It has been called “a bigger risk than Brexit”– the Italian banking crisis that could take down the eurozone. Handwringing officials say “there is no free lunch” and “no magic bullet.” But UK Prof. Richard Werner says the magic bullet is just being ignored.
On December 4, 2016, Italian voters rejected a referendum to amend their constitution to give the government more power, and the Italian prime minister resigned. The resulting chaos has pushed Italy’s already-troubled banks into bankruptcy. First on the chopping block is the 500 year old Banca Monte dei Paschi di Siena SpA (BMP), the oldest surviving bank in the world and the third largest bank in Italy. The concern is that its loss could trigger the collapse of other banks and even of the eurozone itself.
There seems little doubt that BMP and other insolvent banks will be rescued. The biggest banks are always rescued, no matter how negligent or corrupt, because in our existing system, banks create the money we use in trade. Virtually the entire money supply is now created by banks when they make loans, as the Bank of England has acknowledged. When the banks collapse, economies collapse, because bank-created money is the grease that oils the wheels of production.
So the Italian banks will no doubt be rescued. The question is, how? Continue reading →
To stimulate the economy, create new jobs and generate new GDP requires an injection of new money. Borrowing from the bond markets or off-balance-sheet in public/private partnerships won’t do it. If Congress won’t issue money directly, it should borrow from banks, which create money on their books when they make loans.
The Trump agenda, it seems, is not set in stone. The president-elect has a range of advisors with as many ideas. Steven Mnuchin, his nominee for Treasury Secretary, said in November that “we’ll take a look at everything,”even the possibility of extending the maturity of the federal debt with 50-year or 100-year bonds to take advantage of unusually low interest rates.
Steve Bannon, appointed chief White House strategist, seems to be envisioning Roosevelt-style experimentation with whatever works. Continue reading →
Here are my latest efforts at presenting the public banking model by power point. The longer version was at an event in Englewood, CO, on October 30, called “Taking Back the Money Power: The Public Option in Banking.” The shorter version was at an event in Santa Rosa, CA, on November 9 called “Cannabis Cash and Public Banking.” My part was on public banking in general, followed by Marc Armstrong who spoke on how a public bank could serve the newly legalized recreational cannabis business. Many thanks to Earl Staelin for the Colorado event and Shelly Browning for the Santa Rosa event. Great fun!
Donald Trump was an outsider who boldly stormed the citadel of Washington DC and won. He has promised real change, but his infrastructure plan appears to be just more of the same – privatizing public assets and delivering unearned profits to investors at the expense of the people. He needs to try something new; and for this he could look to Abraham Lincoln, whose bold solution was very similar to one now being considered in Europe: just print the money.
In Donald Trump’s victory speech after the presidential election, he vowed:
We are going to fix our inner cities and rebuild our highways, bridges, tunnels, airports, schools, hospitals. We’re going to rebuild our infrastructure, which will become, by the way, second to none. And we will put millions of our people to work as we rebuild it.
It sounds great; but as usual, the devil is in the details. Continue reading →
School districts are notoriously short of funding – so short that some California districts have succumbed to Capital Appreciation Bonds that will cost taxpayers as much is 10 to 15 times principal by the time they are paid off. By comparison, California’s Prop. 51, the school bond proposal currently on the ballot, looks like a good deal. It would allow the state to borrow an additional $9 billion for educational purposes by selling general obligation bonds to investors at an assumed interest rate of 5%, with the bonds issued over a five-year period and repaid over 30 years. $9 billion × 5% × 35 equals $15.75 billion in interest – nearly twice principal, but not too bad compared to the Capital Appreciation Bond figures.
However, there is a much cheaper way to fund this $9 billion school debt. By borrowing from its own state-chartered, state-owned bank, the state could save over $10 billion – on a $9 billion loan. Here is how. Continue reading →
So says this week’s guest Bill Black about the recent Wells Fargo scandal in which millions of customers were beset with unrequested accounts that cost them fees and affected their credit scores – another in the long line of Big-Bank violations. Black, author of “The Best Way To Rob A Bank Is To Own One” is renowned for obtaining convictions of almost a thousand bankers and sending several hundred of them to prison when he was a Federal regulator back in 1990 during the savings and loan scandal. He talks with Ellen about why that sort of regulatory punch no longer exists. Selling-off public assets and services is discussed by co-host Walt McRee with the Executive Director of In The Public Interest, Donald Cohen, who issued a recent report on how privatization is helping perpetuate economic inequality. Matt Stannard returns on the Public Banking Report to reflect on how Wells Fargo’s scandal hurts everyone at the bank, not just their customers.
