ENVISION THIS: A BANKING ALTERNATIVE THAT LEADS US FROM AUSTERITY TO PROSPERITY
Our guest, Ellen Brown, is an attorney, president of the Public Banking Institute, and author of 12 books, including WEB OF DEBT. The back cover of its newly-released sequel, THE PUBLIC BANK SOLUTION tells us:
"Shock waves from one Wall Street scandal after another have completely disillusioned us with our banking system; yet we cannot do without banks. Nearly all money today is simply bank credit. Economies run on it, and it is created when banks make loans. The main flaw in the current model is that private profiteers have acquired control of the credit spigots. They can cut off the flow, direct it to their cronies, and manipulate it for personal gain at the expense of the producing economy...This book looks at the public bank alternative, and shows ...that it works admirably well, providing the key to sustained high performance for the economy and well-being for the people."
Since the bail-in in Cyprus and the bankruptcy of Detroit, her message becomes crucial. "The Western banking system today has all the earmarks of a giant Ponzi scheme on the verge of collapse: a global credit crisis extorting massive bailouts from the taxpayers; a derivatives casino with a U.S. notional (or nominal) exposure of $300 trillion; governments refusing further bank bailouts; "bail in" policies in which the largest banks are being instructed to confiscate their depositors' funds if necessary, in a last-ditch effort to keep their doors open...Fortunately, there is a safer, more sustainable way to design a banking system."
Ellen will explain it to us. Please listen.
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