The article The Public Option in Banking: Another Look at the German Model by Ellen Brown is an extended explanation of the public option in banking. Just to prove to you that this can only be some far out European scheme, here are some snippets from the article:
In the US, North Dakota is the only state to own its own bank. It is also the only state that has sported a budget surplus every year since the 2008 credit crisis. It has the lowest unemployment rate in the country and the lowest default rate on loans. It also has oil, but so do other states that are not doing so well. Still, the media tend to attribute North Dakota’s success to its oil fields.
What about other example?
We don’t hear much about a public banking option in the United States, but a number of countries already have a resilient public banking sector. A May 2010 article in The Economist noted that the strong and stable publicly owned banks of India, China and Brazil helped those countries weather the banking crisis afflicting most of the world in the last few years.
So if the previous post Michael Hudson on the Need to Treat Banks as Utilities was more than you could take, the above article by Ellen Brown may be a gentler introduction to the idea.
I think the Occupy Wall Street movement is wise to be careful before it makes specific demands. This goes right to one of the key failures of the Obama administration. There is a long period of educating the public that must precede any attempt at huge change. If you haven’t done the education first (as the right wing has done for their ideas over the past 30 years), then it will be too easy for the opposition to roll out their propaganda (that they have been pumping for 30 years) to steal the public support away from you. If you still believe that Obama really wanted to make change you can believe in, then his failure to understand the need for education first is his biggest failure.
For men to understand the concept, maybe I should call the education process forework and liken it to foreplay in sex. If you still don’t get it, then ask a female significant other to explain it to you. For homosexual couples I don’t know who to advise who to seek explanation.