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“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.
Filed under: Ellen Brown Articles/Commentary | 64 Comments »
Dear Mr. North:
Thank you for taking the time and trouble to sit down and write such a detailed and useful critique of Web of Debt. As an author, you will know how satisfying it is to find that someone has actually read and absorbed the product of one’s labors.
Please know that all of your observations will be carefully considered prior to the publication of the next edition and where necessary the text may be revised to reflect any errors or omissions.
Thank you again for your time and effort which are sincerely appreciated.
Yours truly,
Read more here. An excellent discussion of the larger issues was posted by another blogger here.
See Response to Gary North #2: IN PURSUIT OF A NEW MONETARY PARADIGM here.
Filed under: Ellen Brown Articles/Commentary | 50 Comments »
By most reports, it would appear that the voluntary suspension of foreclosures is underway to review simple, careless procedural errors. Errors which the conscientious banks are hastening to correct. Even Gretchen Morgenson in the New York Times characterizes the problem as “flawed paperwork.” But those errors go far deeper than mere sloppiness. They are concealing a massive fraud.
Read more here –
http://www.webofdebt.com/articles/foreclosuregate.php
Filed under: Ellen Brown Articles/Commentary | 14 Comments »
The hits are coming fast and furiously. Major Wall Street mortgage lenders could soon be falling like dominos – and looking again for handouts.
Read more here –
http://www.webofdebt.com/articles/shock_therapy.php
Filed under: Ellen Brown Articles/Commentary | 32 Comments »
While local banks are held in check by the new banking czars in Basel, Wall Street’s “shadow banking system” has hardly been curbed by regulators at all; and it is here that the 2008 credit crisis was actually precipitated. The banking system’s credit machine is systemically flawed and needs a radical overhaul.
Read more here –
http://www.webofdebt.com/articles/basel3_fail.php
Filed under: Ellen Brown Articles/Commentary | 16 Comments »
If the big banks that brought you the current credit crisis can already meet the new requirements, what exactly does Basel III achieve, beyond shaking down their smaller competitors?
Read more here –
http://www.webofdebt.com/articles/basel_3.php
Filed under: Ellen Brown Articles/Commentary | 6 Comments »
The Fed is proposing another round of “quantitative easing,” although the first round failed to reverse deflation. It failed because the money went into the coffers of banks, which failed to lend it on. To reverse deflation, the money needs to be funneled directly to state and local economies.
Read more here –
http://www.webofdebt.com/articles/bernankes_helicopters.php
Filed under: Ellen Brown Articles/Commentary | 21 Comments »
The financial juggling that helped cause the 2008 crisis may be coming back to haunt banks—and help homeowners.
Read more here –
http://www.webofdebt.com/articles/homeowners.php
Filed under: Ellen Brown Articles/Commentary | 18 Comments »
Virg Bernero, the mayor of Lansing, Michigan, just won the Democratic nomination for governor of his state, making a state-owned Bank of Michigan a real possibility. Bernero is one of at least a dozen candidates promoting that solution to the states’ economic woes.
Read more here –
http://www.webofdebt.com/articles/commonwealth_bank_aus.php
Translated into French here –
https://webofdebt.wordpress.com/translated-articles/ce-quun-gouvernement-peut-faire-avec-sa-propre-banque-le-modele-remarquable-de-la-%c2%ab-commonwealth-bank-of-australia-%c2%bb/
Filed under: Ellen Brown Articles/Commentary | 23 Comments »
Last week, a Chinese rating agency downgraded U.S. debt from triple A and number one globally, to “double A with a negative outlook” and only thirteenth worldwide. The downgrade renewed fears that the sovereign debt crisis that began in Greece will soon reach America.
Read more here –
http://www.webofdebt.com/articles/greece_skids.php
Filed under: Ellen Brown Articles/Commentary | 4 Comments »
Ever since December 2008, the Federal Reserve has held short-term interest rates near zero. This was not only to try to stimulate the housing and credit markets but also to allow the federal government to increase its debt levels without increasing the interest tab picked up by the taxpayers.
Read more here –
http://www.webofdebt.com/articles/brokers_bookies.php
Filed under: Ellen Brown Articles/Commentary | 8 Comments »
PRN.FM Radio Show, 3pm EST Wednesdays. Click image for archives.
WEB OF DEBT BLOG 
THE FED HAS SPOKEN: NO BAILOUT FOR MAIN STREET
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.
Continue reading →
Filed under: Ellen Brown Articles/Commentary | 38 Comments »