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Economy
See other Economy Articles

Title: Ayn Rand’s Worst Nightmare
Source: CounterPunch
URL Source: http://www.counterpunch.org/2015/03/16/ayn-rands-worst-nightmare/
Published: Mar 16, 2015
Author: Phillip Doe
Post Date: 2015-03-17 04:39:17 by A Pole
Keywords: banks, money, liberty
Views: 1145
Comments: 7

A few weeks ago a Colorado grassroots group, Be the Change, of which I am a board member, sponsored an all -day conference on public banking. I know, it sounds like the equivalent of an all- day climate debate between aging Republican Senators, but the public banking concept may have some value, it might even surprise you. Indeed, it could provide a source of funding for desperately needed infrastructure, particularly at the local level.

Over 20 states are looking into the public banking option. But only one, North Dakota has a public bank, and it dates from the populist era, early in the last century. In a recent WSJ article the North Dakota bank was lauded for having a return on investment of almost 20 percent, a 70 percent greater return than either Goldman-Sachs or J.P. Morgan, two of Wall Street’s best bullies.

From a short-term perspective, a public bank’s chief advantage is that revenues generated at the city, county, and state level from taxes and fees, stay in the state. They would no longer be sent to the grand casino that has become Wall Street where the prospects of another melt down grow. The recent actions of Congress make it likely that giant retirement funds such as Colorado’s public employee’s retirement plan, PERA, can be appropriated to cover Wall Street speculative losses should a melt down occur. Even FDIC insured personal accounts might be at risk. Moreover, the high management fees Wall Street charges for using our money to gamble with would be eliminated, thus greatly increasing the amount available for local and regional projects of wide public support and interest.

Critical to a public bank is its structure. If it looks like just another bank, public support and interest will be ho hum, at best. But if it is chartered so that management rests with a citizen advisory board, with a professional banking staff answering to them, interest will be sustained, with the public interest more likely to be served.

And if the banking management is paid on a scale consistent with prevailing professional salaries within the state or region it serves, a sense of common or shared interest might be possible. Adopting anything resembling Wall Street’s outrageous self-dealing in salary and bonus structures would be self-defeating. Salaries based on public sector pay for professionals should be the model. After all bankers are no better than engineers, teachers, and scientists, as the numerous bank failures throughout our history clearly demonstrate. Teachers have a much better success ratio and a much tougher work environment.

In the long term, city and regional banks, the latter called mutual banks by public banking advocates, hold more promise. The closer to home the decision-making, the better the potential outcome is a truth self-evident. A dithering, science denying, money-corrupted, war-mongering Washington provides the mother of all counterpoints. Our state legislature isn’t that far behind, lagging only in money and war making capacity, though the legislature’s mindless catering to the oil industry in giving the industry preemptive rights over the people’s rights of self determination, when rightly understood, constitutes an undeclared war on the people.

[...]

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#1. To: A Pole (#0)

Give the government any money we may have left over, after they've screwed us over and over again?

Gee, what could possibly go wrong?

Dead Culture Watch  posted on  2015-03-17   5:02:27 ET  Reply   Trace   Private Reply  


#2. To: A Pole (#0)

And if the banking management is paid on a scale consistent with prevailing professional salaries within the state or region it serves, a sense of common or shared interest might be possible. Adopting anything resembling Wall Street’s outrageous self-dealing in salary and bonus structures would be self-defeating. Salaries based on public sector pay for professionals should be the model. After all bankers are no better than engineers, teachers, and scientists, as the numerous bank failures throughout our history clearly demonstrate.

I'm not certain how Ayn Rand figures into this. She is at best a marginal thinker with regard to the dominant business cycle dogma of the Von Mises flavor of Austrian economics.

It's a little hard to tar modern libertarians (other than the aged and dwindling and cranky Objectivist faction) with Ayn Rand. The Rothbardians openly mock her and have endless tales of how Rothbard and others like Ron Paul laughed at her and considered the Randian libertarians to be a cult, not a serious school of economic thought.

