Inspiring: Reimagining the Economy Media Articles
Below are key excerpts of inspiring news articles on reimagining the economy from reliable news media sources. If any link fails to function, a paywall blocks full access, or the article is no longer available, try these digital tools.
For further exploration, delve into our Inspiration Center.
Community wealth building initiatives are taking hold in cities across the world, strengthening worker pay, local economies and democracy. A recent help-wanted ad for a laundry worker in Cleveland contained some unusual language, asking prospective candidates: “Have you ever wanted to work for a company that is 90 percent employee-owned?” The ad went on to identify Evergreen Cooperative Laundry as the only employee-owned commercial laundry firm in the country, citing a commitment to building the wealth and careers of its employees. The cooperative movement in the Rust Belt city of Cleveland has deep roots in community struggle for shared wealth. Its earliest origins are in the Mondragon co-op movement of the Basque Country in northern Spain, where tens of thousands of workers are organized into a vast co-op network that has flourished since the 1950s. Here in the U.S., when steel companies were closing down throughout the Ohio Valley in the 1970s ... a small band of activists promoted the idea of worker ownership. The model is a simple one: First, identify anchor institutions — hospitals, universities, seats of government — that are not going to relocate in search of higher profits and incentivize them to do their procurement of supplies and services locally, so that those dollars stay at home. Then, make regulatory, financing and policy changes that support the growth of cooperatives to supply their needs, so that the business profits stay with the workers.
Note: Explore more positive stories like this in our comprehensive inspiring news articles archive focused on solutions and bridging divides.
Soon after giving birth to a daughter two months premature, Terri Logan received a bill from the hospital. She recoiled from the string of numbers separated by commas. Then a few months ago Logan received some bright yellow envelopes in the mail. They were from a nonprofit group [RIP Medical Debt] telling her it had bought and then forgiven all those past medical bills. The nonprofit has boomed during the pandemic, freeing patients of medical debt, thousands of people at a time. Its novel approach involves buying bundles of delinquent hospital bills – debts incurred by low-income patients like Logan – and then simply erasing the obligation to repay them. It's a model developed by two former debt collectors, Craig Antico and Jerry Ashton, who built their careers chasing down patients who couldn't afford their bills. RIP buys the debts just like any other collection company would – except instead of trying to profit, they send out notices to consumers saying that their debt has been cleared. A surge in recent donations – from college students to philanthropist MacKenzie Scott, who gave $50 million in late 2020 – is fueling RIP's expansion. To date, RIP has purchased $6.7 billion in unpaid debt and relieved 3.6 million people of debt. RIP is one of the only ways patients can get immediate relief from such debt, says Jim Branscome, a major donor. "As a bill collector collecting millions of dollars in medical-associated bills in my career, now all of a sudden I'm reformed: I'm a predatory giver," Ashton said.
Note: To understand the corruption in healthcare that results in expensive medical bills, read this revealing 10-page summary of medical doctor Marcia Angell's book The Truth About Drug Companies. To further explore stories that help create the world we want to live in, check out our inspiring news articles collection and our Inspiration Center.
“Shady Pines, Ma!” If that quip sounds familiar, it’s probably because you spent some happy half hours laughing at the hit Golden Girls sitcom. The character played by Bea Arthur was related to one other roommate — her mother Sophia. The other two characters, Rose and Blanche, were, like Dorothy in their late 40s to mid-50s. Why were these women sharing a single family house? What are the housing alternatives for older and middle-aged singles? For many, it’s co-living, which provides advantages well beyond the financial. “The number one benefit ... is the social aspect of shared housing,” explains Maria Claver [of] California State University. “More than any other lifestyle factor (including smoking, diet and exercise), we know that having social support is the most important predictor of morbidity (or illness) and mortality. Having housemates is not the ideal living arrangement for everyone. For those wanting their own space, but seeking the benefits of community and camaraderie, cohousing is a viable alternative. Cohousing offers all of the benefits of living in community – connection, common meals, frequent activities, knowing your neighbors – but with the added benefit of privacy that isn’t always available in shared homes. When we have access to a social safety net, neighbors who care about us, people who can drive us to doctor’s appointments or bring us meals during a difficult time in life, we are more likely to experience stability and wellbeing.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
It was six years ago when CEO Dan Price raised the salary of everyone at his Seattle-based credit card processing company Gravity Payments to at least $70,000 a year. Price slashed his own salary by $1 million to be able to give his employees a pay raise. He was hailed a hero by some and met with predictions of bankruptcy from his critics. But that has not happened; instead, the company is thriving. He said his company has tripled and he is still paying his employees $70,000 a year. "I make $70,000 a year," Price [said]. According to the Economic Policy Institute, average CEO compensation is 320 times more than the salaries of their typical workers. Price said despite the success his company has had with the policy, he wishes other companies would follow suit. "I would say that's the failure of this. You know, I feel like I've been shouting from the rooftops like, 'This works, this works, everybody should do it!' and zero big companies are following suit because the system values having the highest return with the lowest risk and the lowest amount of work," Price said. Price thinks Gravity's returns are up in large part because bigger paychecks have lead to fiercely loyal employees. "Our turnover rate was cut in half, so when you have employees staying twice as long, their knowledge of how to help our customers skyrocketed over time and that's really what paid for the raise more so than my pay cut," said Price.
