California Senate passes the Public Banking Act

An astonishing outcome to Ellen Brown’s pioneering persistency. 
Peter

———- Forwarded message ———
From: Public Banking Institute <info@publicbankinginstitute.org>
Date: Wed, 11 Sep 2019 at 23:17
Subject: BREAKING: CA Senate passes AB857, the Public Banking Act
To: Peter Challen <peterchallen@googlemail.com>

Greetings Peter, PUBLIC BANKING INSTITUTE NEWS: SEPT 11, 2019
California’s Public Banking Act approved by State Senate! Next up: Assembly floor
California’s groundbreaking Public Banking Act, AB 857, was approved by the State Senate today with widespread support 25 Aye’s, 11 No’s. The bill now has 17 co-authors in addition to the two lead authors, Assemblymembers David Chiu and Miguel Santiago. 

Next stop: The bill returns to the Assembly floor for a concurrence vote due to amendments added by the Senate. The California Public Banking Alliance is highly optimistic that the Assembly will pass the bill a second time and that Gov. Gavin Newsom will sign it, following a very encouraging meeting last month between the Alliance and his office. The Assembly vote could come as soon as tomorrow, Sept 12, and the California Public Banking Alliance is asking Californians to call their Assemblymembers to urge the ten undecided members to vote YES on AB 857. Click here for contact information for those undecided Assemblymembers.

With these votes, California is on the verge of a real financial revolution. 
[read more]

Legal memorandum: Yes public banks are legal. State constitutions don’t prohibit them.
One of the arguments sometimes made by opponents of public banks is that they are not legal under state constitutions. A new legal memorandum written by attorney Earl Staelin examines this question and concludes state constitutions do not prohibit public banking. The legal arguments supporting this conclusion may help all states interested in establishing public banks, since the constitutional restrictions in the 45 states that have enacted them are all quite similar.

Some background: From the mid to late 1800s into the 20th Century, about 45 states enacted constitutional provisions to prohibit states and local government from investing in or making grants to private businesses. The main purpose of such provisions was to stop cities from investing in railroads, which often went bankrupt, leaving cities with debts they couldn’t afford. These provisions were not directed against the public banks that a number of states had established in the 1800s, some of which were quite successful.

[read the memo]
Ellen Brown: How to pull off a modern debt jubilee and create a sustainable economy
In a recent Truthdig article, PBI Chair Ellen Brown examines the functional, sophisticated, egalitarian credit system of ancient Mesopotamia that endured for two millennia and recommends we apply it today. The key to its success: regularly write off debts.”Sumerian kings solved the problem of ‘peak debt’ by periodically declaring ‘clean slates,’ in which agrarian debts were forgiven and debtors were released from servitude to work as tenants on their own plots of land. The land belonged to the gods under the stewardship of the temple and the palace and could not be sold, but farmers and their families maintained leaseholds to it in perpetuity by providing a share of their crops, service in the military and labor in building communal infrastructure. In this way, their homes and livelihoods were preserved, an arrangement that was mutually beneficial, since the kings needed their service.”
[read more]
Latest podcast: Trade wars, free trade, fair trade?
In the shadow of the progressing trade war with China, Ellen Brown asks Ian Fletcher, author and Senior Economist of the Coalition for a Prosperous America, for his perspective on the latest It’s Our Money podcast. Co-host Walt McRee introduces this episode: 

Free trade? Fair trade?
The current face-offs between the United States and China over trade resurrect an issue that has wide-ranging ramifications in both countries. Is “free trade” really free? Is there such a thing as “fair trade?”  Our guest, Ian Fletcher, speaks with Ellen about his book Free Trade Doesn’t Work. We also visit with historian Mike Jacobs about how the Bank of North Dakota relates to the state’s oil industry, which is too often given credit for the bank’s success.
[listen to the podcast]
Video spotlight: KPFK’s “Rising Up With Sonali” examines California’s work to approve public banking
Pacifica Radio KPFK host Sonali Kolhatkar interviews Trinity Tran, co-founder of the California Public Banking Alliance, about public banking and the journey of California’s Public Banking Act, AB 857.”This really is the inevitable evolution of a financial system that has served only a very few people.” — Trinity Tran
[watch the video]
Together, we can make 2019 the year public banks win!
Thank you again for your determination and support. Your financial support will help fund our 2019 Campaign for Public Banks to create the BIG PUSH we need now to get public banks established. You can sign on to support and contribute below. 

