by Jerry Alatalo
“Those who steal from private individuals spend their lives in stocks and chains; those who steal from the public treasure go dressed in gold and purple.”
– Marcus Porcius Cato (234 – 149 B.C.)
Let me first thank the man in the following video, Mr. Scott Baker, for delivering one of the most, if not the most, articulate presentations on Public Banking that this writer has ever seen. Any man or woman who views this video, and especially those who are trained/experts in Public Accounting/Finance, will come out on the other end of this slightly less than 50-minute presentation and immediately begin planning, which leads to establishing, Public Banks in every state of America.
Mr. Baker clearly lists all the superior financial advantages that cities, counties, states, and nations will enjoy through their establishing Public Banks using government funding currently available. There is no doubt whatsoever that, when government entities seriously study then establish their own banks, their financial security becomes guaranteed to a greater extent than dealing with Wall Street banks and their casino-like speculative gambling.
Please disseminate this powerful video presentation to your city council members, your county board members, your state’s representatives and governor, your United States representative in Congress, your United States Senator, and the White House. Get this important information out in any creative way possible. Send out emails with the link to every newspaper, news organization, and social justice organization you can list.
Public Banking is not only financially advantageous for governments at all levels but, with the present enormous risks of bank failures due to their holding of hundreds of trillions of dollars in very suspect derivatives, an absolute necessity. Estimates of the total dollar amount held by banks in derivatives range from over 200 trillion to 1.25 quadrillion (1,250 trillions).
Scott Baker clearly shows that banks holding trillions in derivatives, if a small percentage of those derivatives bets place those banks on the losing side of the gamble(s) – losing bets which surpass those banks’ total assets – banks will go bankrupt. If a city, county, or state government has accounts in that failed bank, those deposits will then get converted to shares in the corporation bank and, since the bank has gone bankrupt for gambling/speculative losses, the deposits of the government entity, as well as every depositor, will be wiped out.
This video is specific to an effort in Philadelphia, Pennsylvania to establish a Public Bank in that major American city. It is a presentation that is fully relevant for every city, county, and state in America because government accounting rules, Generally Accepted Accounting Principles (GAAP), are virtually the same for all entities. Every government entity which has the option to establish a Public Bank produces a Comprehensive Annual Financial Report (CAFR) that citizens can examine on the internet.
Public Banks are safer and better than Wall Street casinos
In the wide world of finance/banking, risk is always a big part of the discussions. After viewing this profoundly powerful presentation, you will most certainly agree that government leaders at every level who do not very seriously consider establishing Public Banks are taking the ultimate financial risk.
(Thank you to PublicBankingInstituteTV @ YouTube)