Changing the System Mindfully. Are we imprisoned by our unexamined concepts???

Changing the System Mindfully. Are we imprisoned by our unexamined concepts???
Humanity is imprisoned by a heartless monetary system, co-dependently arising from dichotomy of man and nature, self and society, ecology and economy, and public and private. How is the system fabricated? How do we awaken from our collective delusion and suffering? Please share this blog for Contemplative Social Action to Cultivate a Culture of Awakening! "Do everything with a mind that lets go" - Ajahn Chah

Friday, September 9, 2011

Public Banking, Slow Money, Positive Money and The NEED Act, USA

 News Flash Occupy World Street is spreading...

The Bank of North Dakota (BND), is America's oldest and only Public Bank founded upon a somewhat socialist vision. The bank was a cornerstone of the agenda of the Nonpartisan League (NLP), a farmers' political insurgency spawned by anger about outside control of North Dakota's credit and grain markets. Founded in 1915 by A.C. Townley, who became a Socialist Party organizer after he went broke raising flax in western North Dakota. Interestingly, the Bank gaurantees Student Loans. - [See more at Huffington Post and wikipedia]

North Dakota has had the lowest unemployment in the country (or was tied for the lowest unemployment rate in the country) every single month since July 2008. It also has the fastest job growth rate and have the distinction of being the only state to be in continuous budget surplus since the banking crisis of 2008. The state deposits its tax revenues in the Bank, which in turn ensures that a high portion of state funds are invested in the state economy. In addition, the Bank of ND is able to remit a portion of its earnings back to the state treasury (with 19% return on equity in 2010). - Source [ Ellen Brown, North Dakota's Economic Miracle, Yes Magazine]
In contrast California is the largest state economy in the nation, yet without a state-owned bank, is unable to steer hundreds of billions of dollars in state revenues into productive investment within the state. Here is a funny video on What if we had a public bank? See what's happening in your state.

We need to integrate public and local banking with local food or slow food movement and local small businesses. "During the past forty years of continued productivity improvements, we have made 30% of farmland unproductive.  We lose as much soil every year as we emit carbon into the atmosphere.  And then there is the issue of aquifer depletion due to intensive irrigation.  Technology, scale, and concentration of capital and power appear to be driving both the productivity gains and the resiliency losses.  Just like in finance."- John Fullerton, Slow Money Blog, 3/3/11, Wikipedia. Other Kinds of Alternative Banking that citizen activists need to study are Islamic Banking, Swedish interest free Banking JAK Report, Grameen Banks Comes to Queens, NY, ethical Triodos bank and Innovative Social Banking.

Armed with the groundbreaking research work of Stephen Zarlenga, founder of American Monetray Institute, Dennis Kucinich introduces Historic National Employment and Economic Defense Act to end Fractional Reserve Banking and Private Debt-based money (credit). Watch Part 3 First (pause to listen again around min 4 and 7). Important to note that Public Banking alone is not enough. It does not address the root of the problem, namely the Fractional Reserve System, but the NEED Act does. For example, in the United Kingdom, 75% of lending goes directly into fueling asset price bubbles such as housing, while only 25% is channeled to business and the productive sector. The banking sector is failing to fulfill its supposed role in a capitalist economy. [Source: Positive Money, UK]

America have had a long history of Public Banking starting before the American Revolution. From the perspective of money and banking American History looks very different, see youtube on the Real Tea Party. View articles on New Economy and how it is unfolding in YES magazine! Free Speech TV

In Buddhist philosophy, wholesome, mindful and skillful View without bias plays a key role in entering and walking the path of awakening and freedom for both the individual and society as a whole. Venerable Sariputta described, "A Nobel Disciple is one of right view, whose view is straight, who has perfect confidence in the Dhamma, and has arrived at this true Dhamma." My wiki take on  Dharma is to cultivate the knowledge and practice of living principles that upholds the fabric of reality, natural phenomena and personality-gestalts of human beings in dynamic interdependence and harmony.


Ricardo said...

This could be the beginning of the shift from our current, corrupt monetary based economy to a truly just, sustainable, efficient and abundant "resource based economy". Learn more:

Ricardo said...

Occupy Wallstreet, etc. could be the beginning of the shift from our current, corrupt monetary based economy to a truly just, sustainable, efficient and abundant "resource based economy". Learn more:

You Tube Video List

PBS Commanding Heights: Battle of Ideas for the World economy, Part 1 & 2