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Regime Change at the Fed: From Big Bank Bailouts to Local Productivity
On January 30, when former Federal Reserve board member Kevin Warsh was nominated by President Trump as the central bank’s next chair, markets sold off and gold and silver plunged. Investors were positioned for a “dove,” someone inclined to cut rates aggressively and keep money loose; and Warsh has a long-standing reputation as a “hawk.” So wrote Michael […]
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Why New York City Needs a Public Bank
We will build a city-owned bank — not to serve shareholders, but to serve you. A bank that invests in housing, in transit, in climate resilience. A bank that puts our money to work for our people. — Zohran Mamdani, Victory Speech, Nov. 4, 2025 New York City has elected a mayor who dares to challenge […]
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How a Fed Overhaul Could Eliminate the Federal Debt Crisis, Part II: Curbing Fed Independence
There has been considerable discussion in recent years about reforming, modifying, or even abolishing the Federal Reserve. Proposals range from ending its independence, to integrating its functions into the U.S. Treasury Department, to dismantling it and returning monetary policy to direct congressional or Treasury oversight. The Federal Reserve Board Abolition Act (H.R. 1846 and S. 869, 119th […]
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President Trump’s Proposal to Eliminate Income Taxes: Can It Be Done?
In February, President Trump said that tariffs would generate so much income that Americans would no longer need to pay income taxes. The latest plan, according to U.S. Commerce Secretary Howard Lutnick, is to abolish income taxes for people who earn less than $150,000 yearly. That move would affect roughly 75% of workers, according to U.S. Census Bureau data. On its […]
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How Unelected Regulators Unleashed the Derivatives Monster and How It Might Be Tamed
It was not the highly visible acts of Congress but the seemingly mundane and often nontransparent actions of regulatory agencies that empowered the great transformation of the U.S. commercial banks from traditionally conservative deposit-taking and lending businesses into providers of wholesale financial risk management and intermediation services. — Professor Saule Omarova, “The Quiet Metamorphosis, How […]
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Why Does the Government Borrow When It Can Print?
In the first seven months of Fiscal Year (FY) 2024, net interest (payments minus income) on the federal debt reached $514 billion, exceeding spending on both national defense ($498 billion) and Medicare ($465 billion). The interest tab also exceeded all the money spent on veterans, education, and transportation combined. Spending on interest is now the second […]
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It’s Time for Citi to Cut Ties with Genocide
The U.S. arms and supports Israel’s genocide and one of its largest banks, Citibank, plays a key role. Our latest visual in partnership with the Banking on Solidarity campaign illustrates how Citi helps arm Israel, finances weapons companies that make the weapons Israel uses in Gaza, and invests in the Israeli financial and tech sectors. […]
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Tackling California’s Budget Crisis: Raise Taxes, Cut Programs, or Form a Bank?
In 2022, the state of California celebrated a record budget surplus of $97.5 billion. Two years later, according to the Legislative Analyst’s Office, this surplus has plummeted to a record budget deficit of $73 billion. Balancing the budget will be challenging. Unlike the federal government, the state cannot just drive up debt and roll it […]
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The Public Bank That Wasn’t: New Jersey’s Excursion into Public Banking
In 2017, Phil Murphy, a former Goldman Sachs executive, made the establishment of a public, state-owned bank a centerpiece issue during his run for New Jersey governor. He regularly championed public banking in speeches, town halls and campaign commercials. He won the race, and the nation’s second state-owned bank following the stellar model of the Bank […]
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It’s Not Personal… Just Business!
Just watched a 2020 documentary entitled Dirty Money that covered a slew of scams perpetrated on American consumers. The segment on Scott Tucker really got my goat. Here’s a bit of a background on this character and his disgusting shenanigans: In 1991, Tucker was convicted for his illegal activities, including mail fraud, associated with a […]
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