Note: Explore more positive stories about reimagining the economy.
Having learned from other cities’ attempts to address homelessness, Albuquerque, New Mexico, has opened a village of tiny homes (THV). It hopes fostering a sense of community will prepare residents for permanent housing. But villagers aren’t supposed to spend too much time in their new homes. The center of the community is the “Village House,” where residents can cook, do laundry, hold meetings, go to the library, and watch television. They also do chores and help run the village. When people experiencing homelessness move off the street, “they lose [their] community,” says Ilse Biel, resource manager for the THV. “It takes forever to forge a new community.” “With this model we’re almost trying to force the issue,” she adds. The THV provides access to an occupational therapist and psychiatric nurse, as well as volunteers who help residents with computer skills, résumé building, and mock interviews. What Henry Esquivel likes most about his new house is the blast of cold air it delivers when he walks in. It’s a big change from the Ford F-150 he used to sleep in. It’s more spacious too, despite his new house being just one room. And it comes with neighbors – all of whom, like him, recently experienced homelessness. A few doors down is Mark Larusch. The father of three has potted plants and an Adirondack chair on his patio. A few doors further away is the woman whose large, black Labrador, Dottie, greets Mr. Esquivel excitedly every day.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
A pilot project in a California town is paying homeless residents to tidy up their living areas, and it's changing the culture of the city. The idea stemmed from a conversation with one of the city's police sergeants, said Sarah Bontrager, the housing and public services manager for Elk Grove, a city of 174,000 people located 15 miles south of Sacramento. "We got together to talk about homelessness, and from my prospective I wanted to build better relationships with people who were experiencing homelessness, and he wanted to address some of the complaints that come to his officers," Bontrager told CNN. The number one complaint surrounding homelessness was the amount of trash. "Our public works staff were previously doing cleanups out at encampment sites ... and just spending a lot of time and money doing it. We also wanted a way to reduce interactions at the early stages of Covid," she said. So they came up with the idea to offer an incentive to those who live in the homeless encampments to clean up their area. "We distribute trash bags, and we go out every two weeks to pick up the trash, and if they have it bagged, they are eligible for up to $20 in gift cards to a grocery store," Bontrager said. The recipients can use the gift cards on anything but cigarettes and alcohol. Bontrager said that they usually use them for food or hygiene items. Many of the homeless residents have expressed how thankful they are to be able to go pick out items themselves instead of relying on shelters.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Bitcoin usage in emerging markets is increasing rapidly. And while it’s true that Bitcoin can be a better alternative for unbanked peoples who don’t have the means, access, or even the basic proof of identity to open a bank account, it turns out its biggest benefit today for many people is that Bitcoin is censorship-resistant. In other words, government cannot throttle, control or monitor your behavior as they can in the legacy financial world. In 2020, protests against the government erupted in Lagos and across Nigeria because of the brutal and illegal actions of a unit in the police force. Within days, groups supporting the protesters had their bank accounts frozen. With no other option, they turned to Bitcoin, raising funds that sustained the movement. Peer-to-peer Bitcoin transactions can be zero-fee, a big break from the much higher fees many in Africa are forced to pay for basic financial services, such as those for remittances, which are on average closer to 9%. Alex Gladstein, chief strategy officer for the Human Rights Foundation, has identified a number of other countries, including China, Russia, Belarus, and Myanmar, where the government uses the monetary and banking systems to silence dissidents. Recent deplatforming by big social media companies of certain groups and individuals ... has raised concerns about similar risks in financial services, where banks can limit access to bank accounts, credit cards, and so forth.
