An excellent article on the need for public banking with Modern Monetary Theory to help us escape the collapse of The nation state capitalist paradigm. This provides a conservative suggestion for breaking the stranglehold of the banks.
There are are other components that should be included and a more radical implementation that will be needed, I think. The movement away from profit driven finance organizations is well underway. You note the many states working through the establishment of state banks on the North Dakota model.
People have been moving to credit unions since the Great Recession showed us how out of control the system has become. I don’t have good numbers but the growth of credit unions is apparent. The steady slide into predatory capitalist over the last forty years has left us with a new, very anxious, precariot class replacing the old middle class.
America now is living from pay check to paycheck with little resources for any emergency. Expensive credit card debt is climbing and the absence of single payer national healthcare has made medical expense the highest cause of personal bankruptcy. This is unknown in any other industrial or post industrial country.
State banks will help but, I’m afraid, too little too late. We must also remove all fossil fuels within the next ten to fifteen years. In an economy totally dedicated to mindless growth and planetary destruction it will be massively painful to convert our economies. This will require full redirection to sustainability in the elimination of most growth. This must be publicly managed.
The logical moves will be shocking to people who have been lied to for decades. The critical requirements are rationalization of administrative structures and implementation of forms of direct democracy. The logical form here will be a breakup of North America into urban regions with surrounding rural and extended suburban areas. This is already happening but needs to speed up.
This can take the nationalized banks and convert them to Metropol Banks for each administrative urban region. If done carefully this can be minimally disruptive to a great majority of the population who will then have direct input into their governmental process. This is, again, already happening as major cities are expanding both internal and external management replacing the rapidly failing federal political system.
This will happen anyway but it can be rebuilding from ruin in fifty or one hundred years or a managed transition in twenty. The brutal reality is that we have only ten to twenty years to do this as climate disasters force millions into refugee movement and the planet lurches into political chaos. The failing nation state and liberal order must be replaced but selectively maintained or we will see worse than the current incompetent neofascism.
I wish we could do this more naturally but that opportunity was lost thirty years ago in America. Further evolved democratic socialist states in Europe and Asia may be able to simply accelerate and adjust within the EU or other newer regional alliances. The US is, sadly, screwed and will probably collapse.
The next two years will tell the tale.
I write about this from diverse perspectives and am always looking for collaboration, ideas, and critical discussion.