"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary." ~ H.L. Mencken
It's the Interest, Stupid! Why Bankers Rule the World
Interest charges are a strongly regressive tax that the poor pay to the rich. A public banking system could realize savings up to 40 percent - allowing taxes to be cut, services increased and market stability created - with banks feeding the economy rather than feeding off it.
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In this proposal 'public' = government.
So we just need to have government and politicians own and run all banks.
What could possibly go wrong?
I had the same reaction. Public banking ought to be about as successful as public schools.