[Occupymendocino] [Fwd: public expression to the B.O. S. 8/13/13]

[agnes at mcn.org]

---------------------------- Original Message ----------------------------
Subject: public expression to the B.O. S. 8/13/13
From:    agnes at mcn.org
Date:    Fri, August 16, 2013 9:11 am
To:      editor at advocate-news.com
Cc:      ava at pacific.net
         udj at pacific.net
--------------------------------------------------------------------------

Dear Editor,
       Please print the speech I gave on Tuesday to the Board of Supervisors.
Agnes

Did you know that fourteen other counties in CA are Charter Counties
including San Francisco AND four Bay Area cities are Chartered giving them
more independence and sovereignty than general law counties.

Our draft Charter includes a public bank so that Mendocino County can
deposit and utilize its revenues locally for the benefit of its citizens,
rather than lining the pockets of  private big bank CEOs.
         The Bank of Mendocino County would not take deposits from
individuals or businesses; nor would this bank compete with
Savings banks or Credit Unions.
Rather, it would partner with them to underwrite loans, buy down interest
rates and improve services of local saving banks or Credit Unions. The
Bank of Mendocino County may be capitalized with the county assets,
approximately $250 Million. Only  $20 million would be needed to
capitalize the bank according to Ellen Brown , Attorney ,author of "Public
Banking Solution."

Alarming is the immanent collapse of the 5 big private banks with
unfunded, bank held  derivatives, (bets on default of payments to
financial instruments,  like credit default swaps).

The FDIC and the Bank of England have written a policy
paper called "Resolving Globally Active, Systemically Important Financial
Instruments" giving "Super Priority of Derivatives" . It's an agreement
giving preference to banks in bankcruptcy to be re-capitalized with
depositors savings-both individuals and institutions as was done in
Cyprus. See Ellen Brown's article: "Think Your Bank Deposits Will
Always Be 100%  Guaranteed by the FDIC? Think Again".

I urge you to ask County Treasurer, Shari Schapmire, how she will protect
the County's savings from predatory private banks before the unfunded
Derivatives bubble bursts.
Wouldn't it be better to invest in a public bank serving the interests of
the citizens of Mendocino County?

Agnes woolsey
P.O. Box 163,Mendocino,CA 95460
tel 707-937-2377