I was very pleased to be able to talk to Ralph Nader about public banking on his radio show and to be a presenter at his “Breaking through Power” conference last week. The radio show is here —
Several central banks, including the Bank of England, the People’s Bank of China, the Bank of Canada and the Federal Reserve, are exploring the concept of issuing their own digital currencies, using the blockchain technology developed for Bitcoin. Skeptical commentators suspect that their primary goal is to eliminate cash, setting us up for negative interest rates (we pay the bank to hold our deposits rather than the reverse).
But Ben Broadbent, Deputy Governor of the Bank of England, puts a more positive spin on it. He says Central Bank Digital Currencies could supplant the money now created by private banks through “fractional reserve” lending – and that means 97% of the circulating money supply. Rather than outlawing bank-created money, as money reformers have long urged, fractional reserve banking could be made obsolete simply by attrition, preempted by a better mousetrap. The need for negative interest rates could also be eliminated, by giving the central bank more direct tools for stimulating the economy. Continue reading →
How did Scandinavia become the world leader in successful, equitable economies? People. Like the farmers of North Dakota a hundred years ago, the people pushed back against the failures of the controlling economic elite. Author and professor George Lakey talks with co-host Walt McRee about his book “Viking Economics” and discovers many parallels to today’s America. And there’s big news for the public banking movement out of New Jersey with one of the major mainstream candidates for Governor announcing his intention to form a state-owned public bank to address chronic state fiscal issues. Later on the Public Banking Report, Mike Krauss talks about how imperiled pension funds can save themselves by investing in their own public bank.
On the latest episode of “It’s Our Money,” David Morris, co-founder of the Institute for Local Self Reliance, talks with PBI Chair Walt McRee about how to reclaim the narrative that government can and should work well on our behalf. And Ellen Brown talks with “The Earth Belongs to Everyone” author Alanna Hartzok about how our current method of taxation overlooks a more obvious and fair approach based on land and the Earth itself. Listen here.
Bernie Sanders supporters are flocking to Jill Stein, the presumptive Green Party presidential candidate, with donations to her campaign exploding nearly 1000% after he endorsed Hillary Clinton. Stein salutes Sanders for the progressive populist movement he began and says it is up to her to carry the baton. Can she do it? Critics say her radical policies will not hold up to scrutiny. But supporters say they are just the medicine the economy needs.
Stein goes even further than Sanders on several key issues, and one of them is her economic platform. She has proposed a “Power to the People Plan” that guarantees basic economic human rights, including access to food, water, housing, and utilities; living-wage jobs for every American who needs to work; an improved “Medicare for All” single-payer public health insurance program; tuition-free public education through university level; and the abolition of student debt. She also supports the reinstatement of Glass-Steagall, separating depository banking from speculative investment banking; the breakup of megabanks into smaller banks; federal postal banks to service the unbanked and under-banked; and the formation of publicly-owned banks at the state and local level. Continue reading →
Fifteen years after embarking on its largely ineffective quantitative easing program, Japan appears poised to try the form recommended by Ben Bernanke in his notorious “helicopter money” speech in 2002. The Japanese test case could finally resolve a longstanding dispute between monetarists and money reformers over the economic effects of government-issued money.
When then-Fed Governor Ben Bernanke gave his famous helicopter money speech to the Japanese in 2002, he was talking about something quite different from the quantitative easing they actually got and other central banks later mimicked. Quoting Milton Friedman, he said the government could reverse a deflation simply by printing money and dropping it from helicopters. A gift of free money with no strings attached, it would find its way into the real economy and trigger the demand needed to power productivity and employment. Continue reading →
BREXIT, FREXIT, GREXIT – where’s everybody going? The recent vote in the United Kingdom to get out of the European Union is a telling example of how ill-served citizens in the political/financial union are feeling about their status. Such feeling suggests the potential for contagion with other European nations souring on the control of the unelected bureaucrats in Brussels. Ellen talks with a noted international observer Stephen Lendman about this vote and the politics that led up to it and are now playing out.
