Michael Moore promotes state-owned banks

Michael Moore just came out with
Michael Moore’s Action Plan: 15 Things Every American Can Do Right Now,” which lists as #4:
“Each of the 50 states must create a state-owned public bank like they have in North Dakota.”
It’s currently on the front page of Reddit (one of the world’s most popular websites).

21 Responses

  1. I’m going there now!

  2. It would be a fine thing if Ellen hooked up with the big guy!

  3. You work and I work and we can trade. If three people work, that gets complicated so we use money, the value of which is created by our work.
    The private banks who now create our money are like the kid who found the ipod on the street and thought he created it.

    No, a lot of work went into the creation of that dollar, and now the banksters, because we have granted them the right to create money, they feel like they own it.
    You would feel the same if you had that much power. Not true, but understandable. We must withdraw the projection of authority we have
    unknowingly granted the bansters.

    If every state had their bank like North Dakota then folks might feel a whole lot less tax pressure, because all that interest, instead of going to buy control by the elite could fund state works such as schools, health care and such.

    It would be a major step out from under the boot we have created over our own neck. ooowee. weird metaphor Don’t let your body get contorted thinking about finances.

    And don’t think the creation of money is a trivial power to grant.

  4. I just forward Ellen’s latest OEN to my state representative here in Michigan. So should you.

  5. I always thought a great media blitz would be to send everyone in Congress (House & Senate) a copy of “Web of Debt.”

  6. Seems to me the more Ellen can get networked with people like Michael Moore and some of the others who have written books on this subject that faster and bigger we can get this movement moving.

  7. I suggest that we not get too caught up in personalities, even though Mr. Moore has been on of my favorites since watching “Roger and Me” when I still lived in Michigan. I still have the VHS cassette of this fine film.

    Read on and I’ll explain why.

    First and foremost, we must get busy doing what he says in proposal #4, and concentrate on people running for office. Those of you in Illinois, Virginia and New Jersey, you’ve got gubernatorial candidates running right now – here’s your chance to be heard. Call and write those running for state legislature! Who are they? Turn on the TV! They’re running their ads right now. Meet them at your train station! Trust me, they’re listening.

    The hurdle is this – Moore is hostile to the whole concept of “Capitalism”, and is therefore impugned by conservatives. We need people on both sides of the aisle on board with this State-Bank campaign – because it follows the principle of States-Rights, which is a part of the conservative / Republican platform. This is why we have conservative Ron Paul as well as liberal (my favorite) Dennis Kucinich both on board with Monetary Reform and the Audit the Fed bills.

    When it comes to “Capitalism”, more “capital” can be generated with a state bank, because it works. We must not make a demon of “Capitalism” per se, because private property is a fundamental right. The difference must be made clear – private banks do not have the right to privatize what belongs to the public (the money supply), but they do have a right to exist, make loans and do business for a profit, generating capital. A government that “coins money and regulates the value thereof” is simply doing the duty that it was framed to do.

    • I saw the movie: Capitalism, A Love Story and I am not sure that Mr. Moore was promoting that we get rid of capitalism altogether, more that the WAY we define and do it is the problem. Like his movie on Columbine, he was not saying that we get rid of guns, more like asking why we have the attidues that we do and how it may be driving what is happening in our country.
      Conservatives or should I say the “right” gets up in arms about any ideas that oppose their image of the “rugged individuality” that supposedly built this country. They do not like to have their images tarnished or opposed.

      If a company is only driven by profit, is it serving its purpose, which I think should be serving the people. Nothing wrong with profits but making millions while your employees live on less than a living wage and no insurance seems unbalanced and unsustainable to me.

    • “When it comes to ‘Capitalism’, more ‘capital’ can be generated with a state bank, because it works.” Yes, that’s great! That’s a major hurdle, the charge of “socialism.” It’s not socialism. It’s the original American system, and it works.

      • I would like to know two things:

        1. Where can one obtain legal resources to start a state bank, or other non-profit-entity-privately-owned bank, thus bolstering credibility that the whole thing is feasible.

        2. Would it be possible for a non-profit entity with sizable capital, such as the Archdiocese of Chicago (with all of its schools, churches, and cemeteries) or District 299 (Chicago Public Schools) to start its own bank for purposes of building and maintaining of the crumbling schools and education?

        I would like to know the full scope. Who can start a bank? How? How much capital is needed? Also, who out there pursuing this?

        As an engineer, I call this “landing gear”. Some call it the “light at the end of the tunnel”, or “the rubber meeting the road”.

        • Let me put it better. We need to see that the silver slippers fit before we persuade one to try them on.

        • Do a little research. When I investigated this for my state (Minnesota) I discovered I would need at least $6,000,000 of starting capital, 15+ major shareholders/directors (with significant deposits in the new bank), and 75+ minor shareholders/depositors (with less significant deposits in the new bank). That’s way out of my league. Perhaps I could accumulate the money if I diligently worked, saved, lived on the street while working multiple jobs and saving every penny. But my social skills are not capable of persuading enough people to each deposit enough money for me to start a bank.

          The financial elite have established a considerable “barrier to entry” for anyone wanting to start their own bank. To top it off, I believe most banks in the country have to abide by FDIC and Federal Reserve rules if they want to participate in fractional reserve lending (otherwise, the existing banks may not honor their money.) This stinks to high heaven of the same unethical, monopolistic, trust activities that caused our government to establish its anti-trust laws. Obviously, the banks are somehow exempt…

  8. The banks goofed, yes. But does that justify state-owned banks? Come on. Should the government really own these banks?

