Illinois Citizens for Public Banking co-founder, Tom Tresser, has Big idea #5 in the August issue of “Chicago Magazine” on how to make Chicago even better. It’s about establishing a public bank for Illinois.
“THE RATIONALE: A state bank could help Illinois reduce its budget deficit and make more credit available, thereby boosting the economy.
THE PROPONENT: Tom Tresser, cofounder of Illinois Citizens for Public Banking and a former teacher who coorganized the opposition to the 2016 Olympics
HE SAYS: “Illinois has more red ink than any state but California. It owes $34 billion in principal on its bonds; pension debt stands at $76 billion, the highest in the nation; and it pays a ton in bond interest and fees, not just because it has a poor credit rating but also because it also uses big out-of-state banks and investment firms to do the deals.
“Contrast that with North Dakota. Since the economic downturn began in 2008, North Dakota has had a budget surplus every year. It has no state debt, excellent credit, and the country’s lowest unemployment rate [3 percent]. While student loans in Illinois carry interest of 8 to 12 percent, in North Dakota it’s 4 percent.” Read the full story.
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Table of Contents
- Nationalize the Federal Reserve
- Alaska could walk away from Wall Street with a public bank of its own
- PBI Newsletter, November/December 2013 – Stemming the Transfer of Wealth from Main Street to Wall Street with Publicly-Owned Banks
- Public Banking Forum of Ireland: Press Release, 2 December 2013
- From the Progressive! Public Banking Is the Answer
- RT News: Ellen Brown on Public Banking and Costa Rican Banking System
- 10 year old explains the truth about where money comes from…
- The Bank Guarantee That Bankrupted Ireland
- VIDEO: Time to think outside the box – Public Banking – Ellen Brown’s talk in Athlone, Ireland
- Wall Street Predators And Con Men… Or Public Banking?