For two years, politicians have danced around the nationalization issue, but ForeclosureGate may be the last straw.
Read more here –
http://www.webofdebt.com/articles/force_nationalization.php
Filed under: Ellen Brown Articles/Commentary |
For two years, politicians have danced around the nationalization issue, but ForeclosureGate may be the last straw.
Read more here –
http://www.webofdebt.com/articles/force_nationalization.php
Filed under: Ellen Brown Articles/Commentary |
— 2023 —
1170. Apr 27, National Infrastructure Bank Coalition webinar, “How to Build the Nation: National Banking vs. Privatization”
1167. 4-8 & 4-9, 9 am est, radio interview with Dr. Elaina George, “Medicine on Call.”
1166. 4-8-23, noon pst, radio interview, Tom Quinn Show, ksco.com.
1165. 4-6-23, radio interview with Phillip Farruggio, “It’s the Empire, Stupid.”
1164. 4-4-23, 2 pm edt, NIB Zoom Roundtable, “National Banking in Times of Crisis.”
1163. Mar. 24 & 25, United for Free Speech Webinar, Think Local, Ireland.
1162. 3-23-23, 9 am EST, radio interview, The Power Hour.
1161. 3-19-23, Interview with James Corbett, “Alternative Solutions to the Banking Crisis.”
1160. 3-16-23, 5 pm pst, National Infrastructure Bank Coalition Town Hall, “Restructuring the American Workforce in a Time of Financial and Economic Turbulence.”
1159. 3-14-23, 5 pm EST, Living In The Solution with Dr. Elaina George
1158. 3-9-23, 8 am PST, Sarah Westall, podcast
1157. 3-2-23, 11 am EST, The Gary Null Show, PRN.live.
1156. 2-25-23, 15:00-17:00 GMT (Ireland), Think Local Conference 2023, Panel 3 – Money & Economics – New Paradigms
1155. 2-16-23, 5 pm pst, National Infrastructure Bank Coalition, “Washington, Hamilton, Lincoln: National Banking and the Economic Demands of Today’s Crisis,” NIB Zoom Town Hall
1154. 1-19-23, 5 pm pst, National Infrastructure Bank Coalition, “National Banking Will Drive a U.S. Economic Boom!” NIB Zoom Town Hall
— 2022 —
1153. 12-15-22: 5 pm pst, National Infrastructure Bank Town Hall presentation.
1152. 11-17-22: NIB Zoom Town Hall, “The Next Steps: The American System and the National Infrastructure Bank.”
1151. 10-19-22: NIB Zoom Town Hall, “Rebuild the Nation with a New Reconstruction Finance Corporation.”
1150. 10-8-22: 18th Annual AMI Monetary Reform Conference, 2022 “The Monetary Scene: The Last Three Years,” power point presentation.
1149. 9-8-22, 5 pm pst: NIB Zoom Town Hall, “US at the Crossroads: American Industrial Recovery or Fed Chair Powell’s Recession.”
1148. 8-11-22, 5 pm, National Infrastructure Bank Coalition webinar.
1147. 8-2-22, noon pst, interview by Rep. Pamela Powers Hannley, “Powers for the People” podcast (joining Prof. Bob Hockett).
1146. 8-1-22, 5:50 to 6:10 pm pst, interview with Scott Harris, WPKN Radio in Bridgeport, CT, “Between the Lines.”
1145. 7-22-22, 5 pm pst, National Infrastructure Bank Coalition webinar.
1144. 7-8-22, 5 pm pst, Interview with Kevin Barrett, Truth Jihad Radio.
1143. 6-30-22, 5 pm pst, National Infrastructure Bank Coalition webinar with Prof. Robert Hockett, Sen. Bob Hasegawa, et al.
1142. 6-16-22: National Infrastructure Bank Coalition webinar on stagflation with Nomi Prins, Robert Hockett, et al.
1141. 6-10-22: TNT radio interview with Sen. Malcolm Roberts, Australia.
1140. 5-19-22: 5 pm pst, National Infrastructure Bank town hall presentation. https://www.nibcoalition.com/all-videos
1139. 5-17-22: 11 am pst, interview, Kerry Lutz’s Financial Survival Network.
