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Ellen Brown is an attorney, founder of the Public Banking Institute, and author of twelve books including the best-selling WEB OF DEBT. In THE PUBLIC BANK SOLUTION, her latest book, she explores successful public banking models historically and globally. Her websites are http://EllenBrown.com, http://PublicBankSolution.com, and http://PublicBankingInstitute.org.
(32 comments) SHARE Tuesday, December 1, 2020 Why the Fed Needs Public Banks
The Fed's policy tools -- interest rate manipulation, quantitative easing, and "Special Purpose Vehicles" -- have all failed to revive local economies suffering from government-mandated shutdowns. The Fed must rely on private banks to inject credit into Main Street, and private banks are currently unable or unwilling to do it. The tools the Fed actually needs are public banks, which could and would do the job.
(1 comments) SHARE Thursday, July 2, 2020 Meet BlackRock, the New Great Vampire Squid
BlackRock is a global financial giant with customers in 100 countries and its tentacles in major asset classes all over the world; and it now manages the spigots to trillions of bailout dollars from the Federal Reserve.
(9 comments) SHARE Tuesday, May 19, 2020 Another Bank Bailout Under Cover of a Virus
State and local governments with a mandate to serve the public interest deserve to be treated as well as private Wall Street banks that have repeatedly been found guilty of frauds on the public. How can states get parity with the banks? If Congress won't address that need, states can borrow interest-free at the Fed's discount window by forming their own publicly-owned banks.
(14 comments) SHARE Monday, May 4, 2020 Crushing the States, Saving the Banks
Banks can now borrow effectively for free, without restrictions on the money's use. Following the playbook of the 2008-09 bailout, they can make the funds available to their Wall Street cronies to buy up distressed Main Street assets at fire sale prices, while continuing to lend to credit cardholders at 21%.
(7 comments) SHARE Monday, April 20, 2020 A Universal Basic Income is Essential and Will Work
A government-mandated shutdown has left households more vulnerable than at any time since the Great Depression, a UBI seems the most direct and efficient way to get money to everyone who needs it. But critics argue that it will just trigger inflation and collapse the dollar.
(13 comments) SHARE Saturday, April 4, 2020 Was the Fed Just Nationalized?
Wall Street and the stock market were driven onto life-support by a virus. It took only a few days for Congress to unanimously pass the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which will be doling out $2.2 trillion in crisis relief, most of it going to Corporate America with few strings attached.
(7 comments) SHARE Wednesday, March 25, 2020 Socialism at Its Finest after Fed's Bazooka Fails
In what is being called the worst financial crisis since 1929, the US stock market has lost a third of its value in the space of a month, wiping out all of its gains of the last three years. When the Federal Reserve tried to ride to the rescue, it only succeeded in making matters worse.
(12 comments) SHARE Tuesday, March 10, 2020 The Fed's Baffling Response to the Coronavirus Explained
In an attempt to contain the damage, the Federal Reserve on March 3 slashed the fed funds rate from 1.5% to 1.0%, in its first emergency rate move and biggest one-time cut since the 2008 financial crisis. But rather than reassuring investors, the move fueled another panic sell-off.
(4 comments) SHARE Friday, December 27, 2019 The Key to Solving the Climate Crisis Is Beneath Our Feet
Saving the planet from environmental destruction is not only achievable, but that by focusing on regenerative agriculture and tapping up the central bank for funding, the climate crisis can be addressed without raising taxes and while restoring our collective health.
(19 comments) SHARE Wednesday, November 6, 2019 Is the Run on the Dollar Due to Panic or Greed?
The whole repo rigmarole underscores the sleight of hand on which our money and banking systems are built, and why it is time to change them. The banks could not function without public support. They should be turned into public utilities, mandate interests of the people and the productive economy on which the public depends.
(2 comments) SHARE Wednesday, September 25, 2019 Trump's Recipe for Economic Disaster
The U.S. doesn't need negative interest rates, because it doesn't have the EU's problems but it does have other problems unique to the U.S. dollar that could spell disaster if negative rates were enforced.
(4 comments) SHARE Wednesday, September 18, 2019 Central Bankers' Desperate Grab for Power
Central banks actually serve some useful functions. Better would be to nationalize the Fed, turning it into a true public utility, mandated to serve the interests of the economy and the voting public. It's our money, and we should be able to decide where it goes.
(17 comments) SHARE Thursday, July 25, 2019 The Cheapest Way to Save the Planet Grows Like a Weed
Hemp can help save our shrinking forests by eliminating the need to clear-cut them for paper pulp. One acre planted in hemp produces as much pulp as 4.1 acres of trees, according to the USDA; and unlike trees, hemp can be harvested two or three times a year. Hemp paper is also finer, stronger and lasts longer than wood-based paper. Benjamin Franklin's paper mill used hemp.
(5 comments) SHARE Wednesday, June 26, 2019 Facebook May Pose a Greater Danger Than Wall Street
On June 18, Facebook unveiled a white paper outlining ambitious plans to create a new global cryptocurrency called Libra, to be launched in 2020. Facebook reportedly has high hopes that Libra will become the foundation for a new financial system free of control by Wall Street power brokers and central banks.
(5 comments) SHARE Sunday, April 21, 2019 The public banking revolution is upon us
State infrastructure needs are huge, and the existing funding options -- raising taxes, cutting services and increasing debt levels -- have been exhausted. Newly-created credit directed into local communities by publicly-owned banks can provide the additional funding that local governments critically need.