<html><head></head><body style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space; ">I'll be there! This is very understandable. I wonder if the City had an idea of how<div>they make money from a city bank? And how much? Will the mortgage payments give a profit for</div><div>the banks, for example.</div><div><br></div><div>Richard<br><div><br><blockquote type="cite"><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px;"><span style="font-family:'Helvetica'; font-size:medium;"><font class="Apple-style-span" color="#000000"><br></font></span></div><br><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px">Hi Folks, </span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px">Agnes asked me to send this out and invite all who can to come to Fort Bragg City Council meeting tonight as she plans to read this letter and present it to City Council.</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px">Hope you can make it.</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px">JL</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px"><br></span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px">********************************************************************</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><br></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px">Good evening Fort Bragg City Council Members,</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; min-height: 16px; "><span style="letter-spacing:0px"></span><br></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px">Thank you for this opportunity to talk about what I've learned regarding</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px">public banking.</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px"> I believe if you are interested in taking direct control of Fort Bragg's foreclosure problem, it can be resolved by using existing banking laws along with eminent domain. The City or county applies to its state banking regulatory body for a state bank charter. All states define the requirements for charters and oversee the compliance according to an article I read at</span><span style="text-decoration:underline;letter-spacing:0px;color:rgb(2,30,170)"> <a href="http://www.nationalcommonwealthclubgroup.net/"><span style="letter-spacing:0px">www.nationalcommonwealthclubgroup.net</span></a></span><span style="letter-spacing:0px">. Much of the following applies to county as well as city public banks:See the website for the City of San Francisco at the end of this letter for a CA precedent.</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; min-height: 16px; "><span style="letter-spacing:0px"></span><br></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px"> Once a charter is granted, a bank can commence with normal banking activities that conform to internationally accepted processes and</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px">procedures. The above group advocates that a local public bank not</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px">offer retail banking services to the general public. The fundamental</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px">banking activity is the ability to create credit(money). As explained on the Federal Reserve Banks, Bank of Dallas under a section called "How Banks Create Money". Banks actually create money when they lend it.</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; min-height: 16px; "><span style="letter-spacing:0px"></span><br></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px"> When a bank creates credit for a borrower, it does not reach into a</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px">pool of existing funds, but rather creates that credit simply with</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px">an accounting entry. (For example When it gives you a car loan of $30,000. it does so by entering a liability on the bank's balance sheet to give you $30,000 and is offset by an entry on the asset side of its balance sheet represented by the loan document you signed. (The bank doesn't have to get the money from depositors or anyone else, but creates it out of thin air.)</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; min-height: 16px; "><span style="letter-spacing:0px"></span><br></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px"> The only constraint on how much credit money banks can create is based on the long standing convention that limits the amount available to a multiple of the bank's assets. That varies by jurisdiction (i.e. conditions set by local regulators) and the prevailing economic climate, but averages about 10 times, ie. for every $1 in assets owned by the bank, it is allowed to create $10 in loans....</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; min-height: 16px; "><span style="letter-spacing:0px"></span><br></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px">So if, for example, the county or city owned $100 million in net assets,</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px">that county bank would have the credit generating capacity of up to $1</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px">billion, that is, it can create up to $1 billion out of thin air, just</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px">like any other bank, money that it can make available to its own citizens</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px">because the bank and the citizens own those assets.</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; min-height: 16px; "><span style="letter-spacing:0px"></span><br></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px"> How can the county use this credit creating ability to solve its</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px">foreclosure problem? It takes just two steps according to the Commonwealth Group:</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; min-height: 16px; "><span style="letter-spacing:0px"></span><br></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px"> 1. The County issues a moratorium on all foreclosures, requiring that all mortgage holders deal with the county bank instead of instituting</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px">foreclosure procedures against property owners.....and</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px"> 2. The county bank buys distressed real estate loans from existing lenders, just as the Federal Reserve did by buying toxic assets from the Wall Street Banks. The county bank acquires those loans by creating a credit account for the current mortgage holder in the amount of the fair market purchase price for each loan/property. This now puts the distressed mortgage in the hands of the county. This benefits every one: the county or the city, the home owner and the mortgage holder-especially if it is a local bank.</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; min-height: 16px; "><span style="letter-spacing:0px"></span><br></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px"> Also note p.5 and 6 of the above website to see how Congress can help regarding reasons for separating county banks from FDIC and forming a separate corporation, such as a holding company. This information can be crosschecked at <a href="http://www.publicbankinginstitute.org/"><span style="letter-spacing:0px;color:rgb(2,30,170)">www.publicbankinginstitute.org</span></a>, contact Mark Armstrong there. Occupy Mendocino hopes to host either Mark Armstrong and/or Susan Harmon from the Public Banking Institute to speak to our community and to you about the opportunities of creating a Public Bank.</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; min-height: 16px; "><span style="letter-spacing:0px"></span><br></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px">As a precedent, read the City of San Francisco explores a revolutionary new model. <a href="http://www.huffingtonpost.com/2011/11/03/municipal-bank-sanfrancisco-n-1074600.html"><span style="letter-spacing:0px;color:rgb(2,30,170)">http://www.huffingtonpost.com/2011/11/03/municipal-bank-sanfrancisco-n-1074600.html</span></a></span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; min-height: 16px; "><span style="letter-spacing:0px"></span><br></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px">MCTV will air the first of a 3 part series on the Foreclosure Town Hall Meeting (sponsored by Occupy Mendocino) on Wednesday Dec.</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px">12, 2012.</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px">Thank you for your attention,</span></div><div style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 13px; font-family: 'Lucida Bright'; "><span style="letter-spacing:0px">Agnes Woolsey</span></div><div><span style="letter-spacing:0px"><br></span></div><div><br></div>-- <br><font face="garamond, serif"><span style="font-size:large">OCCUPY MENDOCINO (the Mendocino Coast) and the Global OCCUPY Movement want government</span> of the<font size="1"> </font><font size="4"><b>people</b>,</font> by the <font size="4"><b>people</b>,</font> and for the <font size="4"><b>people</b> - <b>not</b></font><b style="font-size:x-small"> </b>of the <u><font size="4">corporations</font></u>, by the <font size="4"><u>lobbyists</u>,</font> and for the <font size="4"><u>richest 1%</u>.</font></font><div>
<font face="garamond, serif" size="4">We <b>stand</b> with those who have lost their homes, their jobs, their savings, retirements, pensions, and health insurance.</font></div><div><font face="garamond, serif" size="4">We <b>stand</b> with those who struggle to put food on the table and who now work MORE for MUCH LESS.</font></div>
<div><font face="garamond, serif" size="4">We <b>stand</b> with the elderly, vulnerable, veterans, laborers, working people, students, teachers, unions, children and our planet.</font></div><div style="text-align:left"><font face="garamond, serif" size="4"> <b>PLEASE JOIN US</b></font></div>
<div><font face="garamond, serif" size="4"><a href="http://www.OccupyMendocino.net/" target="_blank">www.OccupyMendocino.net</a></font></div><br>
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