1138. Apr. 22, 5 pm cst, interview, The Hrvoje Morić Show, TNT Radio
1137. Apr. 22, 11 am est, Gary Null Show, PRN Live
1136. Apr. 20, 7 pm cst, webinar, “Public Banking: Investing in Colorado!,” Colorado Public Banking Coalition
1135. 4-19, 9 am pst, interview with Simone Mariam for the Italian blog MittDolcino
1134. Apr. 19, 12:30 pm pst, interview with Jay Taylor, “A PetroRuble Now Competes with the PetroDollar”, Jay Taylor Media
1133. Apr. 15, Interview with Kristina Borjesson, The Whistleblower Newsroom, bitchute, “History Informs a Reset That Could Serve the People”
1132. Apr. 8, Interview with Kevin Barrett, Truth Jihad Radio, 5 pm pst
1131. Apr. 6, Podcast with Bob Scheer, ScheerPost.com
1130. Mar. 31, Power Point presentation on youtube, Universidad Nacional de Colombia, Invita: Debates Ensayos de Economia Coordina: Guillermo Maya — Profesor adscrito al Departamento de Economia
1129. Mar. 10, Webinar presentation, “Stop Inflation in Its Tracks! Role of the National Infrastructure Bank”
1128. Feb. 17, Webinar presentation for National Infrastructure Bank Coalition, Abraham Lincoln and the American System of Economics
— 2021 —
1127. Dec. 18, Daniel Estulin and Ellen Brown on Global Economic Implosion, Kevin Barrett Truth Jihad
1126. Dec. 7, Interview with Daniel Estulin
1125. Nov. 27, “The Greening of Finance and the Global PPP Land Grab” with Matt Ehret on youtube
1124. Sep. 29, interview with Jan Roberts of Systems Change Advocate, jroberts@ciaction.org> linkedin.com/in/jan-roberts-0001688 Systems Change Advocate
1123. Aug. 30, Center for Global Justice webinar with Walt McRee, “Public Banking: Democratizing Finance”
1122. July 28, 5 pm pst, webinar, “Public Banks: A Path to Economic Transformation in California,” EcoCiv Dialogues for Global Systems Change series
1121. July 22, 5 pm pst, webinar, “The Truth about America’s Monetary System,” American Ethical Union National Conference
1120. Mar. 29, 2 pm est, panel hosted by Rickey Gard Diamond, “Zoom of Our Own, Creating Currency and Blowing Big Bubbles.”
1119. Mar. 25, 11 am pst, BoldRethink webinar, TBA
1118. Mar. 21, 10 am pst, Public Banking panel, TBA
1117. March 5, Sean Stone interview, Unrig
1116. March 2, PBI Live Town Hall, Ohio
1115. Feb. 23, 7 pm est, Eco Justice Collaborative Webinar, “Why the Crises We Face Make Financial Reform Essential,” Religious Society of Friends, Philadelphia
1114. Feb. 17, 11 am, Steff Overbeck, Pod of Gold radio interview
1113. Feb. 18, radio interview, Phil Mikan, wlis1420
1112. Feb. 16, National Infrastructure Bank Coalition Presidents’ Day Webinar 2021 – “National Infrastructure Bank: Standing on the Shoulders of Giants”
1111. Feb. 6, radio interview, Sylvia Richardson, Latin Waves
1110. Jan. 28, 6 pm est, PBI NY Town Hall
1109. Jan. 27, “Ellen Brown and Matt Ehret Discuss: A Brief History of Economic Warfare and the American System”, youtube