    Let’s look at it another way. Should GM change its name to Government Motors? What does the government know about putting a car together? They get involved and see this: Wow, what a mess. Maybe the Unions actually need to make concessions after all, the same blue-collar people that I duped in my State really do need to make less money.

    Obviously, I think it’s unrealistic that governments get involved in areas they are not expert in. Does this justify the mess-up caused by unquestionable greed on the banks’ part? No, not really. But it also doesn’t justify the government owning these strange beasts. If these expert bankers couldn’t make it work, how can the government? They can’t even make a medi-care system work!

    As for Michael Moore promoting the government owning the banks? Is he talking about the same government he pegs as the reason this country is such a mess in the first place? Great thinking, Michael!

    • The banks “goofed”? You call the most massive transfer of unearned wealth in history a “goof”? The taxpaying public should own ANY part of the economy that they are personally on the hook for, and through the FDIC they are on the hook for most of the money kept in banks. (Accounts up to $250,000.00)

      What does the Government know about making cars? What does GM know? They went bankrupt!!! The taxpaying citizens of this government bailed them out!

      No offense Chris, but you REALLY need to read Ellen’s book, because you are lost. Banking, or at least the money-creation aspect of it has always been a sovereign responsibility, right, and responsibility, UNTIL it was stolen in 1913 by the banksters.

      Our government is a “mess” because it is under the control of the banksters, and they have made it that way, and robbed our citizens blind, deaf and dumb in the process.

      There is little or nothing wrong with Michael’s thinking, Chris. I would look first to the beam in thine own eye.

      Cheers, Jere

  9. Thanks, Zarepheth!

    I’ve got to believe that the founders of BND had to confront similar formidable forces, albeit those of 1919.

    What kind of bank were you attempting to start?

    It is my belief that we can find the people with the right connections, who will find the needed investors and attorneys. After all, an endeavor such as this is win-win, especially for those who have the most to lose if the current system remains on its current collision course. This is why I encourage everyone reading this to contact people who are running for office, as I am doing right now. This issue needs to be raised in each state until it becomes debated upon.

    And don’t forget to encourage everyone to read Web of Debt! I carry it everywhere and talk about it with people. If Mark Levin’s (that’s right, I said it!) Liberty and Tyranny made it to the NYT bestsellers list, so can the book with the spider building on the cover, which I find to be much better researched.

    • How about a Credit Union? These are supposedly non-profits owned by shareholders (depositors). Wouldn’t they work as well as a bank?

      At age 71 (next week) I’m not going to be starting anything much, but I’d sure help others figure out how to do local community-owned banking. There would have to be a fail-safe clause that would not allow it to be sold or bought up by the mega-banks, though. Otherwise they’d just buy you out, if it succeeded, like they do with all other forms of competition.

      Oh, and David Swanson’s Daybreak is (or was) number 1 on Amazon. Amazing. People are beginning to wake up… a little.

      • This is why I’d like to test the water regarding the feasibility of church dioceses starting their own credit unions, especially the large ones, such as LA, Chicago, and New York, which all have substantial capital. The buy-out problem would be solved, because the bank would not be for sale.

        The same would be true for large school districts.

        So much good could happen here. I imagine the broken-down schools being rebuilt, and badly needed repairs done on windows and roofs, as well as needed educational infrastructure such as computers and Smart-boards.

        What if distressed homeowners could deed their property to the bank of the school district, and the extra capital could relieve a substantial amount of tax burden in exchange for the bank’s ability to loan out more money?

        There is not one answer, but a category of vision that needs to be contagious. Once the right people (such as people who are now running for office and will win) focus on this issue and see how valuable it is, they will pursue it.

        • Yes, I think church-owned banks would be great! But large ones, as you say, because they need a substantial capital base to stay standing in this market.

          • I’m not sure about church-owned banks, or about any privately held banks, unless they were not able to originate new money.

            State University owned banks would also be a great idea! And they could even venture into money creation, if properly controlled, and used for educational purposes that would benefit society. However, I think there should have to be somewhat different rules for privately owned university banks than for municipal or government ones.

            I am at least as wary of powerful church or temple institutional influences as I am of other kinds of unregulated power over the minds of people. Local churches and ministers are one thing, and towering hierarchical religious institutions are quite another, IMO.

            I am wary of all forms of unregulated power over people, and the minds and choices of people.

            Cheers, Jere

  10. The problem with Michael Moore is the reputation he has for being, well, Michael Moore. I posted details of his action plan on the British Mensa forum and had a job to get people past the first few paragraphs and his participation. He might have done the ideas a favour by keeping quiet about his enthusiasm for them.

    BB

    • Hmmm. Guess you could say the same thing about any celeb who speaks out on controversial social or political issues… or non-celeb, for that matter. Actually that’s a fair assessment of what I usually think about Rush Limbaugh, Bill Reilly, or Sean Hannity, to mention just a few examples from that Faux camp.

      As for Mensa, I made the decision to reject membership in that group 52 years ago, after getting to know a few of them. The problem with them is that they were a bit too, well, Mensa.

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