Want to take that risk?
There was an important op-ed in the January 18 Sunday New York Times. It was written by a self-described "wealth addict" in recovery. He lays out the reality of how and why we are suffering from economic crisis, and I cannot say it better than he; however, I can say that we might do something about it pretty soon, because those addicts aren’t unaddicted yet!
The plan to move our tax revenues into a professional banking institution owned by Vermont, not run by the legislature, but rather the local banking professionals, will help protect us and our local banks, who unlike the people working at the megabanks, aren’t so touched with wealth addiction. The megabanks are filled with terrible addicts, and they will stop at nothing to feed their addiction. Another bubble is on the way; I say we have urgency that too many legislatures are not savvy about. Keeping our tax money in TD Bank and People’s is unwise, and it is putting our deposits in peril, because the bail-in (what happened in Cyprus), where big government allowed for withdrawals from the peoples’ bank accounts to feed the wealth addicted was by those in the know, a practice-run, that is on the horizon for us.
Anthony Pollina is proposing a bill to put a mere 10 percent of our current balance (now in TD BankNorth supporting Tar Sands extraction), in VEDA, restructuring it to be chartered as a bank. He proposes such a small sum because there is too much ignorance and a small step is not frightening for risk-averse everyone. If you want to be frightened, be frightened of the risk we are taking by leaving our tax money revenue in a banking institution that doesn’t have our state’s interest anywhere in its purpose. Be frightened of the bubble on the horizon, not one that won’t burst either.
It will burst. Worse than the others. Obama doesn’t want it to burst on his watch. Will Vermont be protected? Not if our money is still in People’s and TD Banks! Will our Vermont local banks be protected? Not unless our Vermont Bank is formed and it can serve as a reserve bank for them. We may call this financial entity that was VEDA, the Vermont Partnership bank. Can you think of any time when sitting around studying and examining could cost precious time? Sometimes averting risk means acting fast. A Vermont Partnership Bank, serving the public of Vermont and the local banks of Vermont is the smartest insurance policy we could have against the bubble burst coming up on the horizon.
Organic Candidate for Governor