Please update recurring donations. With our new website launch, we have a new donation system, so please update your account if you have a recurring donation. DONATE

ICYMI
PBI video: Public banking sweeps across the countryJust launched! The fierce, dedicated, and determined public banking advocates across the country are leading the way to our future! To highlight the inspiring work and surging momentum of the nationwide public banking movement, PBI is proud to launch this short video that incorporates footage and photos collected from across the country. With it, we recognize the incredible achievements that advocates and elected officials have accomplished together and hope to inspire more support for public ownership of our financial institutions.

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PBI video: Public Banking Made EasyOur latest animated video is helping thousands of people understand the basic concepts of public banking. Please help us make public banking common knowledge by sharing it with your friends and groups. Thank you for all your help!

COMING PUBLIC BANKING EVENTS 

Coalition call | Sept 13, 12:00pm ET / 9:00am PT | PBI Public Banking Coalition call  Once a month, PBI hosts an hour-long Public Banking Coalition conference call in which we introduce the concept of Public Banks, discuss current issues, and give updates on the advances being made for Public Banks all across the country. Register here.

Lucerne, CA | Sept 26, 7:00pm | Conversation with Ellen Brown  New Paradigm College, 3700 Country Club Drive, Lucerne, CA 95458. Our money system is not what we have been led to believe. PBI Chair Ellen Brown explodes the myths about money, unravels the deception, and presents a crystal clear picture of the financial abyss toward which we are heading, then explores a workable alternative. More information hereTickets here.

Jeonju, South Korea | Oct 16-18 | Ellen Brown plenary speaker at Economics of Happiness Conference   Korean Traditional Culture Center, Jeonju, South Korea, map. Ellen Brown will be the key note speaker at the Economics of Happiness Conference organized by Local Futures. The conference will focus on three inter-related topics: public banks, local food, and urban regeneration through community restoration. The two-day conference program will include a mix of keynote speeches, panel discussions and workshops. More information here.

San Diego, CA | Oct 23, 11:30am – 1:30pm | Ellen Brown presentation at Lunch with the League    Tom Ham’s Lighthouse, 2150 Harbor Island Drive, San Diego California 92101. Ellen Brown makes a luncheon presentation to the League of Women Voters, San Diego. More information here.

Southbridge, MA | Nov 14-17 | Ellen Brown workshop at the Soil & Nutrition Conference   Southbridge Hotel and Conference Center, 14 Mechanic Street, Southbridge, MA 01550. Ellen Brown will lead a workshop on “Funding the Green Transition with Public Banks.” The Soil & Nutrition Conference explores principles, techniques and practices at the intersection of farm and human ecosystems that can be applied to improve environmental sustainability, food quality, and overall well-being. More information here.

Jeonju, South Korea | Oct 16-18 | Ellen Brown plenary speaker at Economics of Happiness Conference   Korean Traditional Culture Center, Jeonju, South Korea, map. Ellen Brown will be the key note speaker at the Economics of Happiness Conference organized by Local Futures. The conference will focus on three inter-related topics: public banks, local food, and urban regeneration through community restoration. The two-day conference program will include a mix of keynote speeches, panel discussions and workshops. More information here

Send your events to us: communications@publicbankinginstitute.org
We list as many events as we can. 

SOCIAL MEDIA: Public Banking Coalition monthly conference calls
Next call: Sept 13th 2019. Once a month, PBI hosts an hour-long Public Banking Coalition conference call in which we introduce the concept of Public Banks, discuss current issues, and give updates on the advances being made for Public Banks all across the country. Calls take place at 12:00pm ET / 9:00am PT on the second Friday of each month. REGISTER

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