Matt Stannard reports on another political stage, in NC, where money for local infrastructure depends on compliance with onerous immigration policies. And our What Wall Street Costs America report focuses on the tragic human costs inflicted on Puerto Rico by American hedge funds. Archived here.
California’s “Adult Use of Marijuana Act” (AUMA) is a voter initiative characterized as legalizing marijuana use. But critics warn that it will actually make access more difficult and expensive, squeeze home growers and small farmers out of the market, heighten criminal sanctions for violations, and open the door to patented, genetically modified (GMO) versions that must be purchased year after year.
As detailed in Part I of this article, the health benefits of cannabis are now well established. It is a cheap, natural alternative effective for a broad range of conditions, and the non-psychoactive form known as hemp has thousands of industrial uses. At one time, cannabis was one of the world’s most important crops. There have been no recorded deaths from cannabis overdose in the US, compared to about 30,000 deaths annually from alcohol abuse (not counting auto accidents), and 100,000 deaths annually from prescription drugstaken as directed. Yet cannabis remains a Schedule I controlled substance (“a deadly dangerous drug with no medical use and high potential for abuse”), illegal to be sold or grown in the US.
Powerful corporate interests no doubt had a hand in keeping cannabis off the market. The question now is why they have suddenly gotten on the bandwagon for its legalization. According to an April 2014 article in The Washington Times, the big money behind the recent push for legalization has come, not from a grassroots movement, but from a few very wealthy individuals with links to Big Ag and Big Pharma. Continue reading →
Brexit could trigger a $500 trillion derivatives meltdown, by forcing the EU to allow insolvent member governments and banks to write down debt. Italy is in financial crisis and is already petitioning for that concession. How to avoid collapse of the massive derivatives house of cards? Alternatives are considered.
Sovereign debt – the debt of national governments – has ballooned from $80 trillion to $100 trillion just since 2008. Squeezed governments have been driven to radical austerity measures, privatizing public assets, slashing public services, and downsizing work forces in a futile attempt to balance national budgets. But the debt overhang just continues to grow.
Austerity has been pushed to the limit and hasn’t worked. But default or renegotiating the debt seems to be off the table. Why? Continue reading →
Mayer Rothschild is famously quoted as saying “Permit me to issue and control the money of a nation, and I care not who makes its laws!” – and so it is. When we look at the distribution of capital, we see that those who control the franchise of creating money through loans and debt rule our world. Ellen speaks with one of the planet’s oldest serving statesmen, Canada’s Paul Hellyer, about the nature of this controlling franchise and about the alternatives still available. Walt McRee speaks with Lisa Cody, a researcher for the Service Employees International Union, who did a landmark study of the outrageous costs Los Angeles has paid private financiers as part of our ongoing series What Wall Street Costs America, and Matt Stannard comments on the increasingly popular idea of providing a basic income to people as one way of balancing the scales against the controlling interests. Archived here.
The war on cannabis that began in the 1930s seems to be coming to an end. Research shows that this natural plant, rather than posing a deadly danger to health, has a wide range of therapeutic benefits. But skeptics question the sudden push for legalization, which is largely funded by wealthy investors linked to Big Ag and Big Pharma.
In April, Pennsylvania became the 24th state to legalize medical cannabis, a form of the plant popularly known as marijuana. That makes nearly half of US states. A major barrier to broader legalization has been the federal law under which all cannabis – even the very useful form known as industrial hemp – is classed as a Schedule I controlled substance that cannot legally be grown in the US. But that classification could change soon. In a letter sent to federal lawmakers in April, the US Drug Enforcement Administration said it plans to release a decision on rescheduling marijuana in the first half of 2016. Continue reading →
California Democratic Party Business and Professional Caucus, Saturday at 6:30 June 18th, at the Long Beach Hyatt Regency Hotel, 200 S. Pine Ave, Long Beach.
Moderator – Ray Bishop, Chair, Business & Professional Caucus, County Small Business Commission, City Commission Industrial Development Authority, Business Owner.
Ellen Brown – Attorney and Founder of the National Public Banking Institute, author of twelve books including “Web of Debt” and “The Public Bank Solution”.
