Click here to access article by Ellen Brown from Web of Debt.
While I thoroughly agree with this proposal as a theoretical step in the right direction, I disagree with its proponents that it is a realistic step in itself. Private banking institutions, and that especially includes central banks that are disguised as quasi-public institutions, are at the very center of global capitalism. Public banking operations do exist in various places, but they play a very limited role in their national economies. Banksters are the very heart and soul of capitalism, and therefore they will never allow a public bank to play a major role in the economy, and it is extremely unlikely that the aggressive US capitalists will allow such a proposal to make any headway through their government.
Realistically, pursuing this project could be beneficial if it is seen as a tactic in an overall strategy to generate anti-capitalist propaganda and thereby to undermine the legitimacy of the system. Thus, pursuing the establishment of such a bank and/or in any way undermining the power of the Federal Reserve could be effective if sufficient numbers of people recognize the need for an alternative to private control of our money supply. While this battle is raging, people might become aware of the benefits of putting our entire economy under public control. On the other hand, it might only serve as another distraction using up energy needed to attack the system more directly.
It's past time for progressives to grow up!