1108. Jan. 16, 11 am cst, Warner Lewis, Lewis at Large (Kansas City), KLWN, 101.7 FM
1107. Jan. 15, 3-5 pm, Revolution Radio, The Fetzer Report
1106. Jan. 8, 4 pm PST, zoom power point presentation, Praxis Peace Institute
— 2020 —
1105. Dec. 30, 3 pm EST, Eleanor LeCain radio show on PRN
1104. Dec. 28, 9 pm EST, interview on WPKN Radio with Scott Harris, Between The Lines Radio
1103. Dec. 13, Ramola D. Reports, US/UK news panel #11, with Prof. Tim Canova, et al.
1102. Dec. 12, podcast/radio interview, Ralph Nader Radio Hour
1101. Dec. 6, Ramola D. Reports, US/UK news panel #10, with Dr. Christiane Northrup et al.
1100. Nov. 29, Ramola D. Reports, News Panel 9, with Justin Walker, Andy Kaufmann, John Reizer, Sandi Adams
1099. Nov. 3, Turning Point Talks, Australia, Zoom power point presentation, 7 pm Australia time
1098. Nov. 1, 4 pm pst, panel, 2020 Building the New World Conference
1097. Oct. 26, Phil Mikan Show, WLIS/WMRD Radio, Conn., pre-recorded for Friday at 10 est or Saturday at 9-11 est
1096. Oct. 22, 1:15 pm EST, power point presentation, “Public Banking, Modern Monetary Theory (MMT) and the National Debt,” Carolina Hills Community, Chapel Hill, NC
1095. October 3, 1:30, “Energizing a Just Transition Conference.”
1094. Sept. 30, webinar,2020 Building the New World Conference, 4 pm pst/7 pm est
1093. Sept. 12, San Diego public banking group webinar with Sen. Ben Hueso, 5 pm
1092. Sept. 9, interview with Meria Heller, 10 am pst
1091. Aug. 30, interview with Jack Etkin, Citizens Forum, Community Television, Victoria, BC, 2 pm pst
1090. Aug. 17, The Power Hour, 10 am PDT.
1089. July 30, 4 pm PST, John Truman Wolfe Financial Hour
1088. July 15, 6 pm EST, Connecticut Public Banking Town Hall, livestream here
1087. July 13, Webinar, Center for Global Justice, “Why Public Banking Needs to Be Run as a Public Utility,” San Miguel de Allende, Mexico, 11am-1pm PDT
1086. Interview with Susan Johnson on public banking for Connecticut, WILI’s Let’s Talk About It Show, 5 pm EST
1085. Interview on Russia Today, “In Question,” “BlackRock the Behemoth,” July 2, 2020
1084. July 1, Bonnie Faulkner interview with Peter Koenig on Guns and Butter
1083, July 1, 8 am PST, interview with Phillip Farruggio, “It’s the Empire, Stupid,” Greanvillepost.com
1082. June 29, 9-9:30 pm EST, interview with Scott Harris, “Between the Lines,” WPKN Radio, Conn.
1081. June 24, 6-6:30 pm EST, interview with Paul DeRienzo, WBAI News, New York City
1080. June 23, 6:30-8pm MST, Webinar on Forming a New Mexico State Public Bank, Alliance for Local Economic Prosperity
1o79. June 10, podcast with Kim Iverson, “The Fed and the Big Bank Wealth Heist. Why We Need Public Banking.”
1078. Interview with Sylvia Richardson, Latin Waves, 10 am PST
1077. June 5, 6 pm pst, Center for American Studies Town Meeting, Concord, NH, live-streamed
1076. June 5, 12:30 pm, Public Banking Town Hall for Colorado Leaders, Zoom conference
1075. May 28, WECAN webinar, “Structuring an Economy for People and Planet in the Time of Climate Crisis and COVID-19,” 11:00 am PST/ 2:00pm EST
