Common
Good
Finance™

We need you!

wherever you are
with no obligation
here's why
creating Common Good Bank™ communities, economics for a sustainable world
 
 

Meta

 

Overview - How Will Common Good Bank Be Different?

Common Good Bank will do all the usual things that banks do. But Common Good Bank goes way beyond that. Beginning with our shared visions for a better world, the Common Good Bank design evolved as a system of four new organizations collaborating with local businesses and community organizations.

This page gives an overview of the design. For much more detail, click on the "DETAILS" links or see the "Frequently Asked Questions".

For details about making this design a reality, see the Business Plan and Help Wanted sections. Or, if you are a sophisticated investor, see the Investors section to get involved. (If you can't find what you're looking for, try the Site map or Site Search.)

Common Good Bank will be different from ordinary banks in

Ten important ways:

Common Good Mission. Above all, Common Good Bank communities will be committed to advancing the greater good. They will lend only to socially and environmentally responsible borrowers for socially productive purposes. Common Good Bank communities can create a better world for everyone.  [Philosophy and Design DETAILS]


top

Community Profits. The Common Good Bank concept speaks to people's hearts, balancing benefit to individuals with equal benefit to the greater good. By regulation, mutual banks and credit unions must retain most of their profits. Ordinary stock banks pay their profits to investors, as dividends. Common Good Bank profits will go to a Community Fund to advance the common good -- half locally and half to empower those in need elsewhere.  [Economic Democracy DETAILS]


top

More Jobs. Providing a low-risk pool for individual and group investments, Common Good Bank can strengthen our local economies, resulting in better work choices, higher pay and job security.

Common Good Bank communities will focus on investment in locally-owned businesses. Depositors will discuss and decide what new industries are needed in the community. The bank will proactively fund those priorities, creating job opportunities by providing capital and microloans for small business startups and cooperative projects.


top

Common Good™ card. Depositors will use a local credit/debit card for purchases from participating local businesses or even get "cash back" with no purchase required. Any business can accept the card, using a card-swipe, cell phone or the internet. Ordinary credit cards typically cost businesses 2% plus a per-transaction fee. Accepting the Common Good Card will cost the merchant nothing at all.

Since there are no fees, customers can deposit or withdraw cash through a participating business, even in small towns far from a bank or ATM. This system can save local businesses (and the community) many thousands of dollars every month.  [Common Good Card DETAILS]


top

Local Rebates. Many local businesses will offer a percentage rebate to Common Good Bank depositors (often 5 or 10%). Half the rebate goes to the Community Fund, half to the customer.

The customer pays the usual price, by check or Common Good™ Card. The bank calculates and distributes the rebates. In compensation for the rebate, the bank advertises the business on the radio, in print and 24/7 on the internet.
 


top

Creating Money. All banks create money. Money is just an accounting system, keeping track of who is entitled to how much goods and services.

Mostly, in today's world, for-profit corporations create and control our money, deciding what to invest in and what to fund. By law, their top priority is profit. With Common Good Bank, communities can create and control money for the common good.

Creating local money to track credit that circulates within the community will free up many thousands of dollars for local grants and loans.


top

Community-based. Any community with 50 or more member depositors can have its own Community Fund, for local currency grants, rebate contributions and bank profits generated there. Each community decides independently how to spend that money, for the greater good. Together, Common Good Bank communities will be able to invest in energy coops, agricultural infrastructure, cooperative healthcare, community-owned department stores and corporate reforms.  [Start Your Own! DETAILS]


top

Hands-on Democracy. Depositors in each community decide what to invest in and how to use the bank's profits, using a combination of proven democratic systems. Here's how it works: Each member depositor gets one vote. You can always vote directly on any issue. You also choose another member as your ongoing Proxy. Then, whenever you do not vote, your Proxy's vote counts for you too. If your Proxy doesn't vote, then your Proxy's proxy votes for all three of you, and so forth.

For budget-type issues, each voter is given 100 virtual pennies on the internet. Each penny represents one percent of the total budget to be decided. Voters are charged with distributing the pennies among the various options, as they see fit. Each budget item gets funded in proportion to the total votes it received.