The Left uses Ayn Rand as a straw-man argument they can easily knock down or, as with this article, use it for click-bait on their blogs. It's like the 2008 and 2012 phenomena that every news site and website quickly learned: any mention of Ron Paul would automatically draw large and even intense traffic. They played it like a fiddle to increase their Google rankings. Now the Left uses Rand as their whipping boy against libertarian appeals to the Left.

It is the libertarians themselves who reject Rand's economic ideas though the sales of her old novels are still brisk as a kind of libertarian ideology.

I would guess that a large majority of modern libertarians would agree that breaking up the too-big-to-fail banks and their monopoly would be more transparent and lead toward sounder management of the banking system and less liability to taxpayers. Also, the biggest banks are the biggest lobbyists and deeply connected to the Federal Reserve and to Treasury. So the Big Banks and the Federal Reserve are in bed together.

The libertarian response to this piece and to the Left is: "What took you so long to figure out this is a corrupt monopoly system buttressed by the Fed and big-bank lobbying interests?"

I recall the Lefty political writer and feminist (and one-time fashion consultant to AlGore back in 2000), Naomi Wolf, who encountered libertarians and eventually found she did hold many views in common with libertarians. She mentioned a number of times that the Left really needed to learn from libertarian economic theory and she has become a steady voice on the Left for the wisdom of Hayak and von Mises. Naturally, there are limits to what she agrees with but there was more common ground than she expected to find. It seems the biggest problem, as she pointed out, was that the Left is too ignorant of economic theory to grasp the issues adequately.

Tooconservative  posted on  2015-03-17   8:31:55 ET  Reply   Trace   Private Reply  


#3. To: A Pole (#0)

Public Banking is the way to go to remove the profit motive (and markup) from fundamental needs.

Educational costs and mortgages on primary residences (only) should be financed directly by government bank loans. The interest rate should be fixed to be sufficient to pay the operations of the bank (on a no-bonus basis) and nothing more. Payback terms should be amortized over a lifetime, with any balance due out of the estate of the deceased.

Vicomte13  posted on  2015-03-17   8:51:48 ET  Reply   Trace   Private Reply  


#4. To: A Pole (#0)

They would no longer be sent to the grand casino that has become Wall Street where the prospects of another melt down grow.

What bodily orifice is the author pulling that out of?

The community bank where I do business makes most of its profit from commercial and residential lending in the community where it exists.

VxH  posted on  2015-03-17   9:30:11 ET  Reply   Trace   Private Reply  


#5. To: A Pole (#0)

Colorado’s public employee’s retirement plan, PERA,

Ef 'em, and the L.I.F.E.R. jackwagon they rode in on.

VxH  posted on  2015-03-17   9:32:52 ET  Reply   Trace   Private Reply  


#6. To: Vicomte13, A Pole (#3)

You reminded me of an article on German banking and feces that I posted at LP in 2011.

Vanity Fair: It’s the Economy, Dummkopf!

You might think this is the only feces-related article ever written on German banking but you would be very wrong.     : )

DDG: German banking and excrement

In short, Germany's banks were the patsies for all the financial misbehavior of Wall Street banks who taught countries like Italy and Greece how to cheat EU budgetary laws and to buy up bad mortgage packages as investments. Also, they cover how much more modestly German bankers are paid compared to their American counterparts.

Tooconservative  posted on  2015-03-17   10:11:11 ET  Reply   Trace   Private Reply  


#7. To: TooConservative (#6)

The objective is for people who need to borrow money for the fundamental necessities of life: housing, education (to be able to get a job), to be able to do so at nearly zero interest, with lifetime amortization, and with the availability of tax records and estate taxation as the means to verify income and reclaim unpaid balances.

Vicomte13  posted on  2015-03-17   15:13:19 ET  Reply   Trace   Private Reply  


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