1074. May 22, Interview with Kevin Barrett, Truth Jihad Radio, 5 pm PST
1073. May 21, Interview with Aaron Wissner, Local Future, Youtube livestream
1072. May 20, radio interview, “Law and Disorder,” New York City
1071. May 13, interview with Paul Jay, “Does Public Banking Work?”, The Analysis
1070. May 10, 12:00-1:00 PM EST, Dr. Elaina George radio show
1069. May 7, 11 am EST, interview with Phillip Farruggio, “It’s the Empire, Stupid,” Greanvillepost.com
1068. May 6, Conversations with Rob, community radio, 9 am PST
1067. Apr 4, interview with Walt McRee and Mark Anielski, The Economics of Wellbeing podcast (pre-recorded, TBA)
1066. May 2, podcast with Matt Stannard, Cowboys on the Commons
1065. May 1, Interview with Robert Scheer, Scheer Intelligence, KCRW Los Angeles
1064. April 30, 12 noon MDT, Public Banking Virtual Town Hall sponsored by Colorado Public Banking Coalition
1063. April 30, 6-6:30 pm, interview with Paul DeRienzo, WBAI News, New York City
1062. Apr 29, 1 pm PST, radio interview with Reinette Senum, KVRM, Nevada City, CA (pre-recorded)
1061. Apr 26, Schiller Institute Online Conference, 3 pm EST
1060. Apr 26, 6:30 am PST, Morano in the Morning radio talk show
1059. Apr 21, Interview with Jason Hartman, Creating Wealth Show
1058. April 13, “Flashpoints,” KPFA, 5:40 pm PST.
1057. April 9, radio interview with Claudia Cragg, “It’s the Economy,” KGNU Boulder CO, 6 pm MST.
1056. April 7, “Treasury Takeover?”, podcast interview with Sarah Westall and Harley Schlanger
1055. March 26, interview with Phillip Farruggio, “It’s the Empire, Stupid,” Greanvillepost.com
1054. Mar. 17, 7 pm EST, interview with Gary Null, Progressive Commentary Hour
1053. Feb. 19, radio interview on George Noory’s “Coast to Coast,” 10-12 pm pst.
1052. Feb. 8, interview with Sylvia Richardson, “Latin Waves” radio podcast.
1051. Jan. 8, interview with Marcus Ruiz Evans, 1 pm PST
1050. Jan. 2, interview with Kevin Barrett, truthjihadradio, 5 pm PST
— 2019 —
1049. Dec. 2, Interview with Jeff J. Brown, China Rising Radio
1048. Nov. 24, 7 pm, presentation sponsored by Agenda for a Prophetic Faith, Claremont Presbyterian Church, Claremont, CA, “Why We Need Public Banks”
1047. Nov. 24, 11 am, public banking presentation for “Growing Christians” class, Claremont United Methodist Church, Claremont, CA
1046. Nov. 23, public banking presentation, Pilgrim Place, Claremont, CA
1045. Nov 16-17, speaker, Soil & Nutrition Conference, Southbridge, MA.
1044. Nov. 12, interview in New York with Max Keiser, Keiser Report, “Repo Markets and UBI”
1043. Nov. 6, 5 pm EST, The CivicLab Show with Tom Tresser, live@www.facebook.com/tomtree
1042. Oct. 23, 11:30 am-1:30 pm, luncheon presentation on public banking, League of Women Voters of San Diego, Tom Ham’s Lighthouse Restaurant, 2150 Harbor Island Dr., San Diego
1041. Oct. 22, Presentation on public banking, DSA San Diego, Unite Here Union Hall, 2436 Market Street, San Diego, 6-7:30 pm.
1040. Oct 16-18, keynote speaker, Economics of Happiness conference, Jeonju, South Korea
1039. Oct. 6, 6 pm pst, interview, Jeff Rense Radio.
1038. Sept 30, noon EST, radio interview with Pauline Salotti, WUSB, Stony Brook, NY, 90.1 FM, wusb.fm.
1037. Sept. 26, 7 pm presentation, “Exploding the Myths of Money and Banking,” New Paradigm College, Lake County, CA
1036. Sept. 20, podcast interview, Silver Doctors
1035. Sept. 19, 8-9 pm pst, interview, Jeff Rense Radio.
1034. Interview, Sept. 13 at 5 pm–6 pm on KPFZ, Lake County community Radio, 88.1 FM.
1033. Sept. 6, Live with Ernest Hancock, 11 am EST (at 2 hour mark on video)
1032. Aug. 26, interview with Jason Hartman, Creating Wealth Show, 12:00 pm PST.
1031. Aug. 9, interview with Lauren Steiner, youtube
1030. July 25, youtube podcast with Sarah Westall, “This is Why China Is Winning”
1029. July 23, interview with Steve Bhaerman, Wiki Politiki Radio Show, 2 pm pst.
1028. July 19, interview with Kevin Barrett, truthjihadradio, 5 pm PST
1027. July 12, 11 am pst, interview with Annie Esposito and Steve Scalmanini, “Corporations & Democracy,” Mendocino County, CA, www.KZYX.org
