The Left Must Get Ready to Seize the Next Financial Crisis? (Pt 2/2)

Instead of bailing out banks when the next global financial crisis hits, we need to be prepared to nationalize them and create a public banking sector, which will not only be a way out of the crisis, but will also help prevent future crises, says Thomas Hanna of the Democracy Collaborative

[gerardshort]

Well said, it's the only hope we have of survival and growth this time or extinction.

[Kombrig_]

2 years ago I took out all my money from CitiBank and closed all the accounts. I've switch to a Patelco Cred Union and nobody robbed me anymore, since then. I feel myself much richer now!

[MarkusWiedemeier]

I definitively think it's time to make a plan for the next crisis and your idea on how to nationalize the banks, restrict or even block trading in derivatives needs to be prepared now in order to be ready timely. Your recipe to solve the next collapse is highly interesting and debate on the subject must urgently start now.

[syndicat]

Public banking is a great idea. I would have liked to see the guest address the issue of private debt. The economists that I follow have stated that private debts need to be written down to a level that debtors can pay, or written-off altogether. If the debts are kept in place when a government nationalizes a bank, or another industry, it will not eliminate the underlying cause of the crisis. Public banking and writing down private debts must go hand in hand for it to be successful. Even if this does occur, we'll still be left in a situation where we're struggling with all the other contradictions and problems of a capitalist system.

[gevdarg]

Uh... YEP! Ownership in exchange for capital. YEP!!

[TheMorbid]

Just get rid of the banks is an obsolete system.

[progressholistic]

I like how the title was tweaked to a question.

[motokx]

Move your money to decent credit unions. They are awesome these days.

[robertcallaghan]

With apologies to Aaron.
*The Wicked Problem Ecosystem*
People are scared. Deep down, we know another economic crash is coming, and this time there's no easy fix. By 2020, oil will be $200 and start racing towards $400/barrel. Pus food shortages will hit by 2027. The migration wars are just beginning. Start preparing people you love. Yeah, it won't be easy.

A global food crisis may be less than a decade away | Sara Menker (TED talk, 17 min)

Sara Menker makes a serious case for bigger farms in Africa using cheaper data. She makes a very strong case. The thing about all these projections is that they assume everything else stays the same. Sara is talking about the total reform of banking and insurance at the exact same time oil prices are set to rise dramatically, due the regulating of  sea shipping emissions, yet shipping is dependant on cheap fuel. Expensive fuel and increased emissions regulation are at odds. So is banking reform and disruption. Banks hate change. Banks call change uncertainty, which only means they like the way things are now just fine. That's why they buy politicians. They're cheaper than uncertainty.

This means the global economy and survival are 2 drivers working at odds against each other. We all know who wins. You also have to consider the MIC deep state clutch on the imagination of youth today. We have to reconcile greed and corruption with survival on a global scale. When Whoopi Goldberg blankly asks, "So what is the deep state?", like it's some krazy kooky konspiracy, you know we're fucked.

People in North America cannot see the change because it's not happening here, we're stuck in a virtual happy place stasis. By 2100, all the biggest, new mega-cities will be in Africa and India. Yet, we don't have enough construction sand to build these imaginary marvels, and there's no real substitution, on any level that matters.

We can't build skyscrapers of wood, this will only increase wood consumption. Europe already gets 50% of its so-called renewable energy by burning trees shipped in from all around the world. Especially from east European lumber mafias. These trees won't grow back for 50 years, if at all. We are playing with fire.

Look below where all the new growth will be. It will be in tropical areas destined for early climatic/ecosystem habitat destruction. Tropical habitat destruction will become irreversible by 2020. Those super mega cities lie directly in the rapid change zones north and south of the equator. Just watch one of those monthly new age SOTT Earth Change videos on YouTube to see what I mean. The tropics are like 50% of the land on earth. Climate induced human habitat destruction will hit temperate zones soon after, 20 years ahead of earth average.


The export of US terror into South America, combined with intolerable tropical heating and food shortages, and the anti-refugee backlash here, means South America's trees will come down just out of sheer desperation. Everybody loves the first few million refugees, it's the last few billion refugees that will change that. We are headed to a world where rich whites will lose control of their brown unprivileged slaves.

When Sarah says we have to change banking and insurance industries, she's not talking small change, the banks thrive on the chaos sparked by the deep state MIC. The deep state is a mischief squad, sort of like the suicide squad on steroids. 

We no longer have the luxury of thinking that each problem is separate and soluble on its own. Each wicked problem interacts with all the other wicked problems. It's like a goddamned wicked eco-system.

What this means is that we can't solve each wicked problem on its own. Everything has to change immediately and completely, all over the word, at the same time. We are not doing this exactly when we are making kids think we'll live near sky gardens, that deliver avocados, with self-driving uber-copters. You need grains and legumes to live, and they need land.

The best driver of our wicked problem ecosystem is human behavior. The biggest drivers of human behavior are love and money.  The only way to change behavior is to convert national currencies into international 100% private carbon credits, with no share for governments and corporations.

This is not a debate. If we don't change everything right now, we die. I'm not joking, or even exaggerating. And because we don't have the imagination to change the whole world right now, I believe we'll collapse.

We now have the technology to turn depleted uranium bullets into energy, but the MIC deep state would rather shoot them at women and children for your tax money. And government/corporate corruption loves money. Change will not work using violence. Obama recently said identity politics was a mistake, so let's own it like we mean it.

[liocean]

Refunded those bank with what financials assets? The public doesn't have any real asset to back those bank with. Debt is not an asset. Wall Street bank creditors aren't going to want our paper money.

[brianbooker]

There is a 50 year cycle also and we're at the end of it, Steve Keen the Economist has a Patreon pod-cast titled "Can Economics save us" and it talks about the role of Economics after the next crash. Steve thinks the next crash will happen because of a natural disaster and he is right. We're in the perfect storm and when everything comes together a lot of things will have to be rationed and this is Steve's conclusion in the pod-cast. Steve believes there can still be markets therefore money will still be needed but I believe money will soon be phased out after the next crisis/crash. Neo-Classical economics has the concept of money all wrong; Marx's view of money and the role it plays in the motion of Capital is a more accurate concept of money. Money is an exchange mechanism in the Market, money Capital assists in the production process, money Capital is a part of the exchange of commodities and money Capital exists in the form of credit/debt to assist in the velocity of Capital in motion. After the dust settles from the next crash those of us that survive that aren't too traumatized will revert back to a more Hunter-Gatherer mentality the individual-hierarchical mentality will disappear. The data is right in front of us; history allows us to know what our future will look like. Everything we're doing now from Trump to the Not Ready for Prime time Circus is insuring that when the crash happens it will be painful if not extinction worthy but lets just keep playing SL (slow learners).

[ThomasHUsher]

Still too capitalistic, not democratic enough.

[PCMcGee]

Ha. Ha, ha, ha. Ha, ha, ha, ha, ha, ha. Funny.

[motokx]

Let the Credit Unions take over the banks or at least mimic their methods. They have a decent working model and are effective at good management and community investments.

[schumanhuman]

Public banking can help, but you really need to nationalise economic rent, particularly land rents.
#LVT