The People’s Money: The Case for Public Banking in the United States

The book "The Peoples Money: The Prospect for Public Banking in the United States" explores the radical proposal of a new monetary currency issued by a public banking system, based on sovereign money creation and operating as a non-profit community service. It aims to promote widespread ownership of property and eliminate usurious rates, freeing borrowers from the servitude of creditors.

Format: Hardback
Length: 162 pages
Publication date: 15 December 2023
Publisher: Lexington Books

The Prospect for Public Banking in the United States delves into a comprehensive examination and analysis of the most audacious policy proposal embraced by the populist movement: the introduction of a new monetary currency issued by a public banking system. In the 19th century, American populists proposed a revolutionary concept of sovereign money creation through public banking. This system would involve the issuance of loans based on collateral to individuals at local public banks, akin to the practice followed by private banks in the existing banking system. However, what sets public banking apart is its non-profit community service orientation. Usurious rates would be replaced by a fixed interest rate of 1%, corresponding to the natural rate of resource depreciation over a lifetime. This notion of a natural interest rate represents a fascinating intersection of ecological and monetary thinking.

The populists believed that true democracy necessitates economic security, which can only be achieved through property ownership. By redistributing the benefits of credit from lenders to borrowers, they sought to foster widespread property ownership. They ardently opposed all forms of property monopolies, particularly those in private finance. Contrary to socialists, who advocated collective control over production, populists aimed to reform capitalism by expanding credit access to individuals. The elimination of exorbitant interest rates would liberate borrowers from the obligation to creditors imposed by excessive interest rates. This would enable borrowers to fully reap the benefits of their loans for themselves and their families, marking a historic shift in economic empowerment.

Dimension: 229 x 152 (mm)
ISBN-13: 9781666949018