Mike Gatto – California Assemblyman and Attorney, Chair of the Utilities & Commerce Committee, served as Assistant Speaker Pro Tempore, Chairman of the Appropriations Committee, Chairman of the Privacy & Consumer Protection. Introduced legislation to establish the “rainy day fund” and Co-Authored AB750 to Create Public Banking in California.
John Batiste – Forty Years of Commercial Banking Experience, New York & California. Senior Vice President & Regional Manager specializing in Business & General Banking.
Joel Luxenberg – Entrepreneur and advocate for the JOBS Act legislation. Instrumental in developing innovative alternatives to banking to include an active role in Crowdfunder and Investedin. Served as a founder and shareholder in Venture Capital Funds. Lectured around the world on the impact of EB5 investing and small business entrepreneurship.
Kevin Klowden – Managing Economist, Milken Institute & Director of the California Center. Extensive experience in government affairs and has participated in and hosted events around the world to include the Federal Reserve System & the World Economy. Graduate Degrees from the University of Chicago & London School of Economics.
Barbara Polsky – Attorney and Partner, Manat, Phelps & Phillips, one of the nation’s most prominent Banking Law Firms, founded by Chuck Manatt also a founder of LA Bank and Chair of the Democratic Party, Barbara has extensive experience representing numerous domestic and foreign banks as well as major other financial institutions and is well versed in regulatory and compliance matters and M&A.
Special Guests: Lisa Pinto, Russell Baldwin, Frank Sanitate, Jeffrey Leckich
The Bank of North Dakota started a century ago with the simple goal of service to citizen victims of the Wall Street monopoly. It now inspires the hopes of citizens nationwide, as they struggle to wrest their financial freedom from the same financial masters. Ellen talks with Dr. Rozanne Enerson Junker, who got her doctorate studying how this upstart institution took on the big banks and turned a challenged economy into a financial powerhouse of service to its owners, the people of North Dakota. Rozanne is featured in a documentary called “The Bank of North Dakota,” linked below. Walt McRee then talks with Tom Tresser about a new collaborative book called “Chicago is Not Broke – Funding the City We Deserve” — there’s more money laying around than most citizens know. And Matt Stannard discusses What Wall Street Costs America with a focus on Detroit and Harrison, NJ – yet more victims of the global banking cartels that keep America under the thumb of debt servitude. Listen to the archive here.
In Part II of Rozanne’s interview, played on June 8th’s show, we continue our conversation about the founding factors and functional dimensions of America’s only state-owned public bank. Ellen also discusses block-chain technology with co-host Walt McRee, while this week’s What Wall Street Costs America examines the impact of predatory banking costs on the city of Detroit — Matt Stannard talks with Tom Stevens of “Detroiters Resisting Emergency Management.” Archived here.
929. Oct. 30, presentation at Community Forum of the First Universalist Church, Denver
928. Oct. 21, interview with Kevin Barrett, http://truthjihadradio.blogspot.com/, 6 pm PT
927. Sept. 27, presenter on public banking, Ralph Nader event, "Breaking Through Power," Carnegie Institute, Washington DC
926. Sept. 24, interview with Ralph Nader, The Ralph Nader Radio Hour, Pacifica Radio Network, ralphnaderradiohour.com; also noon, PST on KPFK, listen online here.
925. Sept. 14, "It's Our Money" on PRN, http://itsourmoney.podbean.com/
924. Aug. 25, interview with Richard C. Hoagland on The Other Side of Midnight, www.theothersideofmidnight.com, 12 a.m.-2 a.m Pacific
923. Aug. 25, interview with Fred Smart, www.aunetwork.tv, 9 pm Eastern
922. Aug. 17, "It's Our Money" on PRN, http://itsourmoney.podbean.com/
921. Aug. 16, interview with Gregg Hunter, USAWatchdog.com, 11:30 a.m. Eastern time
920. Aug. 9, interview with Annie Esposito and Steve Scalmanini on Corporations and Democracy, KZYX, Mendocino, CA, 1:30 pm Pacific
