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.
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.”
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THE ONENESS of HUMANITY 
Great minds think alike – I also reblogged this post.
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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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Correction: Mr. Murphy ran against a woman on the Republican side, not Chris Christie (although she is associated with Christie).
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Great minds think alike!
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