Add this Page to Facebook!   Submit to Twitter   Submit to Reddit   Submit to Stumble Upon   Pin It!   Fark It!   Tell A Friend  
Printer Friendly Page Save As Favorite Save As Favorite View Article Stats
No comments, In Series: Ellen Brown Spring 2013 Interview and transcripts

Broadcast

The Rob Kall Bottom Up Radio Show Podcast

Ellen Brown; Public Banking, Bail-outs and Bail-ins

Podcast submitted by Rob Kall
()
    Permalink

Related Topic(s): ; ; ; ; ; ; , Add Tags

View Ratings | Rate It

Headlined to H2 4/30/13
Become a Fan
  (281 fans)

Listen
Listen

listen on iTunes
iTunes

Download
Download



BIO:
Ellen Brown is an attorney, president of the Public Banking Institute, and author of 11 books. Her websites are http://WebofDebt.com, http://EllenBrown.com, and http://PublicBankingInstitute.org. In her latest book, "Web of Debt: The Shocking Truth About Our Money System and How We Can Break Free," she shows how the power to create money has been usurped from the people and how we can get it back.
OEN Member Page for Ellen Brown


Website: webofdebt.com

Notes from the interview-- mostly my questions. This is just a teaser so you'll listen to the interview, and is not edited or even written properly. It's just interview notes. 

Rob: Can you explain what the Glass Steagall Act and Derivatives are?

Glass-Steagall Act was implemented in 1934,

Derivatives over $600 trillion-- ten times GDP of the world. 

Some people say it's up to $2-3 quadrillion

Some people suggest that the solution is to just ban derivatives. What effect would that have on the economy?

  Some say it would bring down the economy, but Iceland did it.

If derivatives were banned, how would that change things? 

   You need to protect farmers-- so that kind of futures sale should remain. Synthetic bets should be banned. 

How would it be better with synthetic derivatives banned?

Who did that, that derivatives are top priority in Bankruptcy?

   In Bankruptcy act of 2005-- same act that prevents students from going bankrupt to evade student loans.

Can you tell us about the Public Banking Conference? 

Tell us about Cyprus? 

Bail In

What about the Reinhart and Rogoff r esearch that was wrong, which has been used to support the austerity approach to economics?

Quantitative easing-- applying that to student debt. 

How can listeners and readers help? What can they do?

publicbankinginstitute.org

How do centralization and decentralization apply to public banking and the work that you are doing?

The Linchpin Tipping Point to Reverse Centuries of Top Down, 1% Power and Privatization?

Centralization

Putting the Brakes on the Wall Street End Game

Besides eliminating the super-priority of derivatives, here are some other ways to block the Wall Street asset grab:  

(1) Restore the Glass-Steagall Act separating depository banking from investment banking. Support Marcy Kaptur's H.R. 129.

(2) Break up the giant derivatives banks.  Support Bernie Sanders' "too big to jail" legislation.

(3) Alternatively, nationalize the TBTFs, as advised in the New York Times by Gar Alperovitz.  If taxpayer bailouts to save the TBTFs are unacceptable, depositor bailouts are even more unacceptable. 

(4) Make derivatives illegal, as they were between 1936 and 1982 under the Commodities Exchange Act. They can be unwound by simply netting them out, declaring them null and void.  As noted by Paul Craig Roberts, "the only major effect of closing out or netting all the swaps (mostly over-the-counter contracts between counter-parties) would be to take $230 trillion of leveraged risk out of the financial system."    

(5) Support the Harkin-Whitehouse bill to impose a financial transactions tax on Wall Street trading.  Among other uses, a tax on all trades might supplement the FDIC insurance fund to cover another derivatives disaster.

(5) Establish postal savings banks as government-guaranteed depositories for individual savings. Many countries have public savings banks, which became particularly popular after savings in private banks were wiped out in the banking crisis of the late 1990s.

(6) Establish publicly-owned banks to be depositories of public monies, following the lead of North Dakota, the only state to completely escape the 2008 banking crisis. North Dakota does not keep its revenues in Wall Street banks but deposits them in the state-owned Bank of North Dakota by law.  The bank has a mandate to serve the public, and it does not gamble in derivatives.

A motivated state legislature could set up a publicly-owned bank very quickly. Having its own bank would allow the state to protect both its own revenues and those of its citizens while generating the credit needed to support local business and restore prosperity to Main Street.

For more information on the public bank option, see here. Learn more at the Public Banking Institute conference June 2-4 in San Rafael, California, featuring Matt Taibbi, Birgitta Jonsdottir , Gar Alperovitz and others.  

Size: 27,854,720 -- 0 hrs, 58 min, 2 sec

Listen
Listen

listen on iTunes

Download
Download

You will need the Flash plug-in to use the Listen button.

 

Rob Kall is executive editor, publisher and website architect of OpEdNews.com, Host of the Rob Kall Bottom Up Radio Show (WNJC 1360 AM), and publisher of Storycon.org, President of Futurehealth, Inc, and an inventor . He is also published regularly on the Huffingtonpost.com

Listen to over 200 of Rob's Podcast interviews here.

Rob is, with Opednews.com the first media winner of the Pillar Award for supporting Whistleblowers and the first amendment.


With his experience as architect and founder of a technorati top 100 blog, he is also a new media / social media consultant and trainer for corporations, non-profits, entrepreneurs and authors.

Rob is a frequent Speaker on the bottom-up revolution, politics, The art, science and power of story, heroes and the hero's journey and Positive Psychology. He is a campaign consultant specializing in tapping the power of stories for issue positioning, stump speeches and debates, and optimizing tapping the power of new media. Watch me speaking on Bottom up economics at the Occupy G8 Economic Summit, here.

See more Rob Kall articles here and, older ones, here.

To learn more about Rob and OpEdNews.com, check out A Voice For Truth - ROB KALL | OM Times Magazine and this article. For Rob's work in non-political realms mostly before 2000, see his C.V..

And here's a one hour radio interview where I was a guest- on Envision This, on 10/23/13. And here is the transcript. 

And Rob's quotes are here.

To watch me on youtube, having a lively conversation with John Conyers, former Chair of the House Judiciary committee, click here Now, wouldn't you like to see me on the political news shows, representing progressives. If so, tell your favorite shows to bring me on and refer them to this youtube video.

Rob's radio show, The Rob Kall Bottom Up Radio Show, runs 9-10 PM EST Wednesday evenings, on AM 1360, WNJC and is archived at www.opednews.com/podcasts Or listen to it streaming, live at www.wnjc1360.com

Rob also hosted a health/mind/body/heart/spirit radio show-- the Rob Kall Futurehealth radio show. Check out podcasts from it at futurehealth.org/podcasts

Follow me on Twitter

A few declarations.

-My articles express my personal opinion, not the opinion of this website.

Press coverage in the Wall Street Journal: Party's Left Pushes for a Seat at the Table

The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Follow Me on Twitter

Contact Author Contact Editor View Authors' Articles

Comments

The time limit for entering new comments on this podcast has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
No comments