Public banking and the solidarity economy: the hazards of single-issue politics with Matt Stannard

In an extractive capitalist economy designed to create economic inequality and political polarization, debt, credit, and capital play a key role in making the system function. Banks are the institutions responsible for regulating that function.  Those with power and money have tried and succeeded in a vision of banks as private businesses,

 

But, there will always be resistance to such efforts and there  is a long history of reform efforts which have sought to make banks serve the public good instead of private profit.

 

Public banks, broadly defined as banks controlled by government and not corporations, have long been an idea advocated by populists, economic justice advocates, and socialist and progressive political parties. 

 

Here in Maryland we have seen legislation introduced to study public banking and it is a part of our campaign’s agenda for a solidarity economy. 

 

Yet, despite all of the economic justice that public banking offers, it has been hard for the reforms to  gain traction and perhaps even harder for the few examples we do have to deliver on the promise of economic justice. 

 

Today’s guest is the perfect person to talk to about this issue.

 

Matt Stannard is a longtime organizer, writer, researcher, podcast producer and advocate for democratic socialist policies and material justice. Matt has been co-chair of Southeast Wyoming Democratic Socialists of America, as well as the policy director of Commonomics USA and the media director at the Public Banking Institute. You can read his writings at Occupy, Truthout, Common Dreams, Yes! Magazine, and other publications, including his blog, Cowboys on the Commons. His podcasts have included Shared Sacrifice and Solidarity House Cooperative. He lives on the coast of Oregon

 

Matts Series of Articles in Occupy

https://cowboysonthecommons.org/2021/12/28/links-to-matts-public-banking-series-at-occupy-com/ 

 

Matts Reflection on the struggles with Public Banking

https://cowboysonthecommons.org/2019/01/07/public-banking-state-capitalism-and-the-collapsing-bridge/ 

 

Ellis 2026 Agenda for a solidarity economy

https://www.gogreen2026.com/solidarity-econ