Note: Watch our latest video on the potential for blockchain to fix government waste and restore financial freedom. Explore more positive stories like this on technology for good.
There’s a new “village” in Los Angeles — and it’s filled with tiny homes. Earlier this month, nonprofit Hope of the Valley Rescue Mission opened its first “Tiny Home Village,” to help combat homelessness. The first village ... has 40 tiny homes and 75 beds that Hope of the Valley will be offering to people who are trying to find permanent housing. Each of the tiny homes is 64 square feet and has two beds, heating, air conditioning, windows, a small desk and a front door that locks, according to the website and a video tour of the village led by Hope of the Valley founder and CEO Ken Craft. Residents will also have access to a hygiene trailer, with five showers, five toilets and five sinks and a laundry facility, which has five washers and dryers. Residents will also be given three meals a day and some of the tiny homes are even wheelchair accessible. The village is also pet-friendly and has a dedicated dog run, according to Craft’s video tour. Support services such as case management, housing navigation, mental health help, job training and placement will be provided to residents onsite. “This is an incredible community where people will live together, but they all have something in common: they’re trying to exit homelessness,” Craft said during the tour. “They’re trying to overcome the obstacles and barriers that are keeping them unhoused.” The Chandler Boulevard village is the first of its kind in the Los Angeles area. However, Hope of the Valley is planning to open another village in April.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Jennifer Drouin, 30, headed out to buy groceries in central Amsterdam. Once inside, she noticed new price tags. The label by the zucchini said they cost a little more than normal: 6¢ extra per kilo for their carbon footprint, 5¢ for the toll the farming takes on the land, and 4¢ to fairly pay workers. The so-called true-price initiative, operating in the store since late 2020, is one of dozens of schemes that Amsterdammers have introduced in recent months as they reassess the impact of the existing economic system. In April 2020, during the first wave of COVID-19, Amsterdam’s city government announced it would recover from the crisis, and avoid future ones, by embracing the theory of “doughnut economics.” The theory argues that 20th century economic thinking is not equipped to deal with the 21st century reality of a planet teetering on the edge of climate breakdown. Instead of equating a growing GDP with a successful society, our goal should be to fit all of human life into what Raworth calls the “sweet spot” between the “social foundation,” where everyone has what they need to live a good life, and the “environmental ceiling.” By and large, people in rich countries are living above the environmental ceiling. Those in poorer countries often fall below the social foundation. The space in between: that’s the doughnut. Amsterdam’s ambition is to bring all 872,000 residents inside the doughnut, ensuring everyone has access to a good quality of life, but without putting more pressure on the planet than is sustainable.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Around the world, people have been turning to swapping, trading and bartering during the coronavirus pandemic, whether to do their bit for the local community, save money or simply source hard-to-find baking ingredients. With economic uncertainty looming and anxiety levels soaring, barter is becoming an emerging alternative solution to getting by – and staying busy. The increase in bartering is nowhere better exemplified than in Fiji. The country has a long tradition of barter, known as ‘veisa’ ... and Fijians have harnessed modern technology to connect even more people. “I knew that money would be tight to stretch out and even harder to come by. I asked myself what happens when there’s no more money? Barter was a natural solution to that,” says Marlene Dutta, who started the Barter for a Better Fiji group on 21 April. Its membership is just under 190,000 – more than 20% of Fiji’s population. Items changing hands have run the gamut – pigs for kayaks, a violin for a leather satchel and doughnuts for building bricks – but the most commonly requested items have been groceries and food. Bartering isn’t just for individuals looking for baking items or help with grocery shopping, however. Businesses are increasingly interested in joining barter exchanges, which have “doctors, lawyers, service companies, retailers – you name it”, says Ron Whitney, President of the US-based International Reciprocal Trade Association, a non-profit organisation founded in 1979 that promotes and advances modern trade and barter systems.