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If the Gaddafi government goes down, it will be interesting to watch whether the new central bank joins the BIS, whether the nationalized oil industry gets sold off to investors, and whether education and health care continue to be free.
Filed under: Ellen Brown Articles/Commentary | 97 Comments »
The Japanese government can afford its enormous debt because it owns the bank that is its principal creditor. But competitors are attempting to force the bank’s privatization. If they succeed, they could propel the country into debt servitude along with other credit-strapped nations.
Filed under: Ellen Brown Articles/Commentary | 11 Comments »
Cut spending, raise taxes, sell off public assets – these are the unsatisfactory solutions being debated across the nation; but the budget crises now being suffered by nearly all the states did not arise from too much spending or too little taxation. They arose from a credit freeze on Wall Street. In the wake of the 2009 financial market collapse, banks curtailed their lending more sharply than in any year since 1942, driving massive unemployment and causing local tax revenues to plummet.
Filed under: Ellen Brown Articles/Commentary | 15 Comments »
Public sector man sitting in a bar: “They’re trying to take away our pensions.”
Private sector man: “What’s a pension?”
— Cartoon in the Houston Chronicle
As states struggle to meet their budgets, public pensions are on the chopping block, but they needn’t be. States can keep their pension funds intact while leveraging them into many times their worth in loans, just as Wall Street banks do. They can do this by forming their own public banks, following the lead of North Dakota—a state that currently has a budget surplus.
Filed under: Ellen Brown Articles/Commentary | 27 Comments »
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Responding to an unfilled need for credit for local government, local businesses and consumers, three states in the last month have introduced bills for state-owned banks — Oregon, Washington and Maryland – joining Illinois, Virginia, Massachusetts and Hawaii to bring the total number to seven.
Filed under: Ellen Brown Articles/Commentary | 12 Comments »
Underlying the sudden, volatile uprising in Egypt and Tunisia is a growing global crisis sparked by soaring food prices. But what caused the recent jump in food prices remains a matter of debate . . . .
Filed under: Ellen Brown Articles/Commentary | 27 Comments »
Bills were introduced on January 18 in both the House and Senate of the Washington State Legislature that add Washington to the growing number of states now actively moving to create public banking facilities.
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Read the interview here.
Filed under: Ellen Brown Articles/Commentary | 18 Comments »
The Federal Reserve was set up by bankers for bankers, and it has served them well. Out of the blue, it came up with $12.3 trillion in nearly interest-free credit to bail the banks out of a credit crunch they created. That same credit crisis has plunged state and local governments into insolvency, but the Fed has now delivered its ultimatum: there will be no “quantitative easing” for municipal governments.
Filed under: Ellen Brown Articles/Commentary | 38 Comments »
“Doubtful it stood, as two spent swimmers that do cling together, and choke their art.”
–Shakespeare, “Macbeth”
The Greek bailout was supposed to be an isolated case, a test of the EU’s ability to quarantine an infected member, preventing it from spreading “debt contagion.”
Filed under: Ellen Brown Articles/Commentary | 23 Comments »
We’ve seen behind the curtain, as the Fed waved its magic liquidity wand over Wall Street. Now it’s time to enlist this tool in the service of the people.
Filed under: Ellen Brown Articles/Commentary | 63 Comments »
Unlike Zimbabwe, the U.S. can easily get the currency it needs without being beholden to anyone. But wouldn’t that dilute the value of the currency? No.
Filed under: Ellen Brown Articles/Commentary | 19 Comments »
The deficit hawks are circling, hovering over QE2, calling it just another inflationary bank bailout. But unlike QE1, QE2 is not about saving the banks…
Read more here –
http://www.webofdebt.com/articles/qe2.php
Filed under: Ellen Brown Articles/Commentary | 38 Comments »
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 | 22 Comments »
China may be as heavily in debt as we are. It just has a different way of keeping its books…
Read more here –
http://www.webofdebt.com/articles/creative_accounting.php
Filed under: Ellen Brown Articles/Commentary | 4 Comments »
By understanding that money is simply credit, we unleash it as a powerful tool for our communities.
Read more here –
http://www.webofdebt.com/articles/new_theory.php
Filed under: Ellen Brown Articles/Commentary | 29 Comments »
With risky behavior by big finance again threatening economic stability, how can we get things right this time?
Read more here –
http://www.webofdebt.com/articles/breakup_banks.php
Filed under: Ellen Brown Articles/Commentary | 5 Comments »
Eric Blair just framed the debate in this very interesting way, posted on the Republic Broadcasting website today —
The After-the-Fed Solutions Debate Begins: Greenbackers Vs Goldbugs
. . . With all the recent mainstream talk and speculation about the end of the Fed, it is time to debate solutions for the future of America’s currency. This may indeed be the most important discussion of our lifetime.
. . . The debate between the two most popular proposed solutions of adopting the Greenback or the Gold Standard has just officially begun. Last week, Gary North, a Goldbug and author of Honest Money, wrote a scathing attack of Web of Debt author Ellen Brown, a Greenbacker. . . .
Passions already seem to be running high in the opening round of this most critical debate that will surely shape the future of our economy and society. Notably, both sides of this argument are in agreement that the Fed is a corrupt organization that must be ended. North acknowledged that Ron Paul and Ellen Brown share this common ground, but says the Tea Party movement (liberty movement) has “no economic understanding” and “They cannot distinguish Ron Paul’s opposition to the FED, based on the gold coin standard, from Ellen Brown’s opposition, based on a fiat money standard. They are intellectually defenseless.”
It seems a bit arrogant of North to suggest the liberty movement is confused about why Ron Paul and Ellen Brown support ending the Fed, and it’s also disingenuous to say that one side of the growing movement is “intellectually defenseless” because of disagreements about the solution. Especially when Brown’s public banking movement appears to be immediately workable and is gaining ground with the first pragmatic step being establishing state banks — as proven in North Dakota — which has a state-owned bank and boasts the lowest unemployment and the only budget surplus of the United States. . . .
Read the entire post here.
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PRN.FM Radio Show, 3pm EST Wednesdays. Click image for archives.
WEB OF DEBT BLOG 
CHENEY WAS RIGHT ABOUT ONE THING: DEFICITS DON’T MATTER
“Deficit terrorists” are gutting governments and forcing the privatization of public assets, all in the name of “deficit reduction.” But deficits aren’t actually a bad thing. In today’s monetary scheme, in which most money comes from debt, debt and deficits are actually necessary to have a stable money supply. The public debt is the people’s money.
Continue reading →
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