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 of North Dakota (BND) appeared to be in view.
Ellen, thank you for this important article and alerting us to the very concerning message of the Next Street report, which basically denies essential banking status to the proposed Public Bank of New Jersey. Hopefully this obstacle can be overcome and a real public bank on the model of PBN will be established in New Jersey and other states!
BTW, to clarify the concept of banks creating money when they make new loans, isn't it also true that as those loans are repaid, that money disappears? That's how Kristen Ragusin explains it, and it makes sense to me.
Ellen, thank you for this important article and alerting us to the very concerning message of the Next Street report, which basically denies essential banking status to the proposed Public Bank of New Jersey. Hopefully this obstacle can be overcome and a real public bank on the model of PBN will be established in New Jersey and other states!
BTW, to clarify the concept of banks creating money when they make new loans, isn't it also true that as those loans are repaid, that money disappears? That's how Kristen Ragusin explains it, and it makes sense to me.
Thank you for your continuing efforts to educate we the people on the subject of banking, Ellen. There are solutions.
Interesting so New Jersey and New hampshire, the sununu fraud and money laundering that brought down svb has reformed?