1026. Interview with Crystal Arnold, Money-Wise Women, posted July 10
1025. July 9, interview with Liz Lane, “It’s the Economy,” KGNU Boulder/Denver/Ft. Collins, 6 pm MDT/8 pm EDT.
1024. June 23, interview with Mark Anielski, “The Economics of Well-being”
1023. June 15, interview with Tom Allen, “This Week in Money,” HoweStreet.com
1022. June 13, Interview with Sinclair Noe, “Financial Review,” MoneyRadio1510.com (pre-recorded)
1021. June 12, 2 pm, interview on Princeton Community TV, Princeton NJ, “The Public Banking Solution” with Walt McRee
1020. June 1, interview with Sylvia Richardson, “Latin Waves” radio podcast.
1019. Apr. 5, interview with Phillip Watt, healbyhypnosis.com, 3 pm, PT
1018. April 3, panel discussion on Green New Deal, BBC World Service, “The Balance”
1017. March 28, interview on Thom Hartmann show.
1016. March 22, interview with Sinclair Noe, Money Radio 1510
1015. March 11, interview with Phillip Farruggio, greanvillepost.com, 11 a.m. EST
1014.
1013. Feb. 9, interview with Sylvia Richardson, Latin Waves, 8 a.m. PT
1012. Feb. 8, interview with Kevin Barrett, truthjihadradio, 6 pm, PST
1011. Jan. 31, interview with Lee Camp, LeeCampComedySpecial.com
1010. Jan. 3, interview with Robert Stark, The Stark Truth with Robert Stark, re The Green New Deal https://www.starktruthradio.com/?p=8534
— 2018 —
1009. Dec. 17, interview with Scott Harris, WPKN radio, Bridgeport, CT, Between the Lines Radio Newsmagazine, 9:30 ET
1008. Nov. 2, Interview with Mike Prysner on Real News Network, https://therealnews.com/stories/will-public-banking-free-la-from-wall-street
1007. Oct. 31, interview on Real News Network, Student Debt Dogs Millenials for a Lifetime and Drags Down the Economy, https://therealnews.com/stories/student-debt-dogs-millennials-for-a-lifetime-and-drags-down-the-economy
1006. Oct. 22, speaker with Gar Alperovitz at Praxis Peace Institute, “Changing the System: California’s Strategic Role in National Strategic Change,” Sonoma, CA, 276 E. Napa St, Sonoma. 7:00 pm.
1005. Oct 19-21, Bioneers Conference, panelist on Oct 20, 2:45 pm, Marin Center, San Rafael, CA.997.
1004. Oct. 18, 350Marin.org, speaking along with Susan Harman, 750 Lindaro Street, San Rafael CA, 6:30pm.
1003. Oct. 17, video interview with Abby Martin, work in progress.
1001. Oct. 11, Interview with Harvey Wasserman, Greenpower and Wellness, prn.fm, KPFK Los Angeles, 2 pm
1000. Oct. 9, speaker, State Bank Forum, University of Washington, Kane Hall, 7-9pm http://sdc.wastateleg.org/hasegawa/state-bank/
999. Oct. 7, panel, Americans for Democratic Action of Southern California Annual Garden Party, 2-5:30 pm, Santa Monica, CA
998. Oct. 4, 7:30 pm, Living Economy Salon, panelist, Public Bank LA: “Solutions for Social and Environmental Justice”, 3110 Main St., Annex Building C 2nd Floor, Santa Monica, CA 90405
997. Oct. 3, interview on Unmediated, podcast of Reader Magazine, episode title: Making Money The Public’s Slave (The Public Banking Solution), 10 a.m. PT
