1994 to 1999, and was given $400 million when the firm went public.

While at Goldman, was involved in the Long-Term Capital Management fiasco, where LTCM was ‘bailed out’ as orchestrated by the NY Federal Reserve. A precursor of future events?

Participated in meetings of the Bilderberg Group for several years.

Spent $62 million of his own money to buy a U.S. Senate seat in 2000, a record amount at the time, more than doubling the previous record, held by Michael Huffington.

Bought the Governorship of New Jersey in 2005, spending $38 million, or around $31 per vote.

Was a major ‘bundler’, fundraiser, and contributor to Hillary Clinton and Barack Obama Presidential bids.

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Joined Marine Corps reserve while in college in 1969, presumably to avoid Vietnam.

All of this puts Corzine firmly in the political and financial elite, but he may be most notorious for the actions he took starting in early 2011, when he was personally responsible for the theft of up to $1.6 billion of customer funds and the collapse of MF Global.

In the 18 months since MF Global exploded, Corzine has been found guilty of felony embezzlement and other crimes by a Congressional panel. MF Global has been sued by many customers whose funds were stolen. In May, Corzine and other MFG executives were personally sued for breach of fiduciary duty by the trustee of MF Global’s bankruptcy. This trustee just happens to be Louis Freeh, a former U.S. District court judge, and former Director of the FBI. With all of this, not a single MF Global employee has been charged with any crimes.

Corzine’s dastardly deeds and notoriety are so great, his name has actually become a verb in urban slang: (per Urban Dictionary: verb. to trust your money to a prominent individual and to find it has mysteriously disappeared “Oh no! Look at the financial statement. We have been corzined!”)

Source? Glad you asked, boy do we have sources:

http://dealbook.nytimes.com/2012/02/10/mf-global-trustee-sees-1-6-billion-customer-shortfall/?ref=business

http://www.ritholtz.com/blog/2012/02/volcker-rule-mfglobal-bankcounterparty/

http://jessescrossroadscafe.blogspot.com/2012/02/great-mf-global-cover-up.html

http://tinyurl.com/76qxlca

http://www.bloomberg.com/news/2012-03-23/mf-global-s-corzine-ordered-funds-moved-to-jpmorgan-memo-says.html

http://www.zerohedge.com/news/corzine-corzined-congressional-panel-finds-former-mf-global-ceo-ordered-jpm-fund-transfer

http://jessescrossroadscafe.blogspot.com/2012/04/more-evidence-of-fraud-at-mf-global.html

http://www.zerohedge.com/contributed/2012-17-23/mf-global-roundup-so-far-great-escape-teflon-don-corzine-bankruptcy-shenaniga

http://www3.cfo.com/article/2012/6/bankruptcy_mf-global-cfo-liquidity-risk-customer-funds-trustee-report

http://www.zerohedge.com/news/2013-04-04/mf-global-trustee-speaks-it-was-all-corzines-fault

>>>> AND THIS!!!! *************************$$$$$$$$$$$$
That MF Global engaged in fraud and stole clients’ money is noteworthy. However, the far more important issue is: HOW did this company receive primary dealer status from the NY Fed nine months before imploding?

The Primary Dealers are the banks that actively engage in day to day activities with the New York Fed regarding the Fed’s monetary policies. Primary Dealers also participate in US Treasury auctions.

Put another way, Primary Dealers are the most elite, well-connected financial firms in the world. They have unequal access to both the Fed and the US Treasury Dept. In order for MF Global to have attained this status it must have passed through a review by:

The New York Fed
The SEC

This is not a quick nor superficial process.

According to the NY Fed’s own site:
Upon submission of a formal application, a prospective primary dealer can expect at least six months of formal consideration by the New York Fed. That consideration may include, among other things, on-site reviews of front, middle, and back office operations, review of compliance programs and discussions with compliance and credit risk management staff, discussions with senior management about business plans, financial condition, and the ability to meet FRBNY’s business needs, review of financial information, and consultation with primary supervisors and regulators.