A multiple choice vote will be used for single-winner issues, such as choosing a new board member for the bank. Voters grade each option according to how well they like it: A B C D E or NO, if they feel an option is wasteful, immoral or unethical. The most preferred, widely acceptable option wins.  [Hands-On Democracy DETAILS]


top

Affordable Stock. Investments in Common Good Bank are intended to have a completely reliable resale value, working like a high-interest one-month certificate of deposit. Depositors will be able to buy even a few dollars-worth of stock, to become an owner of the bank. Voting is one vote per person, not one vote per share.

The planned resale price per share is based on an annual financial return equal to the true rate of dollar inflation, calculated and compounded monthly, typically about 6%. For every dollar invested in Common Good Bank stock, the bank can invest TEN dollars back into the community.  [Stock Design DETAILS]

If you are a sophisticated investor, see the Investors section to get involved.


top

Transparency. All the bank's operations will be reported openly and will be subject to productive public comment, except as required by law or where necessary to protect personal information. All of the bank's organizational procedures, business plans and operational procedures are freely available to everyone, to make it easy for communities to adapt the Common Good Bank model to local needs.


top

Tremendous Potential. The bank's combination of competitive rates with an unbeatable focus on benefit to the community and the greater good will make it a very strong competitor in the financial services market. Unlike credit unions and mutual banks, Common Good Bank can expand to meet the demand, without being held back by regulatory capital requirements. With a separate nonprofit sponsor dedicated to promoting the model and helping communities start Common Good Bank community divisions, this model could spread quickly.

Common Good Bank's success in hands-on democracy will lead to improvements and greater participation in our existing democracies, resulting in a progressive shift from centralized authority to more local government. Together, Common Good Bank communities can initiate world-changing cooperative projects. Social and financial pressures will force corporations to restructure for sustainability and dedication to the common good.


top

As Common Good Bank communities spread, they will empower all of us to realize our dreams, in community. You can help make it happen! Be one of our 4,000 founding depositors. Sign up NOW, with no cost or obligation.


 Current User: Guest Login Register
Please consider registering


Lost Your Password?
Search Forums:


 






Wildcard Usage:
*    matches any number of characters
%    matches exactly one character

Home Overview - How Will Common Good Banks Be Different? CGB Vision and Philosophy General Questions and Comments

General Questions and Comments

 Comment on this Subject
PersonComment

6:12 pm
June 28, 2010


Christine

The high desert, AZ

Member

posts 7
  Quote and Reply
Print this Comment
41

Since "empower" was discussed, I just have to add here that it is my most hated word. 

When someone "empowers" me, they are giving me the opportunity to hand over my hard earned money to some scummy corporation.  I don't care what the dictionary definition says, I'm speaking from EXPERIENCE.  You could pick ANY corporate website targeting consumers and and read how they "empower" consumers with their crappy products and services.

 

Apparently the corporate marketing researchers found that people developed NEGATIVE associations with "empower" and I don't see it as often anymore.

 

 

2:57 pm
June 3, 2010


arkmundi

Worcester, MA

Member

posts 14
  Quote and Reply
Print this Comment
40

William, thanks for all you do to make a reality of the CGB vision.  As I understand from the Business Plan:

IV.D.2. Cooperative Sponsor (a 501(c)(3). The Society to Benefit Everyone (the Cooperative Sponsor) will promote the Bank indirectly by promoting the principles of democratic economics, especially in the common good bank model. The Cooperative Sponsor will provide training, technical assistance and oversight to communities in setting up  and running a Community Division – operating democratically, distributing funds for public purposes. Any custom software required by the Bank, to conform to the common good bank model, will be supplied and maintained by the Cooperative  Sponsor.

Hence your "Way Forward" suggests that all the technical details for implementing a CGB be undertaken by the S2BE.  My dialog with you about Kuali and a worker coop (ESOP), adoption of web application framework, and so forth is, I guess, directed at S2BE. It speaks to the "how" rather than to the "why" and "who benefits" set of questions.

I believe a clear separation between S2BE and the ensuing CGB, as you've suggested would be prudent.  Your discussion is mostly about how to best serve the various audiences involved, understanding that there is a different audience between those who want to "make it happen" (S2BE) and the broader community who would use and benefit from the services so provided (CGB).  Most of the latter do not need, nor likely want to, know the technical details, of which there are plenty.  Customizing the communication, and separating the communities, is just good business practice.

That said, however, I suggest there may be better timing for that separation, and its latter, rather than now.  There are only a few full time committed individuals, and timing is all about keeping focus on next steps, with first next steps first.  I'd argue that my dialog with you about Kuali be early - its mission critical.  I'd beg your attention to that.  Thanks.

