Help Me With Sign North Dakota Banking Medical History

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Philadelphia Pennsylvania one of America's truly great historic and economically important cities birthplace of American democracy at home today for one and a half million people Philadelphia is also home to 31 Fortune 1000 companies u.s. headquarters for 19 foreign corporations and a major transportation and logistics habit it's one of America's richest cultural academic and entertainment centers a vibrant healthy City especially for those fortunate enough to be among the wealthy and well-to-do but an apartheid Philadelphia is emerging long term chronic unemployment is well above that of Boston or New York with catastrophic unemployment levels affecting many middle-aged adults and no or low-paying jobs for the young rampant foreclosures and abandoned buildings blight entire neighborhoods Philadelphia has over 40,000 vacant properties and thousands of residents with no place to call home it has the second highest poverty rate among America's 20 most populous cities a financially failing school system is shortchanging an entire generation of children reeling from a 280 million dollar payout to Wall Street for their interest rate swap Hustle the city itself has lost another 331 million dollars to Wall Street from interest rate swaps and it stands to lose hundreds of millions more middle-class workers are being told that the municipal budget can only be balanced with pay cuts and cuts to their hard-earned retirement income at the heart of this crisis is a predatory banking system centered on Wall Street that precipitated an economic catastrophe which has cost average Americans the 99% trillions of dollars even as those who caused the catastrophe grow ever more obscenely wealthy banksters who reap the rewards of massive fraud in a system which fails utterly to perform its most basic and essential mission that of providing affordable credit and capital for locally driven economic development and the jobs and prosperity that follow the word is that Philadelphia is going the way of Detroit nearly broke and soon unable to meet its obligations to employees citizens children and creditors but wait the city of Philadelphia and its agencies and authorities have more than 6.4 billion dollars in investments so it isn't really broke at all again the people of the city of Philadelphia owned a portfolio of investments amounting to more than 6.4 billion dollars the stark contrast of Philadelphia debt and deterioration said against the surprising reality of its significant financial assets raises a central question why why isn't the full financial strength of Philadelphia put to work to preserve protect enhance and create prosperity for all its residents why aren't we able to achieve real progress on our most pressing needs and invest in our most promising opportunities the answer is that while many talk of doing something different something out of the box so far it has been all talk but Pennsylvania Project Chairman Mike Krauss thinks that now is the time to actually get Philadelphia out of the box and create a new model of municipal finance a public Bank of Philadelphia Philadelphia looks like the kind of place where we could really put public back into good use this city is hurting everybody knows it there's no help coming from Washington there's help coming from Harrisburg you look at what happened in Detroit and you can see the cities are looking for new ways to deal with missile finances a new creative ways really not just saying out-of-the-box but actually being out-of-the-box we think public bank is that kind of out-of-the-box thinking that can really make an impact on how the city manages its assets as resources and puts in a better use for the people of this city so what is a public bank and how does it work in order to protect taxpayers money you've got to put it where it's safe County Treasurer's or those who have fiduciary responsibilities generally have three criteria for where they put the money it must first of all must be secure it must be liquid they have to get their hands when they need it and then they look for return return has never been the big driver of where a County Treasurer puts the money it's got to be safe and it's got to be liquid we're making the argument that the biggest banks on Wall Street really aren't safe that they've got so much exposure in derivatives and who knows what else they're in danger of going down and taking appositives with them we think money is much safer closer to home it's also more productively used all the money Philadelphia has on deposit let's say Wells Fargo that money's not being put to work in Philadelphia let's put the money locally where it can be put to use in Philadelphia there are a couple ways to do that one is of course put it in your own bank that's our preferred method start your own bank and put the money there a public Bank of Philadelphia would keep local tax revenues and public investments circulating in the city's economy and neighborhoods investing in the future of Philadelphia instead of letting these funds be siphoned off by Wall Street and the global banking cartel a public Bank of Philadelphia would partner with community banks credit unions and economic development agencies to direct affordable credit into mission-driven Neighborhood Development Public Interest investment and job creation