Chicago mayoral candidate Paul Vallas helped create a financial disaster as head of Chicago Public Schools, making bond deals worth $666 million — whose exorbitant interest payments to Wall Street are now robbing the city’s school system.
With oil prices down and wealthy countries bungling COVID-19, the pandemic has exposed the weaknesses that wealth papers over. The relationship between wealth and favorable outcomes only works when that wealth is invested in the many, not the few.
For China, the global war for influence is about trading partners. For the U.S., it could mean something more volatile. China recently softened its language toward the U.S., stressing peaceful co-existence.
The question at the heart of public banking may seem technical but is actually about political power. Public banking shifts power away from profit-motivated board members of corporate banks and into the hands of the people.
With the hard right running left and the center-left abdicating, Euroskeptics could accelerate a continent-wide crisis. Global migration is on the rise as climate change drowns coastlines, river deltas and drought drives people out of arid climates.
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