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Last week, England’s new government said it would abandon the previous government’s stimulus program and introduce the austerity measures required to pay down its estimated $1 trillion in debts. That means cutting public spending, laying off workers, reducing consumption, and increasing unemployment and bankruptcies.
Read more here –
http://www.webofdebt.com/articles/deficit_terrorists.php
Filed under: Ellen Brown Articles/Commentary | 17 Comments »
While individuals, businesses and governments suffer from a credit crisis created on Wall Street, the banks responsible for the crisis are tapping into nearly-interest-free credit lines and using the money to speculate or to make commercial loans at much higher rates.
Read more here –
http://www.webofdebt.com/articles/banks_near.php
Filed under: Ellen Brown Articles/Commentary | 15 Comments »
California is in the anomalous position of being $26 billion in the red and plunging toward bankruptcy, while it has over $70 billion stashed away in an investment pool that it cannot touch.
Read more here –
http://www.webofdebt.com/articles/mysterious_cafrs.php
Filed under: Ellen Brown Articles/Commentary | 16 Comments »
Here is a followup report in Yes! Magazine on the growing state-owned bank movement:
“More States May Create Public Banks”
Filed under: Ellen Brown Articles/Commentary | 5 Comments »
When Goldman does not get its way, it is in a position to throw a tantrum and crash the market. . . .
Read more here –
http://www.webofdebt.com/articles/stockmarket_crash.php
Filed under: Ellen Brown Articles/Commentary | 6 Comments »
As if attacks from paparazzi and star-crazed fans weren’t enough, Hollywood stars may soon have a literal price put on their heads by investors in the Cantor Exchange, a real-money trading platform where people can bet on the gross profits of upcoming movies.
Read more here –
http://www.webofdebt.com/articles/derivatives_movies.php
Filed under: Ellen Brown Articles/Commentary | 1 Comment »
U.S. States Consider Starting Their Own Banks by Matthew Cardinale
ATLANTA, Georgia, Apr 30, 2010 (IPS) – At least eight U.S. states are considering proposals to start state-run banks in the wake of an economic crisis where many private banks ceased or greatly decreased their lending, literally shrinking the money pool available in state economies.
Read more here.
Filed under: Ellen Brown Articles/Commentary, In the News | 4 Comments »
While the SEC is busy investigating Goldman Sachs, it might want to look into another Goldman-dominated fraud: computerized front running using high-frequency trading programs.
Read more here –
http://www.webofdebt.com/articles/computerized_front_running.php
Filed under: Ellen Brown Articles/Commentary | 8 Comments »
The government is now officially in the banking business. On March 30, 2010, President Obama signed the reconciliation “fix” to the health care reform bill passed by Congress last week. Slipped into it was student loan legislation the President calls “one of the most significant investments in higher education since the G.I. Bill.”
Read more here –
http://www.webofdebt.com/articles/student_loans.php
Filed under: Ellen Brown Articles/Commentary | 16 Comments »
As the states’ credit crisis deepens, four states have initiated bills for state-owned banks, and candidates in seven states have now included that solution in their platforms.
Read more here –
http://www.webofdebt.com/articles/growing_movement.php
Filed under: Ellen Brown Articles/Commentary | 22 Comments »
In addition to mandatory private health insurance premiums, we may soon be hit with a “mandatory savings” tax and other belt-tightening measures ushered in by the President’s budget task force initiated on February 17. These radical austerity measures, however, are not only unnecessary but will actually make matters worse. The push for “fiscal responsibility” is based on bad economics.
Read more here –
http://www.webofdebt.com/articles/fiscal_responsibility.php
Filed under: Ellen Brown Articles/Commentary | 59 Comments »
The public bank concept is gaining ground on the state level, attracting proponents across the political spectrum.
Read more here –
http://www.webofdebt.com/articles/campaigning_state-owned_banks.php
Filed under: Ellen Brown Articles/Commentary | 10 Comments »
The onion is being peeled in the AIG bailout, which is being compared to the Watergate scandal.
Read more here –
http://www.webofdebt.com/articles/aig_gate.php
Filed under: Ellen Brown Articles/Commentary | 8 Comments »
We are witnessing an epic battle between two banking giants, JPMorgan Chase (Paul Volcker) and Goldman Sachs (Geithner/Summers/Rubin). The bodies left on the battleground could include your pension fund and 401K.
Read the full article here.
Filed under: Ellen Brown Articles/Commentary | 3 Comments »
The story goes that Churchill offered a woman 5 million pounds to sleep with him. She hedged and said they would have to discuss terms. Then he offered her 5 pounds. “Sir!” she said. “What sort of woman do you think I am?” “Madam,” he replied, “We’ve already established that. Now we’re just haggling over the price.”
The same might be said of President Obama’s health care bill, which was sold out to corporate interests early on. The insurance lobby had its way with the bill; after that they were just haggling over the price. The “public option” was so watered down in congressional deal-making that it finally disappeared altogether.
Read more here –
http://www.webofdebt.com/articles/canadian_healthcare.php
Filed under: Ellen Brown Articles/Commentary | 36 Comments »
The recent proposal to vote with our feet by shifting our deposits from Wall Street to community banks is a great start. However, community banks are not suffering from a lack of deposits so much as from a lack of the capital they need to make new loans, and investment capital today is scarce. There is a way out of this dilemma, demonstrated for over 90 years by the innovative state of North Dakota — a partnership in which community banks are backed by the deep pockets of a state-owned bank.
Read more here –
http://www.webofdebt.com/articles/pottersville.php
Filed under: Ellen Brown Articles/Commentary | 5 Comments »
Rather than focusing on making health care affordable, the current debate is on how to force people either to buy health insurance if they don’t have it, or to pay more for it if they do
Read more here –
http://www.webofdebt.com/articles/eat_cake.php
Filed under: Ellen Brown Articles/Commentary | 24 Comments »
Europe’s small, debt-strapped countries could follow the lead of Argentina and simply walk away from their debts. That would shift the burden to the creditor countries, which could solve the problem merely by a change in accounting rules.
Read more here –
http://www.webofdebt.com/articles/eu_imf.php
Filed under: Ellen Brown Articles/Commentary | 46 Comments »
The Daily Bell is continuing their dialog, if anyone wants to jump in and comment on their site.
Filed under: Ellen Brown Articles/Commentary | 8 Comments »
PRN.FM Radio Show, 3pm EST Wednesdays. Click image for archives.
WEB OF DEBT BLOG 
WHO WILL PAY, WALL STREET OR MAIN STREET – THE TOBIN TAX OR THE VAT?
Wall Street banks have been saved from bankruptcy by governments that are now going bankrupt themselves; but the banks are not returning the favor. Instead, they are engaged in a class war…
Read more here –
http://www.webofdebt.com/articles/who_will_pay.php
Filed under: Ellen Brown Articles/Commentary | 28 Comments »