Public Banks Are Essential to Capitalism - Ellen Brown

``State and municipal governments already have public lending programs, which are generally not seen as distortions of the free market. They exist because private banks are not lending in some sectors that need financing. Montana finances first-time ranchers and farmers; Sonoma County has its Energy Independence Program; and San Francisco has half a dozen mortgage lending and small business programs. Globally, public banks lend countercyclically, providing credit when and where other banks won't.'' -- We don't agree that public banks are "essential" (we just think the presence of the Fed and onerous banking regulations has privileged the big national/Wall Street banks), but public banks would provide a great counterbalance to them.