In this episode, Professor Richard Wolff and Brian Becker discuss sudden US bank account closures, revealing the profit-driven complexities within the banking system. They explore risk strategies tied to rising interest rates and tighter regulations, highlighting potential economic instability. Comparing the US profit-centric banking with the community-focused approach seen in public banking models in certain European countries and North Dakota, the episode proposes public banking as an alternative solution to prioritize community welfare over profit.
The Socialist Program: Cutthroat Bankers' New Scheme: Why Banks Are Suddenly Closing Accounts
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