So the only safe thing is: if the State and local
governments can't put their money in the little local credit unions because
they aren't big enough, then they need to set up their own banks. We've been pushing for that anyway, to set up
their own banks just to help the economy, the way the bank of North Dakota
helps the North Dakota economy. But now
we have this other element: you need public banks, banks backed by the State,
because they're owned by the State, with the profits going to the State,
controlled by the State, so they don't deal in risky derivative type
things. That could be forbidden, illegal
to deal in that sort of thing.
Rob Kall: Right now
there's only one public bank in the US and that's in North Dakota. Are you saying that the idea is that public
banks would not deal in derivatives?
Ellen Brown: Yes. Well, the bank of North Dakota doesn't. I don't think there's any law against it, but
they do have a mandate to serve the public interest. They don't get bonuses or commissions, they
don't have a personal interest in it.
They're just civil servants doing their jobs, and so they always do the
thing that's the best for the economy, and not what's best for them
personally. I mean, their job depends on
their doing a good job for the economy, not on making their own personal
killing somewhere.
Rob Kall: Now that
seems like a rule that Congress ought to think about. (laughs)
Ellen Brown: Yeah. The government should be dependent on it
(laughs)
Rob Kall: You said
that like, "Yeah dream on, what a fantasy." (laughs)
Ellen Brown: (laughs) Well, I think we have more and more
possibilities of seeing what they're up to, just because of the internet and this
whole alternative media that has popped up - like Opednews, for example, where
we're not dependent on the gatekeepers and they can't keep us from
knowing. I've just been amazed with the
amount of research I can do! Just
instantly you can get figures on anything, and it used to be you'd have to go
into a library and look it up, and the book wouldn't be there. You'd just get blocked from following your
line of research, but now you can know just about anything. So it seems to me that with more and more
exposure, and accountability, and transparency, that maybe one day we could
have a fully honest and accountable government and banking system.
Rob Kall: So let's
talk a little bit more about public banking and how that could protect people
and benefit people in America today.
This is kind of giving a review, I'm thinking, of what you've written
about and have been writing about for years.
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