Ellen Brown: Bypassing Wall Street
A Public Bank for Mendocino County
Efforts are under way in one of the smaller counties of California, 100 miles north of San Francisco, to set up a local public county bank. Mendocino might be the first in the US since the early nineteen hundreds unless the city of San Francisco, where plans are well developed to create such a bank, beats Mendocino to the punch.
Such a public bank would be authorized to remove the county’s funds from the commercial bank that now manages the deposits. The County Bank would be able to use the same credit system that private banks use – which means access to the current 0.25% interest rate instead of the going rate of 5 to 8% [ . . . ]
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