996. Oct. 1, radio interview, “The Power Hour,” www.thepowerhour.com, 2 pm
995. Sept. 28, interview with Sinclair Noe, Money Radio 1510, pre-recorded for a later date
994. Sept. 20-22, California Vision 2020 Conference, speaking at 11 am on Sept 20, Sheraton Grand Hotel , Sacramento.
993. Sept. 10, interview with Lila Garrett on KPFK, “Connect the Dots”, http://www.kpfk.org/on-air/connect-the-dots/ 7. a.m. PT
992. Sept. 4, interview with Steve Bhaerman, Wikipolitiki Radio, wikipolitiki.com, 2 pm PT
991. Aug. 31, interview with Kevin Barrett, truthjihadradio. 6 pm PT
990. Aug. 26, Left Coast Forum, 1:30 pm, Los Angeles Trade Tech
989. Aug. 22, interview, the Gary Null Show, 9:40 PST
988. Aug. 14, podcast interview with Sarah Westall, 9 am pst/11 am cst
987. Aug. 8, interview with Tom Allen, “This Week in Money”, HoweStreet.com
986. Aug. 9, interview with Sinclair Noe, Money Radio 1510, pre-recorded for a later date
985. Aug. 3, 9-10 pm pst, radio interview with True Ott
984. Aug 2, New York Green Party video livestream, 5 pm PST
983. Aug. 1, interview with Elizabeth Dougherty, The Dougherty Report, Newsradio 102.5 WFLA, 3 pm PST
982. July 21, guest on WakingupinAmerica.com, 6:45 a.m., PDT
981. June 28, interview on MONEY RADIO with Sinclair Noe, 11:00 a.m., PST
980. May 16, “It’s Our Money,” PRN.FM, 3 pm est
979. May 16, interview with Michael Welch, Global Research, 11 am pst
978. May 4, First Unitarian Church, Portland, power point presentation, “How Public Banking Would Benefit Portland and Oregon”, 7-9 pm
977. April 17, Retirement Lifestyle Advocates radio program, 1 pm PT
976. April 13, interview, the Gary Null Show, 9:35 a.m., PT. Subject: The Bayer-Monsanto Merger Is Bad News for the Planet.
975. April 12 “Mind Over Matters,” KEXP, Seattle, 9 am PT
974. April 5, interview with Deb Hobson, KOPN 89.5 Democracy Now! Chautauqua, 4 pm PT
973. Mar. 10-12, PBI retreat, Loveland, CO
972. Mar. 22 interview with Sinclair Noe, The Financial Review, Money Radio 510, 1:30 pm PST
971. Mar. 19, Coast to Coast AM radio, 10pm-midnight, PST
970. Feb. 28, interview with Ian Trottier, Miami Radio, http://iantrottier.com/, 5:15 pm EST. Listen here, bit.ly/EllenBrownCA
969. Jan. 23. 18th National Conference and Global Forum: The Science Business, and Education of Sustainable Infrastructure, Washington DC, panel
968. Jan. 20, Interview with Primo Nutmeg https://soundcloud.com/primonutmeg
967. Jan. 17, It’s Our Money, 3 pm est–listen here.
966. Jan. 17, interview with Valerie Kirkgaard, http://www.wakingupinamerica.com, 2 pm PST
965. Jan. 2, Interview withJeff Rense, rense.com, 9 pm PST
— 2017 and before, see —
Blog at WordPress.com. WP Designer.
First, thanks for writing “Web of Debt”. With regard to nationalizing the banks over foreclosuregate. Replacing the “too big to fail” banks with State banks, as you’ve discussed before would be a more appealing solution. But until there is a change in the process of creating money, nationalization of retail banking seems unlikely. At this point, we can’t even restore the barrier between retail and investment banking.
True, it’s probably not a practical reality; just planting ideas.
A wise man once told me, “The world starts from the inside to out.” I took the “inside” to mean our inner space (our psychology).
Your idea planting, for me personally, portends a flower of rare fragrance an positive potential,as opposed to the avaricious smell of
the existing world of Finance that dominates
today.
It’s a shame that the anti-communist poison of the 1950s still prevents discussion of many viable options for our present situation. The dualism of capitalist/communist or free market/planned economy has no bearing on reality except to limit thought. If black and white photography really was actually just black and white, it would look very different than it does.
It is even more of a shame that we never got to see the results of Salvador Allende’s use of socialism in democracy. That was a valid experiment that would have produced many illuminating lessons for all of us, if it hadn’t been thwarted by terrorist insurgents (the CIA).
