The Public Bank Option – Safer, Local and Half the Cost


If Phil Murphy wins the New Jersey governorship and succeeds in establishing a New Jersey state-owned bank, expect a wave of public banks to follow, as more and more elected officials come to understand how banking works and to see the obvious benefits of establishing their own.

WEB OF DEBT BLOG

Phil Murphy, a former banker with a double-digit lead in New Jersey’s race for governor, has made a state-owned bank a centerpiece of his platform. If he wins on November 7, the nation’s second state-owned bank in a century could follow.   

A UK study published on October 27, 2017 reported that the majority of politicians do not know where money comes from. According to City A.M. (London) :

More than three-quarters of the MPs surveyed incorrectly believed that only the government has the ability to create new money. . . .

The Bank of England has previously intervened to point out that most money in the UK begins as a bank loan. In a 2014 article the Bank pointed out that “whenever a bank makes a loan, it simultaneously creates a matching deposit in the borrower’s bank account, thereby creating new money.”

The Bank of England researchers said that…

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4 thoughts on “The Public Bank Option – Safer, Local and Half the Cost

    1. Stuart,
      If public banking advocate Phil Murphy defeats Chris Christie and becomes New Jersey’s next governor, the long-sought by monetary reformers conversion to citizen-controlled banking will begin in earnest. With just (2) days to go before November 7 voting in New Jersey the story of Phil Murphy needs to go viral, especially focused on his public bank stance, and the clearly preferable advantages of state-owned banks, not only in New Jersey but every state in America, and ultimately at the national level through abolishment of the privately-owned Federal Reserve.

      It was encouraging to see Ellen Brown appear on Jesse Ventura’s new show on RT America: “The World According to Jesse”. Thank you for the overly generous compliment. 🙂 Ms. Brown’s article, again, needs to go absolutely viral so Murphy beats Christie in New Jersey.

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