MF Global passed through all of these reviews to became a primary dealer in February 2011. A mere nine months later, the firm is in Chapter 11 and has admitted to stealing clients’ funds to maintain liquidity.

These developments reveal, beyond any doubt, that financial oversight in the US is virtually non-existent. This returns to my primary point: that trust has been lost in the system. And until it is restored, the system will remain broken.

A final note on this: the NY Fed is the single most powerful entity in charge of the Fed’s daily operations. How can any investor believe that the Fed can manage the system and restore trust when the NY Fed granted MF Global primary dealer status a mere nine months before the latter went bankrupt?

If the NY Fed cannot accurately audit a financial firm’s risks during a six month review, then there is NO WAY an ordinary investor can do so.

http://www.zerohedge.com/contributed/2013-02-01/biggest-mistake-fed-ever-made

Current Worldwide People’s Protests

Rio June 20, 2013

Rio June 20, 2013

Taksim Suare, Turkey, June 22, 2013

Taksim Square, Turkey, June 22, 2013

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Here is a partial list of countries which have seen anti – government protests over the past few weeks, with the number participating in each protest ranging from hundreds to millions of people:

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Turkey    .     Ireland      .      Paraguay

England   .   Bulgaria    .     Brazil    .   Nicaragua

Lebanon    .   Bahrain    .    Israel    .   Germany

Italy    . Indonesia     . Greece   .   Canada

Thailand     .   Portugal    .    United States

Egypt   .    Russia   .   Spain   .    Hong Kong

Cambodia   .   Mexico   .   Peru

Sweden   .   France   .    Japan

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Photo: AFP
Recife, Brazil – June 20, 2013

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Several of these have seen ongoing, huge protests at multiple locations throughout the country. Thousands of ordinary men, women, and children have been beaten, arrested, labelled as ‘terrorists’, attacked with chemical weapons and sound cannons, and shot with rubber and real bullets, all by employees of their own governments. Several people have died as a result of these attacks, and some protesters have been ‘disappeared’. I will share a couple of thoughts about these protests, with links to follow.

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These are just the protest actions I am aware of, and have verified via news stories, photos, and / or personal accounts. I am just one random person, and did not do much special research to come up with this list. I would guess there are dozens more countries which have had large protest actions that I am not aware of. Please comment if you know of any and I will update this article. None of the protests used to compile this list include the worldwide March Against Monsanto, which occurred May 25, if memory serves.

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From what I have been able to glean from many MSM and alternative news outlets, first hand reports, and conversations with actual people doing the protesting, all of these protests share a few common threads.

1.) They are against certain policies of the government, and the powers that be associated with same.

2.) They strive for having the voice of the people be heard. Not just the wealthy / elite / powerful, but every person.

3.) They are overwhelmingly peaceful, with violence, vandalism, etc. only carried out by a tiny number of people, who are often government agents provocateur. (Until people are attacked by cops or soldiers, then all bets are off.)

4.) Most if not all of the protest actions have freedom and individual / human rights as part of their agenda.

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Is this a worldwide awakening of the people? Another false start? Business as usual? Only time and the people’s will can tell.

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I will include a few links, but by all means do your own research. Go to a search engine and dig in a little.

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http://www.reuters.com/article/2013/06/12/us-russia-protest-putin-idUSBRE95B0LG20130612

http://qaranside.com/2013/06/16/economic-protests-in-spain-portugal/

http://www.upi.com/Top_News/World-News/2013/06/02/60000-protest-Japans-plan-to-restart-nuclear-power-plants/UPI-34961370197818/

http://www.aljazeera.com/news/europe/2013/06/2013622131525668802.html

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From Occupy Austrailia:

blackout

NSA Document Liberation Ruminations

I have been personally processing large amounts of information over the past several days regarding the NSA / PRISM data liberation, and the responses of the U.S. Government to same. There seem to be 2 points of the affair which are most contentious: Is the massive, all-encompassing spying being done by the government of grave concern, or no big deal? And whether the people involved in the release of the classified data are heroes or criminals. There has been plenty of heated debate on both of these points, but I have some thoughts on several things which have not received much attention – in fact, you may not have heard or thought of them at all.

