As I am putting up posters advertising the May 9th public banking “Own Our Bank and Thrive!” event, it is striking to me how many empty storefronts we still have. In the McCourtney area it seems to be around 25%.
Megabanks crashed our economy and withheld credit we needed to recover while using almost zero interest borrowing from the Fed to buy up whole industries and manipulate the prices of commodities like aluminum. We are still feeling the effects and might for decades given how the “too-big-to-fail” banks control our money supply and now are controlling whole industries. I have read that there are something like as few as 20 people on the boards of these banks who basically “run the show”.
With our own local, county owned public bank, we can take back some of that control of our own economic destiny instead of have it manipulated by a handful of plutocrats.
A public bank isn’t a panacea but it does give the each of us here in Nevada County a lot more power to create a healthy, resilient local economy that provides jobs so we can prosper and our children can make their lives here.