Monday, April 1, 2013

A case for public banking as the cure for cannibals

"Too big to fail" is also "too big to jail," but how does that practical immunity drive the buisness practices of our largest banks? Over the last decades we've seen the finance industry undermine the long-term economic vitality of much of the country's manufacturing base and its housing stock. Are private for-profit banks invariably parasitical? What might have been different in this country if instead of bailing out casino capitalists, the public sector had simply taken over failing banks, regardless of size? Why should we beware public-private partnerships in banking?

Here's some brief but powerful answers to those questions, all of which makes a strong argument for public banking. The presenter is Michael Hudson, a former financial analyst and now a professor of economics at the University of Missouri at Kansas City, appearing on The Real News Network last week.

AfD members are active with public banking working groups in Massachusetts and Washington DC. To keep up with these and other campaigns, subscribe to our e-news.

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