Venezuela’s problems are not the result of the government issuing money and using it to hire people to build infrastructure, provide essential services and expand economic development. If it were, unemployment would not be at 33 percent and climbing. Venezuela has a problem the U.S. does not, and will never have: It owes massive debts in a currency it cannot print itself, namely, U.S. dollars.
Public banks in North Dakota, Germany and Switzerland have been shown to outperform their private counterparts. International private competitors have responded by pushing for regulations limiting the advantages of the public banking model, but public banking advocates are pushing back.
In November 2014, the Wall Street Journal reported that the Bank of North Dakota (BND), the nation's only state-owned bank, "is more profitable than Goldman Sachs Group Inc., has a better credit rating than J.P. Morgan Chase & Co. and hasn't seen profit growth drop since 2003." The article credited the shale oil boom; but as discussed earlier here, North Dakota was already reporting record profits in the spring of 2009, when every other state was in the red and the oil boom had not yet hit. The later increase in state deposits cannot explain the bank's stellar record either.
You also talk about printing money. Now we talked recently about the fact that 29 trillion dollars of stock market equities are owned by central banks now. And, apparently, the biggest buyer of them is China.
This piece first appeared at Web of Debt."As things stand, the banks are the permanent government of the country, whichever party is in power." – Lord Skidelsky, House of Lords, UK Parliament, 31 March 2011
On March 20, 2014, European Union officials reached an historic agreement to create a single agency to handle failing banks. Media attention has focused on the agreement involving the single resolution mechanism (SRM), a uniform system for closing failed banks. But the real story for taxpayers and depositors is the heightened threat to their pocketbooks of a deal that now authorizes both bailouts and “bail-ins”—the confiscation of depositor funds. The deal involves multiple concessions to different countries and may be illegal under the rules of the EU Parliament; but it is being rushed through to lock taxpayer and depositor liability into place before the dire state of Eurozone banks is exposed.
Dr. Ian Jenkins of Arian Cymru (Money Wales) has written two excellent articles on why Wales should have its own bank and how that might be accomplished. The shorter article is reprinted below, and the longer, more technical article is linked here.
Dr. Jenkins is hosting an event in Cardiff on September 26th titled "Banking and Economic Regeneration Wales," at which Marc Armstrong, executive director of the Public Banking Institute, will be speaking, along with Ann Pettifor of the New Economics Foundation and several Welsh leaders. As Dr. Jensen states:
This is in an issue on which Wales could provide leadership on an EU-wide level, a matter in which a small nation could make a big difference.
That is also true for Ireland and Scotland, where interest in public banking is growing. I will be speaking on that subject at a series of seminars in Ireland on October 12th-15th (details here), and I spoke late last year in Scotland on the same subject (see my earlier article here).
Many who rightly oppose of the ongoing theft of humanity's wealth by the global elites, foremost amongst them, the private bankers, are apparently unaware of just how fragile is the power of the private bankers. As Ellen Brown has shown in the The Web of Debt of 2007 (see web-site), any sovereign government, with the will to do so, could easily safeguard its national economy against the financial economic ravages that much of the world has endured for several centuries. Ellen Brown's The Public Bank Solution, only just released, shows how no sovereign country need ever suffer an economic recession. Order here. Kindle edition also available.
Also available from Amazon: Demography, Territory & Law: The Rules of animal and human populations in print or on Kindle, The Final Energy Crisis, 2nd Edition in print by Sheila Newman.
See also: The Crime of Alleviating Poverty: A Local Community Currency Battles the Central Bank of Kenya of 26 June 2013 by Ellen Brown, Depositors Beware: Bail-In Is Now Official EU Policy of 5 July 2013 also by Ellen Brown.
The ESM is a permanent rescue facility slated to replace the temporary European Financial Stability Facility and European Financial Stabilization Mechanism as soon as Member States representing 90% of the capital commitments have ratified it, something that is expected to happen in July 2012.