The comment got long and detailed so I also turned it into a post. You can check it here: https://steemit.com/steemit/@hashcash/what-are-public-banks

(I wrote this post like an assignment because I wanted to keep the language clinical before laying the splashdown at the end 😊)

There are two ways of answering this question. The first way is the way of truth and the second way is the way of ‘talk’. Truth is blindingly pure, and it is so sharp that it might cut us without us even ever noticing until we are bleeding. So, I will only ‘talk’ and leave the truth for the last paragraph.

The term ‘Public banks’ contains two words, ‘Public’ and ‘Bank’:

In the global financial structure, a bank can be thought of as a ‘node’ where ‘money’ can safely exchange hands. This ‘exchange’ can mean temporary storage, lending-borrowing, foreign currency reserves, bullion reserves, physically limited storage for some precious assets and of course backbone for insurance services (also, minting and printing fiat in some cases).

Now these services have been historically provided both privately and by the State. Thus, when we talk about a public bank we know that it’s origin or backing lies with the State. Public banks can be directly or indirectly owned by the state. Direct ownership means that a representative authority of citizens (like a government) runs and operates the bank. While an indirect ownership could mean a partial ownership by the government, where it holds the majority stake.

A public bank differs from a private bank in several manners. The first one being that a public bank works to provide financial service to the people of the State directly and/or indirectly (depending on its charter) while a private bank works to deliver maximum profits (within the boundary of the law of course) to its shareholders.

It is important to understand that in most cases public and private banks have no real difference in their definition except for their ownership. Also understand that public banks differ vastly from Central and Federal banks.

The idea of the public bank is that it provides its services in the favor of the people. The services would include the same kind as mentioned above – loans, currency exchange, digital money transaction services, etc. The banking services provided by a public bank are meant to serve the people, while retaining enough financial value within it that it keeps functioning. Even the profits generated by it are indirectly/directly returned to the people via the state.

Now the time for truth:

Banks whether public or private are financial criminals. They exist to control the flow of money by providing a false sense of security to the people who use it. They control your money while allowing you to think that you control it.

At this point of time in history they use fear to make you think that your money is only safe with them. They fund global events that make you think so. We all know what to call those who use terror to get their way…………