5:38 am
May 29, 2010


Stephen Hinton

Guest

  Quote and Reply
Print this Comment
39

Post edited 6:10 pm - July 10, 2010 by wspademan

Creating Money. All banks create money. Money is just an

accounting system, keeping track of who is entitled to how much goods

and services.

Mostly, in today's world, for-profit corporations create and control

our money, deciding what to invest in and what to fund. By law, their

top priority is profit. With the Common Good Bank, communities

can create and control money for the common good.

Creating local money to track credit that circulates within the

community will free up many thousands of dollars for local grants and

loans.

This statement needs discussing. Banks create debt, that is how they create money. Surely? They lend 20 times more than they have (Fractional banking.) The money system itself is mostly state owned unless you are in the US where the FED is provately owned.Corporations I would say are equally in the grasp of banks as they need to borrow money from them ( at interest) in order to function. Some of the profit they make has to go to pay interest. So the banks (the owners of the banks) are taking money for just offering the use of money which in reality is as you say " an accounting system". Were the accouinting system state-owned in the way roads and railways and electricity grid are, there would be a public outcry if a few individuals were making loads of money on letting the public use this resource.And restricting some individuals from using this public good.

 

By the way, there is nothing in Law that says that corporations top priority is profit. Corporations and the top executive are controlled by the articles of association. The law approves these and says these should be followed in order for the coproation to fulfill terms of its licence to operate. What drives profits is that investors want at least as much return as they woudl get if their money were in banks. And there you have it – tjhe right to charge interest and the right to give credit is a monopoly whoch when you stand back and look at it strikes many as being a ponzi scheme.

 

 

9:53 pm
May 17, 2010


wspademan

Admin

posts 83
  Quote and Reply
Print this Comment
38

Carlo said:

Nice project! But why is there the number six (6) in the logo? That is the number of the imperfect. Three of those make the number of the beast.

 

That's actually the letter "G". It also represents a spiral, the symbol of life and nature, and is intended to suggest a view of Earth, with its ever-changing spiral cloud formations.

7:27 am
May 2, 2010


Carlo

Guest

  Quote and Reply
Print this Comment
37

Nice project! But why is there the number six (6) in the logo? That is the number of the imperfect. Three of those make the number of the beast.

7:04 pm
April 28, 2010


wspademan

Admin

posts 83
  Quote and Reply
Print this Comment
36

Post edited 8:17 am - April 29, 2010 by wspademan

Yvonne said: I agree with Liam. The term "to empower" implies that you own the power to begin with and it is yours to give. Change the language, please. I like the idea but this language just raises red flags–neocolonialism as well as paternalistic liberalism.

Yvonne, thanks for the comment. A google search for "define:empower" brings up the following definitions, among others. These definitions reflect the meaning that we intend when we use the word.

  1. Abstractly, to give the confidence to do something.
  2. The process of supporting another person or persons to discover and claim personal power.
  3. Empowerment refers to increasing the spiritual, political, social or economic strength of individuals and communities.
  4. Sociological empowerment often addresses members of groups that social discrimination processes have excluded from decision-making processes through – for example – discrimination based on disability, race, ethnicity, religion, or gender.
  5. Empowerment: The process of transferring decision-making power from influential sectors to poor communities and ndividuals who have traditionally been excluded from it.

We certainly do not intend to be paternalistic by suggesting that we have the power and that we are deigning to share a little of it with other, lesser people.

To the contrary, it is a simple matter to increase someone else's power without having it oneself and without giving anything up. Here are a couple everyday examples of this phenomenon:

If I say truthfully to my daughter "you can do it", that immediately increases her ability to do whatever it is. I sacrifice nothing of my own and I may well be unable to do the thing myself. Similarly, if I suggest to two neighbors that they collaborate on a project of mutual interest, I have increased their ability to succeed — again without having that power myself and without sacrificing anything.

Precisely in this way, in the Common Good Bank model, we suggest to our friends and neighbors, and to people in communities everywhere, that they can collaborate financially in specific ways that will give everyone greater power to prosper together.

On the flip side, offering criticism without a constructive suggestion is disempowering — it gives us a feeling of failure with no idea what to do about it. If you don't like the language, please suggest alternative language. In this paragraph, for example, I offer you both a criticism and a suggestion for alternative action. Likewise, the Common Good Bank model points out problems with our current economic system and suggests a wonderful alternative.

