The PBFI would like people to learn all about the differences between public and private banking. Recent history of banking in Ireland, demands that we do banking differently: Recent history of banking in Ireland is a litany of abuse of privilege by big private banks: this must be stopped.

IRELAND NEEDS A DIFFERENT CONCEPT IN BANKING, a concept of PUBLIC BANKING FOR THE BENEFIT OF THE 99% of the Irish people. To achieve this objective, everyone needs to know and understand the following.

1. Since the early 70s most countries have waved their sovereign right to print their own money and have handed it over to private banks. In the USA this fact has cost the federal government $9 trillion, more than half of its $17.3 trillion debt. This debt is owed by way of interest to the FED, a privately owned business, and this has been accumulated over just the past 26 years.

2. Central Banks do the bidding of The Bank of International Settlement and big banking cartels.

3. Courtesy of professor Margarite Kennedy, we now know that up to 40% of everything we buy is interest: that is the average. In the case of garbage collection the interest element is about 12% whereas in the case of rents, the interest element is as high as 70%. This interest must be targeted for the benefit of the public through a comprehensive public banking service. The private banking cartels have hived off and stashed away, in excess of $23 trillion, by way of interest charged and collected.

4. Ireland’s total debts are difficult to calculate: Various sums have been presented: D MacWilliams suggests about €720 billion: Eddie Hobbs says it is €1,000 billion…..others say it’s even more than that. Please consider the following: In 2013, Ireland’s total tax take was about €34 billion, whereas the people of Ireland paid something of the order of €40 to €50 billion in interest:///// in 2014, the interest on Irish government debt alone, will be in the order of €9 billion. We must work to keep the lion’s share of this interest IN HOUSE FOR THE BENEFIT OF ALL.

5. Germany today has in excess of 2000 independent banks servicing its population. England has 5, and Ireland has 2/3: To match the German model, Ireland could have 100 independent banks. 64% of Germanys banking services are publicly owned. Ireland must study this model.

6. The Japanese PostBank is also a worthy study. Recently political and external influences are forcing the sale of PostBank which served Japan so well to the private sector. Although theoretically privatized in 2007, it has been a political football, and 100 percent of its stock is still owned by the government. Ireland needs to learn how it works so successfully for the benefit of the Japanese people. Currently Irish savings of maybe €100bn are both at risk of BAIL-IN and are earning little or nothing by way of interest: after inflation, the interest is negative. At the same time, the Irish government is borrowing on the market at up to 6%; HOW DOES THIS MAKE SENSE; HOW IS THIS PRACTICE IN THE INTEREST OF IRISH PEOPLE? There may be as much as €6bn to be saved here for Irish people, this would allow more nurses, and more teachers etc to be employed, and more money for the SME sector etc. etc. etc.

7. By 2017, Ireland and the EU will be cashless. You will need a plastic card to go to church, to go to a football match, or to buy a pint of milk: did you vote for, or ask for this system of control over your personal life?



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Alex Templeton speaking at ECOBATE - UK - 2013

Councils should "bring local banks into being" so they can become "powerful partners" and promote economic, social and environmental benefits to their communities.

Published on Mar 21, 2013 Speaking at the 2nd European Conference on Banking and the Economy (ECOBATE) in Winchester, Alex Templeton, Director of the Farm Energy Project, explains how a disfunctional financial system has made it harder to lend to small businesses which in turn impacts communities.

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