Precioius blood of the sweet baby Jesus the taxpayer is insuring the damn mortgages in the first place. The banks are taking off the top AND the bottom. BTW dpoes the mortgage insurance indemnify for the billed hours iin pro(per)secuting the bogus foreclosures? I am fixing to find out…..I gotta RICO case pending w/Carrington and Deutsche that would drag you out of retirement E.
I remain pessimistic. I think nationalization (receivership) is inevitable, but I doubt it will be permanent. Instead, it will probably be just another kind of bailout. As with Sweden, the big banks will be returned to private ownership once they are cleaned up – whereon the banksters will resume their criminal ways.
Indeed, more and more financial commentators insist that the Fed itself will soon have to be restructured, since the Fed’s stockholders are the big banks — but this does not mean we will get a genuinely public Fed. More likely we will have a new variant of the same privately owned vampire we have now. Taxpayers already own Fannie and Freddie, but have no control over Fannie and Freddie.
This happens because most of the human race is in a trance regarding money. (China is an exception, as Ellen noted in a previous blog post.) Most people cannot imagine a system of banking and currency that is not based on private central banks with fractional reserve banking. If a major nation tries to institute fundamental changes, then the entire world might declare financial and / or military war on that nation – as it did when Nazi Germany introduced systems of money and credit that were not tied into the international banksters.
Regarding foreclosuregate, the main question is the degree to which investors will succeed in “putting back” fraudulent securitized mortgages to the banks. The scammer banks have already assembled an army of lawyers to fight this, and the Bernanke of the Fed is spending $110 billion a month to buy toxic mortgage securities and turn them into Treasuries. (All of Bernanke’s claims that quantitative easing is to help the economy are LIES.) This is weakening the dollar, and is making imported goods more expensive for American consumers.
Banks can try another trick like HR 3808, which Obama vetoed, but it won’t stop the investor lawsuits, because the MERS system has done away with promissory notes. No one knows who owns what. The MERS system violates the UCC and centuries of property law. It is completely illegal.
Hence we face two alternatives. We cannot have both.
[1] We can let the illegal MERS system stand, and let the banks continue to get away with institutionalized fraud and theft, and continue to cheat counties out of recording fees, and continue to let the mortgage market remain in a crippling limbo, or [2] We can invoke myriad laws (e.g. the UCC and state property laws), which will necessitate taking the criminal banks into receivership.
JPMorgan Chase, B-of-A, US Bank, and Wells Fargo are already nearing 0.50 on the “Texas ratio,” meaning they are increasingly insolvent. As the ratio approaches 1.0, bank collapse becomes inevitable. No fraud or trick can alter this reality.
Receivership will not be pretty. The FDIC has 829 banks on its “Problem Bank” list, and has shut down 283 small and medium sized banks since the beginning of 2009. Now the FDIC will have to start working its way up the food chain. However the FDIC is already $16 billion in the red, and expects to be at least $52 billion in the red by 2014. That is an initial and conservative estimate. One way or another, taxpayers will bail out the banksters via TARP II, III, IV, and so on — meaning permanent poverty for most Americans.
Even if by some miracle we were to break up the big banks, and have a genuinely public Fed, we would still have a disastrous trade imbalance, plus exported jobs, and a government that is viciously anti-worker.
So I remain pessimistic. The way I see it, this current Depression is only beginning.
In her blog post of 29 October, Ellen says we need a new theory of money. I agree. This is the only real solution to our problems. The issue goes beyond even the need for a public central bank. We must fundamentally change how we think about money. We must have banks that work for the people, rather than have the people work for the banks.
Along these lines, I should write a science fiction novel describing an alternate earth that advanced in technology and living standards until the planet’s atmosphere was privatized (i.e. put under the control of a secret cadre of “air bankers”). At the point, social advancement stopped, as everyone started slaving for the “air bankers” if they wanted to breathe. Such an allegory would expose the horrendous absurdity of having air (i.e. money) under private central control. It would also illustrate how most people defend their slavery because they live in a trance. Baron de Montesquieu’s satiric “Persian Letters” (1721) exposed the absurdity of French society by viewing that society through the eyes of foreigners.
If the dysfunctional system ceases to function, why not nationalize the Fed? It has already been endowed with the power of “systemic oversight” by the Dodd Frank legislation, so why not as the next move quietly incorporate it into the Treasury where this systemic oversight properly belongs in the first place?