it needs to take some part of this city's assets for its own bank and then put those assets to work leverage them like any bank does but not as a commercial bank not as a direct lender to anybody rather working through existing community banks to increase their lending into the markets that they serve and reach new markets also at the same time so it's a way of multiplying the ability of local banks and credit unions and development agencies to get their job done but giving them far bigger resources with which to get those jobs done it would be a transparent and accountable city financial institution that protects public assets puts the Commonwealth to work for the common good increases municipal financial flexibility reduces municipal and school district indebtedness put an end to dependence on Wall Street predators and con men and enable a host of other initiatives that today sit on the hopeful shelf of someday future investments proof that public banking works is best shown in the state of North Dakota where America's only public bank has been the central financial engine for their continuing prosperity for the past 94 years the Bank of North Dakota is North Dakota's own central bank disconnected from the policies and practices of the Federal Reserve and Wall Street several facts prove this case while Wall Street banks around the world collapsed and destroyed the prosperity of hundreds of millions globally the Bank of North Dakota didn't even notice required no bailouts and went right on lending into the state's economy and communities with the population size of about one third that of Philadelphia the Bank of North Dakota boasts more than 6 billion dollars loaned into the state's economy and contributes about 30 million dollars a year to state revenue instead of taxes and helps produce consistent state surpluses North Dakota has the lowest foreclosure rate in the nation the lowest unemployment in all 50 states for over a decade virtually free financing of public works projects more than double the national average of community bank offices per capita and no bank failures for over 20 years and this powerhouse public bank consistently pays rates of return far above the returns on the investments of cities like Philadelphia or its pension funds terrific right yes but there's one more difference even more impressive the bank was just doing its job of carrying out its mandate and mission to use public funds to serve the public interest support for businesses agriculture families communities citizens students economic development and job creation is North Dakota's public bank mission Philadelphia's public bank will need its own mission what should it be what could it be what critical areas of city life institutions infrastructure and neighborhoods do you think should be included in Philadelphia city council deliberations on the mission and purpose of a new public Bank of Philadelphia create good-paying jobs deliver a world-class first-class public education for our children protect and enhance the quality and health of our environment the usefulness and efficiency of our infrastructure and the effectiveness of our city institutions please think this through Philadelphia needs you and your vision of what the new economy and future of our city might be because with our public bank behind us we can actually afford it it's an exciting new opportunity and a game-changer the question why is important to do this now is because many of us think there's so much time left the concentration of wealth has gotten so great that's a danger we're going to reach a tipping point when it's going to be very very difficult sort of a revolution to regain broadly shared political power and broadly shared prosperity for the great majority of the American people and also it's important now because as we've just seen you know Detroit declaring bankruptcy for example cities are running out of options the old way of doing things I've tied this boom bust cycle we need to get around that I believe in American democracy I think it's being stolen from us I think what I learned in college a long time ago than any government political power flows from wealth and when wealth is highly concentrated then so to a political power is concentrated so to D concentrate political power maintain a democracy we have to deep concentrate wealth and the power will flow just that way thirty years ago this country had a very strong middle class highly democratic country because wealth was spread broadly among the population now it's highly concentrated in the one percent is like to call them well that's real and here's the 99 percent where all this wealth over here that also concentrates political power I believe in democracy I want to govern of the people by the people and for the people if you are watching this video you're invited to help make it happen a public Bank of Philadelphia is vital to protect the city from a debt slide into becoming another Detroit and instead create a new and local financial engine committed to creating wealth and security in every neighborhood of the city the Public Bank of Philadelphia will belong to you this is a nonpartisan grassroots initiative to simply take back control of our money from Wall Street and reinvested in Philadelphia's Main streets that's just common sense and it's high time we use it we look forward to your contributions to this effort with thanks in advance