919. June 24, interview with Gordon Long, gordontlong.com, 9 a.m., PDT
918. May 25, interview with Phil Watt, "The Conscious Society" Youtube channel, 6 pm, pst
917. May 19, interview with Brian Greenberg, WNJC, Philadelphia, 5 pm EDT
916. April 26, interview with Jay Taylor, VoiceAmerica, 3:30 pm Pacific time
915. April 12, interview, The Gary Null Show, 4 pm Pacific
914. April 7, speaker, 11th annual Sustainability Enterprise Conference (SEC), Sonoma, CA
913. Interview with Dennis Bernstein, Flashpoints, KPFA, Berkley. Listen to archive here.
912. March 22, interview with Jay Taylor, VoiceAmerica, 12:25 Pacific time. Listen to archive here.
911. March 22, interview with Tom Kiely, INN World Report, 3 pm PDT
910. March 22, interview with Martin and Lois Griffiths, Earthwise, NZ Community Radio, Christchurch, NZ 2 pm PDT Listen to podcast here.
909. March 21, interview with Paul J. Malikowski, KCKQ 1180. Reno, NV, 2 pm PDT
908. March 18, interview with Kevin Barrett, http://truthjihadradio.blogspot.com/, 5 pm PDT
907. March 18, interview with John Wells, http://caravantomidnight.com/radio/, 11 am Central
906. March 17, interview with John Loeffler, Steel on Steel radio show (steelonsteel.com), 10 a.m. PDT (pre-recorded)
905. March 17, interview with
Dennis Tubbergen, host of “The Everything Financial Radio Program”, 11 a.m. and 2 p.m. Pacific time
904. March 1, interview with Brian Greenberg, WNJC, Philadelphia, 5:25 PDT
903. March 14, Interview with Jim Hogue, http://www.wgdr.org/house-at-pooh-corner/, WGDR, Plainfield, VT, 7 a.m. PST
902. March 14, interview on The Moneywise Guys, KERN-FM 96.1, Bakersfield, CA, 11:00 a.m., PST
901. March 10, interview on The Bev Smith Show, http://tunein.com/radio/The-Bev-Smith-Show-p49679/, Atlanta Georgia. 7:15 pm EDT
900. Wed., Feb. 24, public banking presentation in Cardiff, Wales. Get info and tickets here.
898. Feb. 18, interview with Richie Allen, Manchester, England, http://richieallenshow.com/. Fab Radio 2, TRE, ACR. Also live-streamed on davidicke.com. 9 pm GMT
Listen here.
897. Wed., Feb. 17, presentation on public banking at Royal Society of Arts, 8 John Adam Street, London, 1 pm
896. Feb 13, public banking presentation in Reykjavík, Iceland http://nordichouse.is/is/event/fundur-um-samfelagsbanka-streymi/
895. Mon., Feb. 8, interview, MaxKeiser.com, London
894. Feb. 4, interview with Dennis Tubbergen, The Everything Financial Radio Program, 10:30 EST
892. Feb. 2, interview with Dr. Carlos Vasquez, Circle of Insight, 1-2 pm pst.
891. Feb. 1, interview with Don Rosen, WBEL Radio, 1-2 pm est.
890. Jan. 30, RealNewsNetwork interview with Jessica Devereaux
889. Jan. 29, interview with Cary Harrison (pre-recorded), GoHarrison.com, prn.fm.
888. Jan. 28, interview with Warner Lewis, Lewis at Large, KLWN-AM, Lawrence, KS, 3 pm Central.
887. Jan. 28, Parallel University Radio, www.kaosradio.org, 12-12:30 pst.
886. Jan. 27, interview with Mark Maxwell, WHDT World News, WHDT.NET, Boston/Miami. 3 pm ET
885. Jan. 27, interview with Chris Andreae on KBOO Community Radio, OR, 10 am
884. Jan. 26, interview with Jay Taylor, VoiceAmerica, 12:30 pm PST. Archived here.
883. Jan. 21, RealNews.com interview joining Bill Black, here.
882. Jan. 20, "It's Our Money", interview with Charles Eisenstein, 3 pm est.
881. Jan. 19, interview with Tom Kiely, INN World Report, 5:30 pm PDT
880. Jan 10, interview with Frank Morano, AM 970 The Answer, New York City, 4 a.m.--7:30 a.m. ET
879. Jan. 8, Conversations With Great Minds interview with Thom Hartmann on his national TV program, The Big Picture, 4:30 pm PST
878. Jan 6, Interview with Les Leopold on "It's Our Money", http://prn.fm/, noon PST
877. Jan. 5, interview with Gregg Hunter, USAWatchdog.com, 9 :30 a.m. Pacific time. Watch the archive here.
--2015--
876. Dec. 30, interview with George Noory, Coast to Coast AM, 10 pm PST
875. Dec. 19, interview with Tom Allen, This Week in Money. Listen to archive here.
874. Dec. 17, interview with Tom Kiely, INN World Report, 4:30 pm PDT
873. Dec. 9,
Ellen interviews Independent Presidential Candidate Scott Smith on "It's Our Money," 3 pm EST, prn.fm.