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Another trend has entered the urban agricultural scene: agrihoods, short for agricultural neighborhoods. The Urban Land Institute defines agrihoods as master-planned housing communities with working farms as their focus. Overwhelmingly, they have large swaths of green space, orchards, hoop houses and greenhouses, and some with barns, outdoor community kitchens, and environmentally sustainable homes decked with solar panels and composting. Agrihoods, which number about 90 nationwide, are typically in rural and suburban areas. Within the city of Detroit, home to nearly 1,400 community gardens and farms, there is one officially designated agrihood, Michigan Urban Farming Initiative. The Michigan initiative is a 3-acre farm focusing on food insecurity in one of Detroits historic communities that was once home to a thriving Black middle class. Now the median home value is under $25,000, and about 35% of the residents are homeowners. The Detroit agrihood model plans to provide a Community Resource Center with educational programs and meeting space across from the garden, a caf, and two commercial kitchens. For us, food insecurity is the biggest issue, says, Quan Blunt, the Michigan initiatives farm manager. The closest [fresh] produce store to this neighborhood is Whole Foods [4 miles away in Midtown], and you know how expensive they can be. At MUFI, produce is free to all. The farm is open for harvesting on Saturday mornings.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
The Standing Rock movement in 2016 brought together Indigenous activists from across the nation to fight against the Dakota Access Pipeline. One of the demands of this movement included divestment from Wells Fargo, a bank that was funding development of the pipeline. This brought into the spotlight ... big for-profit banks that the government uses to invest public money into Wall Street, rather than local communities. Some of those investments include the fossil fuel industry, private prisons, immigrant detention centers, and more. The divestment movement is mostly about getting those government investments ... out of the big banks. The question then becomes where to put them. Some ... say the answer is public banking. In September, the California State Legislature passed Assembly Bill 857, a law that would allow a regulatory framework for public banking in the state. This would allow the establishment of banks that hold the governments money and include socially responsible charters. Debbie Notkin, who works with the California Public Banking Alliance, says that by law, all corporations, which includes private banks, are legally obligated to maximize profit. Public banks are not held to this expectation, however, and are instead mandated to serve their communities. Community investments have unlimited possibilities, including affordable housing, saving people from foreclosure, making student loans more affordable, and creating more infrastructure to defend against the effects of climate change.
Note: Ellen Brown is a dedicated researcher who has promoted public banks for years. Check out her excellent work on her website at https://ellenbrown.com. Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
A Danish bank has launched the worlds first negative interest rate mortgage handing out loans to homeowners where the charge is minus 0.5% a year. Negative interest rates effectively mean that a bank pays a borrower to take money off their hands, so they pay back less than they have been loaned. Jyske Bank, Denmarks third largest, has begun offering borrowers a 10-year deal at -0.5%, while another Danish bank, Nordea, says it will begin offering 20-year fixed-rate deals at 0% and a 30-year mortgage at 0.5%. Under its negative mortgage, Jyske said borrowers will make a monthly repayment as usual but the amount still outstanding will be reduced each month by more than the borrower has paid. The mortgage is possible because Denmark, as well as Sweden and Switzerland, has seen rates in money markets drop to levels that turn banking upside-down. Hegh said Jyske Bank is able to go into money markets and borrow from institutional investors at a negative rate, and is simply passing this on to its customers. In Denmark, interest rates on savings deposited in Jyske ... have already fallen to zero. In reality, the Jyske mortgage borrower in Denmark is likely to end up paying back a little more than they borrowed, as there are still fees and charges to pay to compensate the bank for arranging the deal, even when the nominal rate is negative.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
The chain of command at PV Squared, a solar panel installation company in Massachusettss Pioneer Valley, is admittedly convoluted. Technically, Im Kims boss, says general manager Jonathan Gregory of bookkeeper Kim Pinkham. But Kims on the board, and the board oversees my position, so technically shes my boss. As members of a worker-owned cooperative, the 40-plus employees elect their own board of directors and make decisions based not on majority rule, but by consensus. When theyre not holding the microphone, members at meetings express themselves with hand signals: a flat palm for a question or statement, a raised index finger for direct response, and a hand cupped in a C for a clarification. Currently, worker-owned entities employ about 17 million people, or 12% of the U.S. workforce. Such business can take a variety of forms, from equity-sharing plans like those found at Publix super markets, Land OLakes, and King Arthur Flour, to more radical models, like at PV Squared. By far the most common are employee stock ownership plans, or ESOPs. On the other end of the spectrum are workers collectives ... where there is no hierarchy. Collective Copies, a copy shop with 11 workers and locations in Amherst and Florence, Massachusetts, operates according to this model. After a trial period of six months, new hires are invited to become owners. Everyones on the board of directors, says Matt Grillo, a worker-owner who has been with Collective Copies for 20 years.