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Public Banking Conference: June 2-4, 2013 – Public credit pays all state taxes

Examiner – by Carl Herman

Public Banking Institute is having our 2013 conference in San Rafael (Northern California) on June 2, 3, 4 to publicly present solutions in banking and money worth tens of trillions of dollars to Americans.  

You literally have nothing more valuable to attend to (registration info here).

Among public banking’s available benefits:

State taxes are entirely paid with ~5% public mortgages and credit: I took a quick look at California average household debt with mortgages (~$315,000) cars, college, and credit cards (hereherehere, and 15-year mortgages would also greatly save taxpayers). A 5% interest charge for California’s ~12 million households would generate ~$150 billion each year. California’s state budget is ~$100 billion/year.

This prima facie cost-benefit analysis seems to show state taxes could entirely be paid with public credit, and demands public consideration. Governor Brown knows of this option; he vetoed the bill to document the benefits of a state-owned bank. Therefore, public demand such as through our Public Banking Conference seems vital to create credit and money for the public’s good.

In context of the above bullet points:

  • Florida economist and Governor candidate Farid Khavari documents that 2% mortgages, 6% credit cards, and 3-4% commercial and vehicle loans would replace all state taxes. A floating interest rate could also cover state budget deficits.
  • California’s Comprehensive Annual Financial Report (CAFR) shows ~$100 billion in surplus taxpayer accounts that dwarf the $16 billion budget deficit. California also has ~$500 billion in claimed “investments” for pension costs. But the state received only $1 billion net from $500 billion “invested” (one-fifth of one percent) while Wall Street investors received over $2 billion in fees. The entire state has ~14,000 different government entities with CAFR taxpayer surplus totals conservatively data-sampled at the game-changing sum of $8 trillion ($650,000 surplus assets per California household). The idea of a state budget deficit in light of this sum is tragic-comic!
  • Monetary reform creates debt-free money to directly pay for public goods and services. Because infrastructure returns more economic benefits than costs, we have astounding triple benefits: government could become employer of last resort for infrastructure investment (creating full employment), falling prices because economic output increases more than infrastructure investment cost, and the best infrastructure we can imagine. Creating debt-free money is certainly another tool to end state budget deficits (documentation hereherehere).
  • Being on a roll for Truth also frees other money: unlawful US wars can end, poverty can end that also increases productivity, and trillions of more dollars returned in the broader economy from other areas of parasitic oligarchic behaviors “covered” from public understanding by corporate media.

Each of the bullet-point topics will have its own article to explain in detail within the context of public banking, along with an open letter to economics teachers/professors, and a final call to the public for their action. Those links will be added at my hub articles at Washington’s Blog and as I complete them.

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