872. Dec. 5, interview with Tom Quinn, “Perspectives,” KSCO 1080AM Santa Cruz, 12-1 pm PST.
871. Nov. 30, interview with Kevin Zeese JD and Margaret Flowers MD, Clearing the FOG on We Act Radio, 1480 AM Washington, DC, 11 a.m. Eastern
870. Nov. 29, book signing event, Los Angeles, 7:30 pm, info here.
869. Nov. 22 interview with Chris Moor, KDKA radio, Pittsburgh, 4 pm Eastern
868. Nov. 17, presentation and panel with Bill Still, "Can the National Debt Be Paid?", American Freedom Alliance, Luxe Sunset Blvd Hotel, Los Angeles, CA, 7:30 pm.
http://www.americanfreedomalliance.org/
867. Nov. 11, Ellen interviews Bill Still on "It's Our Money." 3 pm, Eastern. Listen here.
866. Nov. 11, interview with Fred Smart, www.aunetwork.tv, 8 pm, CDT
865. Oct. 31, interview, Tom Allen, This Week in Money. Listen to archive here.
864. Oct. 28, interview with Mike Manciel "Rethinking the Dollar," Listen to the archive here.
863. Oct. 28, Interview with Jim Goddard, the Goddard Report.
862. Oct. 28, "It's Our Money" with Dr. Thomas Marois. Listen to the archive here.
861. Oct. 27, interview, The Gary Nolan Show, 11:35 CT
860. Oct. 14, Ellen interviews Jamie Brown on "It's Our Money." Listen to the archive here.
859. Oct. 14, interview with Robert Stark, Valley Talk Live, centralvalleytalk.com, Fresno, 8 pm Pacific. Listen to archive here.
858. October 6, Bretton Woods IV Convocation, Mt. Washington Hotel, Bretton Woods, NH /
http://brettonwoodsiv.org/
857. Sept. 30, Ellen interviews Mary Mellor on "It's Our Money.": listen live here and to the archive here.
856. Oct. 2-4, conference speaker, Binzagre Institute for Sustainable Prosperity, Columbus, Ohio
855. Sept 8-10, Deep Dive Workshop: "Capital for the Commons," Berlin, Germany,hosted by Heinrich-Böll-Stiftung, Schumannstr. 8, 10117 Berlin.
854. July 29, interview, Latin Waves with Sylvia Richardson, 7:30 pm PST
853. July 23, interview with Tom Kiely, INN World Report, 4:30 pm PDT
852. July 22, interview with Robert Stark, Valley Talk Live, centralvalleytalk.com, Fresno, 4 pm Pacific.
851. July 21, interview with Sinclair Noe, Financial Review, moneyradio.com 11 a.m. PDT
850. July 7, interview on The Bev Smith Show, http://tunein.com/radio/The-Bev-Smith-Show-p49679/, Atlanta Georgia. 7:15 pm EDT
