Public Benefit Bank

There are a thousand and one problems facing society today and a significant number of them can be traced to insufficient funds. But that is not because there is insufficient money in circulation. In fact, there is plenty of money to address virtually every problem out there. The problem is not insufficient money, but rather how money is controlled and distributed that actually creates scarcity among abundance.

The current financial ecosystem was designed almost 300 years ago to favor the wealthy, to the detriment of the rest of society. And the only way to fundamentally change that is for the rest of society to establish an alternate source of money, that is controlled by them and not the wealthy.

See this 5-minute video to understand how the current financial ecosystem was designed from its inception to favor the wealthy and how the introduction of a “peoples’ currency” is a way out of that dilemma. This 3-part article goes into greater detail: Money – It’s Not What Most of Us Think.

Such a peoples’ currency goes by many names: local currency, community currency, alternative currency, private money or more commonly complementary currency. Its use can be traced all the way back to ancient Egypt with varying success. However, its application during certain times and places in history has produced dramatically positive impacts on the region using them, sometimes yielding widespread wealth that equaled or exceeded some of the most successful broad-based economies today. This document, Complementary Currencies In Use documents some of the more significant examples.

National Commonwealth Group has determined the key elements that made the implementation of those complementary currencies so successful and has incorporate those elements into the Sustainable Communities Framework. The use of computers and the Internet provides the tools to deploy complementary currencies in digital form (rather than printed paper) in an unprecedented manner.

That is what lies at the heart of the Public Benefit Bank (PBB), the entity that will issue each state-based currency, and provide the banking system allowing all participants to establish and maintain a digital complementary currency bank account. And while the PBB will issue all the state currencies, the Development Bank will be responsible for managing the currency in each state, while the Retail Bank will be the principal distributor of the currency of their state and realize an override on all sales of the currency within that state.

So, what can be done with such a complementary currency?

There are a great many things that can be done with such a currency. This “Imagine” document lists 12 examples of what might be addressed with it, and this “Introduction” document provides a quick overview of the SCF program, along with a reading list of a number of other documents that provide much more detail. This “Launching” document provides an overview of the launching of the SCF program in any particular state.

One of the first things that can be done with that currency is for the Development Bank to purchase all manner of troubled assets like housing debt, credit card debt, student debt, business debt, bank seized properties and a wide spectrum of blighted properties as detailed in the document Troubled Asset Acquisition Program. At that is just the tip of the iceberg.

We have dedicated programs for non-profit organizations in the state, as described in this “NFP” document, small businesses as described in this “Small Business” document, and programs aimed at college students as described in this “college students” document, and more. The extent of additional possibilities are left to the creativity and imagination of the various SP consortium partners.