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       Edward Snowden, the former spy who gave the documents in question to the press, stated he was making $200,000 per year. Booz Allen, his most recent employer, recently stated Edward’s salary was $122,000 per year. People who know these types of things say base salary in this type of job can increase greatly with per diem, travel, bonuses, etc. to arrive at total compensation. Let’s use the $200K figure for our purposes. My sources say government contractors use a ‘multiplier’ of around 2 – 2.5, that is they charge the government 2 – 2.5 times what they spend on their employee. These figures would mean taxpayers are spending $400,000+ per year for a low to mid level computer geek with a security clearance. This job would probably pay $30,000 – $50,000 in the private sector in most areas of the country, if Edward could even obtain the job, as he did not finish High School. The feds can pay $400K per year for Edward’s services, but need to lay off air traffic controllers, close National parks, etc. due to sequestration? I call bullshit.

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       One storyline I saw was the fact that top secret security clearances are hard to get, which inflates the salaries and demand for people who have them. There are around 1,400,000 people with ‘Top Secret’ security clearances in the U.S. Yes, that is 1.4 million. There are clearances higher than top secret, but all of the documents which were released last week would be available to anyone with a top secret clearance. 1.4 million figures to around 1 out of every 220 U.S. citizens. I wouldn’t want to invite 220 people over for dinner, but this is not a very large group to round up for each person with a top secret security clearance. Maybe they should change ‘Top Secret’ to ‘Top Practically Common Knowledge’.

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       Of the 1.4 million people mentioned above, 480,000 are contract employees, not actual federal employees. Many of us have worked with and/or as contract employees, and know the differences between ‘job security’ and ‘waiting to see if my contract gets renewed’. Even with the possible repercussions, it is not a stretch to think a contract employee may be more susceptible to blackmail, selling data, or other nefarious endeavours than would a ‘permanent’ employee. Why does the government think this is a good way to handle ‘Critical National Security’ data?  The PTB / MSM would have us believe the release of information at hand is such a heinous crime, those responsible should be severely punished. (Tortured, imprisoned for years without trial, etc., if Bradley Manning is any indication.)  “They are helping the TERRORISTS!” and “soldiers will DIE!” and “We won’t be able to keep you safe!” …Please. The combined population of Salt Lake City, St. Louis, Madison, Little Rock, AND Atlanta is less than 1.4 million. Top Secret data is not secret, just kinda hard to get. Like the old saying goes: Two people can keep a secret – if one of them is dead.

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Another point to ponder:

Approximately 15 million United States residents have their identities used fraudulently each year with financial losses totalling upwards of $50 billion.*

On a case-by-case basis, that means approximately 7% of all adults have their identities misused with each instance resulting in approximately $3,500 in losses.

Close to 100 million additional Americans have their personal identifying information placed at risk of identity theft each year when records maintained in government and corporate databases are lost or stolen.

These alarming statistics demonstrate identity theft may be the most frequent, costly and pervasive crime in the United States. (http://www.identitytheft.info/victims.aspx)
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I wonder what percentage of all identity theft crimes are committed or aided by one of those 1.4 million top secret folks who have access to all information about every U.S. citizen? If some of them designed and / or worked on the systems controlling the data every day, they would certainly know how to filch data without getting caught, sell it to criminal elements, and so on. It is highly doubtful any of these crimes would make it to CNN or your local newspaper, even if they were caught. More to come, if I can find time.  Thanks for checking in.

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http://www.zerohedge.com/news/2013-06-10/911-prismgate-how-carlyle-group-lbod-worlds-secrets

http://www.businessweek.com/articles/2013-06-10/a-federal-top-secret-club-thats-not-very-secret-or-federal

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