849. July 4, interview with David Bolduc on the Joe Whitehead show, WGUF, Naples, FL. 8:30 a.m. PDT
848. June 28, presenter, Elizabeth Warren-People Demanding Action-National TPP Coalition Call, 4:30 pm Pacific
847. June 24, interview with Gregg Hunter, USAWatchdog.com, 8 :30 a.m. Pacific time.
846. June 24, interview , This Week In Money with Phil Mackesy (howestreet.com), 1 pm PDT
845. June 23, It's Our Money with Ellen Brown. Listen to archive here: http://itsourmoney.podbean.com/
844. June 20, interview with Craig Barnes, KSFR 101.1 FM, Santa Fe, 8:00 a.m. PST
843. June 6, interview on The Dougherty Report with Elizabeth Dougherty, 10 a.m. PT
842. June 4-7, conference speaker, Seizing an Alternative: Toward an Ecological Civilization, Claremont, CA. Information at http://www.pandopopulus.com/conference/
841. May 23, The Dougherty Report with Elizabeth Dougherty, Genesis Communications Network--check for time
840. May 27, interview the Larry Friis, Freedoms Voice Radio, Sandy City, Utah, 10 a.m., PT
839. May 22nd, interview with Gordon Long, gordontlong.com, 2 pm, PDT archive: http://www.gordontlong.com/Financial_Repression.htm or https://youtu.be/8no7wzmp0g8
838. May 22nd, interview, Shattered Reality with Kate Valentine and Fahrusha, https://shatteredrealitypodcast.wordpress.com/. 12 noon EDT.
837. May. 21, interview with Patrick Timpone, oneradionetwork.com, 8 a.m. PDT
836. May 13, interview with Joyce Riley on The Power Hour (thepowerhour.com), 9 a.m. CT
835. May 7, interview with Robert Stark, Valley Talk Live, centralvalleytalk.com, Fresno, 4 pm Pacific. Here's a link to the archive.
834. May 6, listen to Ellen radio show, IT'S OUR MONEY, on PRN, 12 noon Pacific
833. May 4, interview with GEORGE NOORY, COAST TO COAST AM RADIO, 10-12pm, Pacific Time
832. May 3, interview with Christopher Moore, KDKA radio, Pittsburgh, 4 pm Eastern
831. April 29, interview, The Gary Null Show, 9:30 a.m. Pacific
830. April 23, interview with Jim Goddard, the Goddard Report.
829. April 22, interview with John Loeffler, Steel on Steel radio show (steelonsteel.com), 10 a.m. PST
829. April 16, Speaker, San Diego State University, open forum debate on "The Crisis of American Democracy," 5-7 pm. Here's a link.
828. April 14, interview with Gregg Hunter, USAWatchdog.com, 8 :30 a.m. Pacific time.
827. April 7, interview with Sam Seder, Ring of Fire Radio, 11:30 a.m., PST
826. March 31, Tom Kiely, INN World Report, 5:30 pm pst
825. March 26, Interview, Mike Norman Economics. Listen to archive here .
824. March 25, It’s Our Money with Ellen Brown – World Water Wars http://prn.fm/world-water-wars-03-25-15/. Archived shows available in same place.
823. March 17, interview with Joyce Riley on The Power Hour (thepowerhour.com), 7 a.m. PST
822. March 11, Interview on the Global Research News Hour with Michael Welch, Listen to archive here .
821. March 5, The Liberty Beacon with Roger Landry, audio interview, includes videos. Listen here .
820. Feb 28, interview with Sam Seder on Ring of Fire Radio, http://www.ringoffireradio.com/
“Fish Rot from the Head”
California Democratic Party Business and Professional Caucus, Saturday at 6:30 June 18th, at the Long Beach Hyatt Regency Hotel, 200 S. Pine Ave, Long Beach.
The Italian Banking Crisis: No Free Lunch – Or Is There?
It has been called “a bigger risk than Brexit”– the Italian banking crisis that could take down the eurozone. Handwringing officials say “there is no free lunch” and “no magic bullet.” But UK Prof. Richard Werner says the magic bullet is just being ignored.
On December 4, 2016, Italian voters rejected a referendum to amend their constitution to give the government more power, and the Italian prime minister resigned. The resulting chaos has pushed Italy’s already-troubled banks into bankruptcy. First on the chopping block is the 500 year old Banca Monte dei Paschi di Siena SpA (BMP), the oldest surviving bank in the world and the third largest bank in Italy. The concern is that its loss could trigger the collapse of other banks and even of the eurozone itself.
There seems little doubt that BMP and other insolvent banks will be rescued. The biggest banks are always rescued, no matter how negligent or corrupt, because in our existing system, banks create the money we use in trade. Virtually the entire money supply is now created by banks when they make loans, as the Bank of England has acknowledged. When the banks collapse, economies collapse, because bank-created money is the grease that oils the wheels of production.
So the Italian banks will no doubt be rescued. The question is, how? Continue reading →
Filed under: Ellen Brown Articles/Commentary | Tagged: bail-in, ECB, European banking union, Italian banking crisis, public banking, quantitative easing | 34 Comments »