This is what Stephan Zarlenga has in mind, to nationalize the private system as the best means to serve the public interest.
Do you believe, Ellen, that state-owned banks can be a substitute for nationalizing the Fed? Is the state bank idea your ultimate solution for monetary reform?
I think the state bank idea was introduced because it would help (a little) and had a much better chance of happening than the AMI plan to nationalize money creation.
That’s my impression, too, but it’s for Ellen to say what’s she’s all about.
This is off-topic, but check out this short (1 min 43 sec) but WAY COOL video from Taiwan about criminal US banks. Chinese with English subtitles. This year, US banksters will get about $144 billion in bonuses. The video shows them as actual robbers. It also shows banksters as pigs gorging themselves at a trough filled with money that the government steals from taxpayers. It also shows the banksters throwing money at politicians and judges. Hilariously true!
It’s good people are looking into the Gosbank financial system alternative.
No need to use the term “nationalization”. Just call it what it really is and the proper legal term applied to any bankrupt entity: receivership.
Those who participated in fraud should be prosecuted, the equity holders and the bond holders should be wiped out, new senior management should be brought in and any “restructured bank” should have to abide by the old dictates of Glass-Steagall.
I’d go further than simply letting the “new” banks exist according the “old” rules. I’d return the money to the depositors (not the investors, but those with checking and savings accounts), then pay off the non-management employees – then sieze the assets to help pay the federal deficit. (I know, I know, congress could do that by creating money out of nothing, but still – I’d rather the assets server the public good than be used to hire lawyers to get the criminals off the hook)
A bill has already been co-sponsored and introduced by Maria Cantwell and John McCain.
It is the Cantwell-McCain Banking Integrity Act of 2009 to re-instate Glass Steagall. Unfortunately the bill is languishing do to lack of public interest. But feel free to call your reps and put a little fire under them. Anger can be a good motivator. It just needs to be channeled toward productive results.
Oops…”due to lack of public interest.”
Sorry…
It has been reported by some that the (original) Banking Act of 1933 (Glass-Steagall) can be a bit hard to find, so I’d like to offer this link:
http://en.wikisource.org/wiki/Banking_Act_of_1933
Perhaps someday it might have a thread of its own here, but I don’t wish to load more work upon the already (to me) heroic Ms Brown.
I just read the short purpose statement of the act and I notice the following: “to prevent the undue diversion of funds into speculative operations”. No wonder the banking and finance industry had to get the act repealed!
When Ellen talks Washington listens. (Not D.C., alas, but the guy w/the blog. http://www.nakedcapitalism.com/2010/11/guest-post-another-nobel-economist-says-we-have-to-prosecute-fraud-or-else-the-economy-wont-recover.html
The modus operandi in this robbery is nationalizing those sick banks when it is inevitable. Few years later, when the tide has calm down, those banks will be privatized again to the same gang using different corporation names, & sold with a very low price.
This always works. The sheeple will not resist.
Good article Ellen, and Morris Shinderman is correct, there’s a difference between nationalization (like the Atlee Govt taking over the Bank of England) and receivership, which is essentially bankruptcy restructuring for banks. Even James Baker was in favor of that. When Obama took his administration on a more pro-Wall Street tack than even Baker wanted , that’s when I knew we were in trouble.
http://www.nakedcapitalism.com/2009/03/jim-baker-first-lets-kill-all-zombies.html
I’d point out that among the new GOP freshman is North Dakota Sen. John Hoeven. Before his 10 years as governor, he spent 7 years as President of the Bank of North Dakota. Any changes towards ND style public banking, whether one federal bank or (more feasibly) 49 more state banks are going to be dependent on his support, since he certainly qualifies as the subject matter expert.
I agree with Morris. Prosecute the fraud in the system, replace management and allow capitalism to work. Sure enough entrepreneurs will handle the rest. In my undereducated opinion banks are no different than any other bussiness. While one may fail another will surely take over as long as profit is obtainable.
Let capitalism work, that’s pretty funny in the terminal throes of capitalist contradictions.
Heres a different idea:
Arise, ye prisoners of starvation!
Class war? Like the man once said:
“Bring it on”