Purpose: To look at local initiatives creating new economic models and systems.

 

Materials

Readings: Justice Rising, Spring 2014, Public Banking: Creating Jobs, Building Communities, & Reclaiming the Commons

Handouts:  Questions & Article Ranking, Talking Points

 

Paradigm: The narrative from Wall Street and academia is that our privately run economy works for the betterment of everyone and that public control of our money supply will ruin it. The reality is that public control of the money supply and other economic models would provide a happier and more sustainable future.

 

Context: The current movement to create public banks to recapture the monetary system for the common good began with the publication of Ellen Brown’s book Web of Debt in 1994. Following the financial crisis in 2008, interest in public banking exploded as people sought an alternative to our private banking system.

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In the 2008 crisis, private banking ruined our monetary system, leaving millions of people both homeless and unemployed.  Interest in public banking as an alternative led to the establishment of the Public Banking Institute in 2010. In the spring of 2014, Justice Rising collaborated with the Public Banking Institute to produce Public Banking: Creating Jobs, Building Communities and Reclaiming the Commons, the reading material for this class. Now there are 21 states with initiatives to start a public bank in their state or community.

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There is also a movement to create US Postal Banks using the US Postal Service. In the past the Postal Service has offered a variety of banking services including savings accounts to underserved Americans. There is a movement to re-establish those services supported by a wide variety of groups. For more information go to http://www.campaignforpostalbanking.org/

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There are many other groups working to set up alternative economic models. One of them is Transition Town, a global movement that is looking at ways to reinvent local economies by organizing locally. It “is a vibrant, grassroots movement that seeks to build community resilience in the face of such challenges as peak oil, climate change, and the economic crisis. It represents one of the most promising ways to engage people in strengthening their communities against the effects of these challenges, resulting in a life that is more abundant, fulfilling, equitable, and socially connected.”  Started in England by Rob Hopkins, it now has over 160 official affiliates in the US and numerous unofficial affiliates.

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Economic localization is another global movement to create an economy for the common good. The Business Alliance for Local Living Economies (BALLE) https://bealocalist.org/ has been on the forefront of the localization movement for the past two decades. The localization movement often focuses on building a local food movement and is responsible for the proliferation of farmers markets around the world, many farm-to-school and farm-to-table programs, and community-supported agriculture. A slow money movement has developed to help finance this change. Class 8 on Food and Health will concentrate on local food.

 

Activities: Start by looking at local initiatives for establishing a public bank. To find local initiatives, see page 16 of the Justice Rising on Public Banking. If there is an initiative in your state, invite a speaker to your class. If there is no local chapter, you could invite someone from the Public Banking Institute or Marc Armstrong from Commonomics to address your class. Or show one of the many videos from the Public Banking Institute website. A list of three of the best is here.

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One interesting rationale for starting a public bank is to service an industry that is now underserved. This could range from the marijuana industry to the local homeless population. Discuss if there is an underserved population in your community and how either a public bank or perhaps a postal bank could change that.

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You should also present at least one other presentation. One of our favorites is a presentation by a panel of people involved in the local food network. This can include local farmers, farmers’ market representatives, or local storeowners who sell local food. There are many passionate and articulate people involved in this phenomenon. If you cannot find anyone to speak on this topic, click here for a short list of relevant videos.

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If there is a Transition Town group near you, there would probably be a representative happy to talk to the class. You can see a map and list at http://www.transitionus.org/transition-towns. You could also show some videos. Here are several good ones, including one from Houston where petrochemical engineers are moving into the new era.

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These presentations and discussions may take up the entire class. Hopefully you will have time to go over the questions. You should also talk about this list of books on public control of the monetary system. Finally, remember to pass out the questions, article rankings and talking points for the next class, Climate Change, Resource Depletion, and Global Pollution, the first in Part 3: Saving The Environment From Corporate Destruction. The day after the class, email the talking point, questions and rankings for the next class to everyone and include a current article on corporate impacts on the environment.

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The day before the next class, send a reminder email that the class is coming up and again, attach the talking points, questions and reading priorities and maybe another piece on corporate impact on the environment.