The concentration of economic power was built into the Constitution and enhanced by Hamilton who imposed different forms of British capitalism upon the former colonies that had just rebelled against those policies.
From the book: “...a potential tendency for capital in searching to maximise its monetary profit to be drawn to invest in areas that produce no value or surplus value at all. Taken to extremes, either of these tendencies [the first being the problem of technology reducing value creation] could be fatal to the reproduction of capital. In combination, and the contemporary evidence is that both trends are discernible, they could be catastrophic” (Marx, Capital, and the Madness of Economic Reason, David Harvey, Oxford University Press, p.105).
This session will explore the concept of public banking as an organizing and programmatic strategy for fighting the power of the private banksters and for raising the fundamental question of who should control public monies and decide how they are invested.
In 2008 artist and activist Jim Costanzo began appearing on Wall Street as the Aaron Burr Society, drawing upon a little-known figure from America's past as a way of critiquing and offering alternatives to the current dysfunctional capitalist system. The ABS distributed 100 one-dollar bills on Wall Street stamped with “Free Money” on one side and “Slave of New York” on the other. The Federal Reserve Bank was authorized to bail out Wall Street Banks with tax dollars from the 99% that was given as Free Money after the 2008 crash. Government deregulation and the subsequent corporate fraud caused the crash and resulted in people losing their jobs and homes.