Or: Why Should Banks Get to Print Money While You Struggle to Pay Rent?
Policy Objective
Strengthen democratic control over financial systems to make sure they work for the public good, put sustainability first, and support equity.
Finance Policy Instruments 👇
Remember: Policy instruments are the means by which governments can achieve the degrowth goals/objectives we urgently need!
1 - Democratise & Decentralise Money Creation – No More Private Bank Monopoly 🤑
💡 Translation: Banks should not be allowed to print money while pretending they are just “lending it out."
Most people don’t realize this, but private banks create the vast majority of money in existence. Every time a bank gives out a loan, it literally creates new money out of thin air - this is called fiat money.
🚫 The problem?
Banks create money to fuel speculation, which create housing bubbles and enrich the 1%.
Public needs (healthcare, education, housing, food) are ignored because money creation is driven by profit rather than social good.
Banks charge interest on money they never even had—trapping people in debt while doing zero actual work.
🔄 How this policy seeks to address this:
🏛 Shift money creation to public institutions—so it serves community needs, not private profits.
💥 Break up mega-banks that are “too big to fail.”
🏦 Full-reserve banking—banks should only lend out money they actually have, not conjure up new money out of nowhere. (Talking to you, millionnaires with infinite credit limits)
🚫 Ban interest on loans—because no one should profit from creating artificial debt.
💥 Money should work for the people, not for banks."
Policy Objective 2 - Tax justice for social ecological justice
1 - Support Community-Owned Financial Institutions – Banking Without Billionaires 💰
💡 Translation: Let’s move our money to institutions that actually care about us.
Right now, mainstream banks suck wealth out of local economies and channel it into the stock market, offshore accounts, share buybacks, and CEO bonuses.
🚫 The problem?
🏦 Big banks use your savings to fund fossil fuels, gentrification, and speculation.
💰 They charge massive fees while giving nothing back to local communities.
🔄 They’re accountable to shareholders, not you.
🔄 How this policy seeks to address this:
🏡 Support credit unions, cooperative banks, and mutual credit systems—so financial institutions serve communities, not profits.
🌍 Use public banking to fund sustainable projects, rather than leaving it to private investors.
📢 Encourage local, people-owned finance—so communities can decide where investment goes.
💥 Finance should be in the hands of people, not hedge funds.
2 - Implement Progressive Taxation – Tax the Wealthy, Not the Workers 💵
💡 Translation: If billionaires want to exist, they should at least pay up. But well technically - they should not exist, period.
Right now, the richest 1% hoard their wealth, dodge taxes, and shift money through tax havens, while the rest of us get stuck with austerity, budget cuts, and rising costs of living.
🚫 The problem?
💰 Billionaires pay less tax (proportionally) than nurses, and teachers.
🏝 Tax havens let corporations stash trillions offshore, draining public budgets.
📉 Financial speculation fuels inequality, but remains largely untaxed.
🔄 How this policy seeks to address this:
📈 Progressive taxation on wealth and capital - the richer you are, the more you contribute.
💵 Tax financial transactions - so banks can’t get rich off of reckless speculation.
🌍 Global tax standards - so corporations can’t play countries against each other to avoid taxes.
🚫 Eliminate tax havens - so the ultra-rich can’t hide their money while the rest of us pay for public services.
💥 If you can afford a private jet, you can afford to pay more than your fair share. But ideally, do not own a private jet. That stuff is ruining the planet.