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Time banks offer an alternative, powered by 21st-century technology, to the U.S. dollar. About 70 exist across the country — some with a few members, others with hundreds — to give value to work that members say often goes uncompensated in a traditional market economy. The Silver Spring Time Bank formed in 2015 and has about 300 members, said co-founder Mary Murphy. Last year, she said, 1,000 hours were exchanged for basic home repairs, dog walking, cooking and tailoring, among other services, without the exchange of money. “You get to save that money that you would have spent,” she said. “You get to meet somebody else in your community and get to know that person. That's a bonus.” Edgar S. Cahn, an 84-year-old law professor who had worked on civil rights and anti-poverty legislation in president Lyndon B. Johnson’s Justice Department, suffered a heart attack in 1980. He said doctors gave him two years to live, with “maybe two good hours a day. I thought: What do I do with two good hours a day?” he said, having beaten doctors’ expectations by nearly four decades. “I have to teach people to value themselves ... We’re all trained as human service professionals: 'How can I help you?'' ” he said. “None of us is trained to say: ‘How can you make a difference?’ I need you as much as you need me.” Cahn became a proselytizer for what he called the “time dollar” — a currency in which an hour of work is worth an hour of work, whether it’s performed by a maid, a mechanic or a mechanical engineer. In 1995, he founded the D.C. nonprofit TimeBanks USA, which developed the software used by many time banks around the world. Time banks can serve as small-business incubators and a way for seniors to remain active after retirement.
Note: Read more about the potential of time banking. Explore more positive stories like this in on reimagining the economy.
The world looks a little brighter from the front porch of your own home. It's a sight more than 200 formerly homeless people are waking up to each morning at the Community First! Village in Austin, Texas. And they can take their time getting used to it; residents are invited to stay for the rest of their lives. Community First! Village is built and run by the nonprofit Mobile Loaves & Fishes to lift the most chronically homeless off the streets and into a place they can call home. They live in about 100 RVs and 125 micro homes arranged on streets with names like "Peaceful Path" and "Goodness Way." Heavy machinery has broken ground on the neighboring 24 acres to add another 310 housing units. When complete, Mobile Loaves and Fishes believes it will be able to provide permanent homes for approximately 40% of the chronically homeless in Austin. The 51-acre planned village was designed to create a sense of community. The homes are "micro" on purpose, providing just enough comfort and privacy but small enough to encourage the owners to step outside. There they find front porches dotted along stone-paved paths that lead to community kitchens, laundry and wash rooms, meeting halls, playgrounds, a dog park, a barber shop, an outdoor movie theater, a medical facility and a community market. New residents might initially keep to themselves, but it is hard to resist the smell of Texas barbecue on the grill, or the sight of fresh vegetables grown on site and being sliced for the community potluck dinner.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Finlands much-lauded housing first approach ... has been in place for more than a decade. The idea is simple. To solve homelessness you start by giving someone a home, a permanent one with no strings attached. If they want to drink, they can; if they want to take drugs, thats fine too. Support services are made available to treat addiction, mental health and other problems, and to help people get back on their feet, from assisting with welfare paperwork to securing a job. The housing in Finland is a mix of designated standard apartments sprinkled through the community, and supported housing: apartment blocks with on-site services, built or renovated specifically for chronically homeless people. Formerly homeless residents ... pay rent from their own pockets or through the benefits afforded by Finlands relatively generous welfare state. The approach is working. As homelessness rises across Europe, Finlands numbers are falling. In 1987, there were around 18,000 homeless people. In 2017, there were 7,112 homeless people, of which only 415 were living on the streets or in emergency shelters. The vast majority (84 percent) were staying temporarily with friends or relatives. Between 2008 and 2015, the number of people experiencing long-term homelessness dropped by 35 percent. While its expensive to build, buy and rent housing for homeless people, as well as provide the vital support services, the architects of the policy say it pays for itself. Studies have found housing one long-term homeless person saves society around 15,000 ($17,000) a year ... due to a reduction in their use of services such as hospital emergency rooms, police and the criminal justice system.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