Thank you again for your comment. Please do follow up. Your thoughts are valuable. Together we can create a better presentation and move forward together toward a better world for everyone.

 

6:30 pm
April 28, 2010


achaudoir

Eugene, OR

Moderator

posts 6
  Quote and Reply
Print this Comment
35

Yvonne said:

wspademan said:

Liam Rattray said:

It is an impossible artifact of neocolonialism to "empower those in need." ...Consider rephrasing

 

Liam, Thanks for the suggestion. I'm not sure what the objection is to "empower" or to "those in need". The whole point of Common Good Banks is to empower all of us economically by giving ourselves the right (and responsibility) to decide what gets invested in. This will of course make the biggest difference to those of us who are currently the most disenfranchised, that is the most "in need" of empowerment. Suggest a rephrasing?
 

 

I agree with Liam.  The term "to empower" implies that you own the power to begin with and it is yours to give.  We already have the right and responsibility to decide what we invest in regardless of our level of need.  Change the language, please.  I like the idea but this language just raises red flags--neocolonialism as well as paternalistic liberalism.

Empowerment actually refers to increasing the spiritual, political, social or economic strength of individuals and communities. It often involves the empowered developing confidence in their own capacities.  Common Good Banks provides a way for people to feel their own power by giving EVERYONE the opportunity and responsibility of making sure their money and investments work for the common good through the green papers' entire growth and life cycle.  Empowerment is also, as a methodology, often associated with feminism.  

As for Neocolonialism, please do elaborate.  In my understanding, the result of neo-colonialism is that foreign capital is used for the exploitation rather than for the development of the less developed parts of the world. Investment under neo-colonialism increases rather than decreases the gap between the rich and the poor countries of the world.  Common Good Banks is a movement to localize capital, to help communities be sustainable, not dependent on foreign trade.  This different type of banking is aimed toward sustained wealth and equality for the common good.  Not sure how one can extract such negative connotations from this business model.  Please do elaborate.

5:31 pm
April 28, 2010


Yvonne

Guest

  Quote and Reply
Print this Comment
34

wspademan said:

Liam Rattray said:

It is an impossible artifact of neocolonialism to "empower those in need." ...Consider rephrasing

 

 
Liam, Thanks for the suggestion. I'm not sure what the objection is to "empower" or to "those in need". The whole point of Common Good Banks is to empower all of us economically by giving ourselves the right (and responsibility) to decide what gets invested in. This will of course make the biggest difference to those of us who are currently the most disenfranchised, that is the most "in need" of empowerment. Suggest a rephrasing?

 

I agree with Liam.  The term "to empower" implies that you own the power to begin with and it is yours to give.  We already have the right and responsibility to decide what we invest in regardless of our level of need.  Change the language, please.  I like the idea but this language just raises red flags--neocolonialism as well as paternalistic liberalism.

9:28 pm
April 1, 2010


wspademan

Admin

posts 83
  Quote and Reply
Print this Comment
33

Post edited 9:29 pm - April 1, 2010 by wspademan

sona noyes said:

do you have solar loans for hawaii

 

Sona, when Common Good Banks are up and running, depositors in each community will set the lending priorities for their community. So if people in your community want to have solar loans, then you'll probably have an easy time getting one.

6:26 pm
April 1, 2010


sona noyes

Guest

  Quote and Reply
Print this Comment
32

do you have solar loans for hawaii

6:42 pm
March 15, 2010


wspademan

Admin

posts 83
  Quote and Reply
Print this Comment
31

Liam Rattray said:

It is an impossible artifact of neocolonialism to "empower those in need." ...Consider rephrasing

 

 

Liam, Thanks for the suggestion. I'm not sure what the objection is to "empower" or to "those in need". The whole point of Common Good Banks is to empower all of us economically by giving ourselves the right (and responsibility) to decide what gets invested in. This will of course make the biggest difference to those of us who are currently the most disenfranchised, that is the most "in need" of empowerment. Suggest a rephrasing?

2:20 pm
March 12, 2010


Liam Rattray

Guest

  Quote and Reply
Print this Comment
30

Common good bank profits will go to a Community Fund to advance the common good -- half locally and half to empower those in need elsewhere.

It is an impossible artifact of neocolonialism to "empower those in need." All we can do as priviledged folk is to help provide access to resources to those in need and to stand in solidarity through their struggle; realizing that their liberation is intimately tied up in ours. Consider rephrasing the community profits section.

