"Patriotism is a kind of religion; it is the egg from which wars are hatched." ~ Guy de Maupassant
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.