By John Lawrence
Ellen Brown, author of the Public Bank Solution, is running for California State Treasurer. The primary election takes place June 3. There are three candidates. Two will advance to the general election. She is running on a platform to establish a public bank for the state of California similar to the one in North Dakota.
She has the endorsement of the Green Party – along with Luis Rodriguez for governor and David Curtis for secretary of state. Green Party candidates take no corporate money. Candidates who take corporate money – and that means nearly all conventional candidates – are beholden to large corporate interests and cannot properly represent the interests of the disenfranchised 99%.
A public bank will bring many benefits to California including the fact that interest on outstanding loans will accrue to the taxpayers of the state instead of to private Wall Street banks. State and local finances could be restored by making sure that profits now going to Wall Street will remain at home. Taxes could be lowered, public services expanded. The cost of a college education could be reduced. The cost of borrowing for in state businesses could be lowered thus attracting more businesses to California.
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