Good day,
Liam

4:11 pm
February 27, 2010


wspademan

Admin

posts 83
  Quote and Reply
Print this Comment
29

Rhonda said: If you want depositors, send them to a page that allows them to sign up and make a deposit!

Rhonda, good idea! Our "tell someone" email now sends people directly to the signup page. Sadly, though, we cannot accept deposits until the first common good bank actually opens. Help us get to that point by signing up HERE.

2:04 pm
February 27, 2010


Rhonda

Guest

  Quote and Reply
Print this Comment
28

I just clicked on the link in the email you sent me that says:

Be one of our 4,000 founding depositors

Sign up at http://www.commongoodbank.com

But what I got to was this page. If you want depositors, send them to a page that allows them to sign up and make a deposit!

5:19 pm
February 26, 2010


Jonathan P. Chance

Guest

  Quote and Reply
Print this Comment
27

Why pay unlawful "taxes" to private central banks for their petro-banking warfare and other criminal activities? 

End the Fed, and buy a usury-free Solar Bank. Cool

JPChance.wordpress.com

CoolCool', '1');" src="http://commongoodbank.com/wp/wp-content/forum-smileys/sf-cool.gif" alt="Cool" />Cool', '1');" src="http://commongoodbank.com/wp/wp-content/forum-smileys/sf-cool.gif" alt="Cool" />

12:08 pm
February 15, 2010


Michael Marantz

Guest

  Quote and Reply
Print this Comment
26

Money (greed, wealth accumulation) is the root of all evil.
Property is theft.
Indigenous peoples around the world have been destroyed or put on reservations because they did not practice wealth accumulation or believe that what Spirit has created man can take away.
The corporations own the planet. Worse than that, they own the minds of most of humanity.
In the face of that ultimate corruption not about to go away, a Common Good Bank is the best we can do.

6:22 pm
January 14, 2010


Dock

Guest

  Quote and Reply
Print this Comment
25

Well overdue.

2:24 pm
January 8, 2010


Christina Baldwin

Guest

  Quote and Reply
Print this Comment
24

How long before this bank is up and running?

12:53 pm
December 31, 2009


Murray Morison

Guest

  Quote and Reply
Print this Comment
23

This is a brilliant idea. I think in the United Kingdom the Mutual Societies had a similar impulse and were very successful. Most were turned into nontransparent banks over the last 30 years.
One suggestion: link up with PayPal - as that makes paying (and controlling payments) to your fund very easy; it also reduces the risk of phishing.
I am interested to know if you think this idea can have a European dimension - is there a legal framework for those outside the USA to be realistically involved.

I am a very experienced managment consultant working with teams and individuals. I would offer my services for free (under suitable conditions) if it will help as you build your project teams for this valuable project. I live in Greece (which is an opportunity as well as a challenge! Do contact me if I can help.

Murray Morison

10:12 am
December 27, 2009


L. Dan Frantin

Guest

  Quote and Reply
Print this Comment
22

A concept with fundamental understanding of the nature of economics in social structures. While environmental issues AND CRITIQUES are integral to societal well-being, too often the ECONOMIC ASPECTS ARE IGNORED.In a future society we need to build, the economic relationships involved in a better, more equitable model are crucial. Cooperative, democratic ownership and managment of all social production is the only way to ensure real democracy...civic (where we live) as well as economic (where we work). This bank idea might be one of the forerunners of such new approaches and new paradigms. We commend you and will add your site to our LinksList. See our model for a new society while you visit. Ask questions, make comments. Your outreach is so encouraging....your thorough analysis of Capitalism essential to replacing it! Only post-Capitalism can we have a truly liberated socity based on democracy, green energy, industry, building & transportarion, We must mature our focus on building a NEW SOCIETY. CommonGood Bank is a possible first step! Thanks, PFANS
Page:   1   23 Comment on this Subject


Reply to Topic:
General Questions and Comments

Guest Name (Required):

Guest Email (Required):

Smileys
Confused Cool Cry Embarassed Frown Kiss Laugh Smile Surprised Wink Yell
Post New Reply

Guest URL (required)

Math Required!
What is the sum of:
4 + 12    


Topic RSS



Common Good Finance is a collaboration of many organizations
led by Society to Benefit Everyone, Inc.
PO Box 21, Ashfield, MA 01330 USA
+1 413-628-3336
website copyright © 2010 S2BE