A privately owned banking and financial system is a total abdication of national sovereignty. Unfortunately this has been the model in the West, where the banking cartel has power to extort anything it wants from any government.

The worldwide financial crisis proved the superiority of China’s state-owned banks. As George Soros said last year,

In many ways, Chinese banking has benefited from being isolated from the rest of the world and is in better shape than the international banking system.

In the US a nationalized banking system would be the greatest single reform imaginable, yet even the most progressive of progressives scarcely mentions the idea.

But there are signs of an inroad: proposals to create publicly-owned banks at the state level, modeled after the marvelous Bank of North Dakota. Three state legislatures are currently considering such bills — Michigan, Illinois and Washington State. Attorney Ellen Brown has been promoting and blogging about this trend on HuffPost. Her latest article, detailed and well researched, can be found here.

Progressive leaders ought to retool the agenda to reflect growing populist sentiment. For what it’s worth here is my personal high five list…

  1. Nationalize the US banking system, abolishing the Federal Reserve (and a big chunk of Wall Street).
  2. Abolish the CIA, the most massive and diabolical criminal enterprise in American history.
  3. Establish single payer universal health care.
  4. Reintroduce the progressive income tax structure as it was under President Eisenhower – top marginal rate of 90%.
  5. Repeal of NAFTA and other free trade agreements that create a "race to the bottom" and send jobs overseas.