NIB Zoom Town Hall, November 16, 2023

On November 16, Dr. Nomi Prins, Ph.D., author and former Wall Street executive; Ellen Brown, Chair, Public Banking Institute and Illinois Legislator Will Guzzardi were joined by other elected officials and labor leaders for a crucial Zoom Town Hall on the eve of the latest Congressional budget crisis, “Economic and Budget Crises Pile Up: The National Infrastructure Bank Can Make for a “Happier Thanksgiving.”

On November 17, the US Government, with the prospect of facing a shutdown, voted to “kick the can down the road,” again, until next year. With no durable solution in sight, the country enters the “Brave New World” of permanent budget crises. 

More dangers lurk beneath the surface. While the October GDP figure was still high, other factors are weighing down the economy. New job hires in October were 50% lower than the revised-downward figures for September. The “higher-for-longer” interest rates are strangling much new investment. New home sales are in the tank; new home listings are anemic. Mortgage applications are falling and sales of big ticket items are all down. Commercial real estate is in a heap of trouble. The inflation rate has fallen, but the 3.8-4% increase is taking a big bite out of households. 

Although the Bipartisan Infrastructure Law (BIL) is in the right direction, it is rolling out slowly and people don’t “feel” the economy growing, and are being singed by the accelerating inflation.

All the speakers addressed this crisis from the standpoint of an alternative solution centered on the National Infrastructure Bank Act, H.R.4052. The $5 trillion bank would create 25 million new high-wage jobs and would offset any slowdown or recession. It would complement the BIL and be permanent. As it is “off-budget” it costs nothing!! H.R.4052 has 19 sponsors in the Congress.

The crisis and solution were laid out in comprehensive PowerPoints, from both a current and historical perspective. The need for national banking as the only solution was embellished by Ellen Brown, who used the current model being used by China with great success.

During the Q&A, a dynamic dialogue developed between the three economists on how the Alexander Hamilton method of turning debt into equity would be applied.

Watch this riveting video discussion and act now. There is no reason for the U.S. population to suffer because Congress refuses to solve this crisis once and for all, by creating the National Infrastructure Bank.

Happy Thanksgiving!