While some hope of a miracle occurring in the coming months remains, so does the question of whether the new Slovenian government is willing to invest enough political capital to push through the necessary reforms before the capital markets decide to lock Slovenia out once again.
The campaign to "move your money" has gotten a groundswell of support. Having greater impact would be to "move our money" -- move our local government revenues out of Wall Street banks into our own publicly-owned banks.
The Fed's second round of "quantitative easing" involved $600 billion for the purchase of long-term government bonds. But the government never actually got the money; it went straight into the reserve accounts of foreign banks.
California is the eighth largest economy in the world, and it has a debt burden to match. As large as California's liabilities are, they are exceeded by its assets. That makes Assembly Bill 750 particularly significant.
The budget woes of Wisconsin and other states were not caused by overspending on employee benefits. The "cure" is to get credit flowing again in the local economy, and this can be done by using state assets to capitalize state-owned banks.
The giant banks can be broken up and replaced with a network of publicly-owned banks and community banks, which could do a substantially better job of serving consumers and businesses than Wall Street is doing now.
Our private, profit-driven banking sector has been bleeding wealth from the rest of the economy. Public-interest banks can transfuse the economy with the credit it needs to flourish and be productive once again.