Did you know that North Dakota has had its own public bank since 1919, which has kept it immune from all the bank meltdowns that have plagued us everywhere else? Well, it does have its own bank, which also means that North Dakota doesn’t borrow from Wall Street, it doesn’t keep its money with Wall Street banks, and it helps its local businesses stay away from Wall Street clutches as well. Yes, it’s true, right in the heart of solid red North Dakota, they have a publicly owned and controlled bank that holds and invests all the state’s money. And it has kept North Dakota in many ways the most well-off state in the country.
Philadelphia Neighborhood Networks thinks it’s time for the City of Philadelphia to take back its money by creating its own Public Bank to hold and invest its funds. Come to this meeting to hear exactly how we can do that, and to engage you in planning what the mission and structure of a Philadelphia Public Bank could look like. If you’ve even thought about moving your own money, you should be at this event. Perhaps you could have transferred thousands of your dollars out of Wells Fargo or another bank of its ilk. The City can transfer billions. And then it can use that same money to invest in Philadelphia and all of its people, not the climate-destroying, labor-exploiting, consumer rip-off companies that the big banks invest it in now.
No, a Philadelphia Public Bank is not too good to be true! Come on out and hear all about it. And enjoy some tasty treats to boot. Here are the meeting details:
5:30-6:15 – Enjoy some nice treats, great conversation
6:15-6:45 – Mike Krauss, Public Banking Institute discusses public banking movement across America and in Philadelphia
6:45-7:30 – Breakout groups in which we discuss our vision for mission and structure of Philadelphia Public Bank
7:30-8 PM – Report backs from groups, and general dialogue.