At their 2012 National Conference the Public Banking Institute had a 12 year old speaker, Victoria Grant, make the point about the importance of public banking. It was an amazing speech and a good lesson for what we ought to be doing. Victoria explains how the public is being robbed by financial institutions in Canada, no different than what is happening in many places like the United States.
In fact, right here in Emeryville with the Emery Unified School District sale of a Capital Appreciation Bond. Emeryville Taxpayers will repay FOUR TIMES the amount of the money used for the Project. . 75% OF THE DEBT IS INTEREST. This is a gross example of what the Public Institute of Banking is about. Even a 12 year old knows better.
There is one State, North Dakota, with a state owned public bank. They don’t pay interest on bonds sold in North Dakota. what kind of facilities could we have, if there was a state owned bank in California? The above link for the Public Banking Institute explains.