If a slim, yellow envelope with a Rye, N.Y., return address lands in your mailbox this holiday season, dont throw it out. Its not junk. Some 1,300 such envelopes have been sent to New Yorkers around the state, containing the good news that R.I.P. Medical Debt, a New York-based nonprofit organization, has purchased their medical debt and forgiven it. Last spring, Judith Jones and Carolyn Kenyon, both of Ithaca, N.Y., heard about R.I.P. Medical Debt, which purchases bundles of past-due medical bills and forgives them to help those in need. So the women decided to start a fund-raising campaign of their own to assist people with medical debt in New York. The women raised $12,500 and sent it to the debt-forgiveness charity, which then purchased a portfolio of $1.5 million of medical debts on their behalf, for about half a penny on the dollar. Many people take on extra jobs or hours to afford health care, and 11 percent of Americans have turned to charity for relief from medical debts, according to a 2016 poll. It has become increasingly easy for regular citizens to purchase bundles of past-due medical bills and forgive them because of the efforts of the debt-relief charity, which was founded in 2014 by two former debt collection industry executives, Craig Antico and Jerry Ashton. After realizing the crushing impact medical debts were having on millions of Americans, the men decided to flip their mind-set. They began purchasing portfolios of old debts to clear them as a public service, rather than try to hound the debtors.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Each year, beginning in the fall, a group of third-year architecture students from Auburn University take up residence in a small rural Alabama town to begin building a house. In the winter, when a new semester begins, they are replaced at the Newbern, Alabama, project site by another cohort of 16 students who finish up the job and prepare the house for its new occupants. The 20K Home Project began 13 years ago as a challenge to architecture students at Auburn to build a $20,000 house, with $12,000 in material and $8,000 for labor. The idea was to create the perfect house for needy families in rural areas where dwellings are often substandard and where affordable building can be a logistical challenge. To date, the student-led project has designed and built homes for nearly 30 households as part of Auburns Rural Studio, an off-campus, hands-on architecture program that has also constructed community centers, a library and other projects around Hale County, where Newbern is located. Created in 1993, Rural Studio partners with local nonprofits and uses cash and in-kind donations to cover the cost of the homes. It then makes a gift of the finished houses to low-income Newbern residents. Over the years, Rural Studio has developed design criteria for the homes, which are typically one- or two-bedroom single-family dwellings. In Newbern, a community of just under 200 people in the west-central part of Alabama, the median price of a home is about $65,000.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
The Los Angeles City Council is preparing to ask voters if they want to create a publicly owned bank, something no city or state in the United States has done in nearly a century. Council members voted Tuesday to start the process of putting a measure on the Nov. 6 ballot that would allow for the creation of such a bank by amending the city charter. The move is an early step in council President Herb Wessons plan to create a public bank, which he said could offer accounts to scores of city cannabis businesses that are shunned by commercial banks because of federal drug laws. It also could help finance affordable housing, he said. David Jette, legislative director of advocacy group Public Bank L.A., said putting the issue to a citywide vote could be a make-or-break moment for public banking, an idea that has gained steam since the financial crisis and lately seen an influx of support from the cannabis industry. Los Angeles, Oakland, San Francisco and the state of California are all in the process of studying whether they can or should start public banks, in part to serve cannabis businesses. For now, though, the U.S. has just one public bank: the Bank of North Dakota, established in 1919. Were cautiously ecstatic, Jette said after Tuesdays vote. This will be a referendum on the idea of public banking. I think this is an existential vote for our entire national movement.
Note: The measure was approved and will be on the November ballot for LA voters. For more, see this excellent webpage. Read a revealing article on how the Bank of North Dakota allowed the state to sail through the 2008 financial crisis while all other 49 states suffered. Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Important Note: Explore our full index to key excerpts of revealing major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.
