7 Responses

  1. What does this say about US Economic policy ??? Its time for a New Banking system that can get into the Middle of this mess of foreign policy , its the problem , the Federal Government is doing to much Foreign Favoritism .

    Isn’t there something that Oather Keepers can do regarding state Commerce laws and how this effects the welfare of state employment ?
    Who is going to advocate for bringing back the American Workers Rights???? This is a Disgrace !!!!


  2. Please make available brochures, handbooks for county
    governments on how they can form county banks and
    use eminent domain to seize the mortgages of foreclosed
    homes. They need the legal information. Also make this
    available to individuals to send to their county governments.

  3. When reading about MERS, it appears to be another pseudonym for the big five banks, a means to screw up and cloud titles to properties and wreak havoc on the public land records system through the use of “the Mortgage Electronic Registration System.” Why would they do such a thing? Possibly so that they could foreclose on as many properties as they could get their hands on and make boatloads more money. The MERS is a place holder for the real owners, a “faceless, changing pool of investors” who own huge amounts of securitized properties. Note the word “faceless?” This puts a new image on the behemoth banks, now launching them into another deeper and darker circle in Dante’s Inferno: the sphere for predatory, faceless, devouring sharks.

    It is good to hear that several states have begun lawsuits against the banks and it is also good to hear that courts and judges are waking up to these complicated mortgage issues.

    It seems incredibly difficult to know where to begin or how to fight back against what the banks have been doing to the 99%, but Ellen Brown points the way again. Since counties have the right of Eminent Domain, they can help their people out by claiming foreclosed or abandoned property. They can do this if they can show that it is in the public interest, and/or that the owner will be compensated. Another avenue that would help the people would be the creation of “land banks.” But since states can still be faced with a lack of funds, and clearing titles, Ellen focuses on an even better idea than land banks – creating a public county-owned bank.

    All a county has to do is post a notice in its local newspaper of its intent to use its right of Eminent Domain. If the titleholder cannot prove ownership of a property, due to MERS, the county could then take the property, clear the title, refinance it, and “either work out a settlement or restore the home for rent or sale…” If a county then needs more money to restore a property, it can create a public bank, which can do very much better than a land bank.

    As Michael Sauvante proposes:”…the properties obtained by Eminent Domain can be used as part of ‘the capital base for a chartered, publicly owned bank, on the model of the state-owned Bank of North Dakota. The county could deposit its revenues in this bank and use its capital and deposits to generate credit as all chartered banks are empowered to do. This credit could then be used…for other county needs, again on the model of BND.”

    So, if I understand this correctly, counties, using their right of Eminent Domain, can pick up lots of foreclosed and/or abandoned properties, and use them as a capital base to start a county-owned public bank? Far out, Ellen.

    Can we get a group of lawyers, economists, and finance experts like yourself to send this recommendation to our commissioners? I’d sign a petition, and I am sure alot of people who read your articles would sign.
    I’m convinced that a public bank like BND would be wonderful for counties. A public bank is a win-win for the 99%, who will own the public bank it creates. A public bank is created for and by the people, and can do many things that land banks or credit unions cannot do – like infrastructure projects, help with emergency funds, and even help in creating jobs for the people. What an encouraging prospect.

  4. We’re working on it — thanks!

  5. This is about publicly owned banks. There is no federal reserve in India. Reserve Bank of India plays an important part in the development strategy of the government. It is a member bank of the Asian Clearing Union. Reserve Bank of India was nationalized in the year 1949. The bank issues and exchanges or destroys currency and coins not fit for circulation. The objectives are giving the public adequate supply of currency of good quality and to provide loans to commercial banks to maintain or improve the GDP. The basic objectives of RBI are to issue bank notes, to maintain the currency and credit system of the country to utilize it in its best advantage, and to maintain the reserves. RBI maintains the economic structure of the country so that it can achieve the objective of price stability as well as economic development, because both objectives are diverse in themselves.
    Reserve Bank of India – Wikipedia, the free encyclopedia

  6. My name is Gabriel Edmond. I am candidate for public office in South Miami, Fl who has made a municipal bank a central plank in my campaign. I read Web of Debt several months ago and come the blog when I can. I would love to get an endorsement or support from Ellen or anyone else who comes to the blog. My Facebook page is Gabriel Edmond 2012. The election will be held on Valentine’s Day. I encourage everyone to keep pushing this issue to help promote jobs, growth, and a reduction in taxes..

    Gabriel Edmond

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