Ellen Brown: California legislators exploring the public bank option may be breaking not just from Wall Street but from the Federal Reserve.
Ellen Brown: California has over $700 billion parked in private banks earning minimal interest, private equity funds that contributed to the affordable housing crisis, or shadow banks of the sort that caused the banking collapse of 2008.
Ellen Brown: The Fed is aggressively raising interest rates, although inflation is contained, private debt is already at 150% of GDP, and rising variable rates could push borrowers into insolvency. So what is driving the Fed’s push to “tighten”?
Ellen Brown: Bayer and Monsanto have a long history of collusion to poison the ecosystem for profit. The Trump administration should veto their merger not just to protect competitors but to ensure human and planetary survival.
Ellen Brown: The US Postal Service, under attack from a manufactured crisis designed to force its privatization, needs a new source of funding to survive. Postal banking could fill that need.
Ellen Brown: China calls this government bank financing “lending” rather than “money printing,” but the effect is very similar to what European central bankers are calling “helicopter money” for infrastructure – central bank-generated money that does not need to be repaid.
Ellen Brown: In a blatant example of “do as I say, not as I do,” the US government is profiting handsomely by accepting marijuana cash in the payment of taxes while imposing huge penalties on banks for accepting it as deposits.
Ellen Brown: A number of proposed federal changes will make it harder, not easier, for students to escape their debts, including wiping out some existing income-based repayment plans, harsher terms for graduate student loans, ending a program to cancel the debt of students defrauded by ripoff diploma mills, and strengthening “loan rehabilitation.”
Ellen Brown: Higher education has been financialized, transformed from a public service into a lucrative cash cow for private investors.
Ellen Brown: Phil Murphy, a former banker with a double-digit lead in New Jersey’s race for governor, has made a state-owned bank a centerpiece of his platform. If he wins on November 7, the nation’s second state-owned bank in a century could follow.
Ellen Brown: Crushing regulations are driving small banks to sell out to the megabanks, a consolidation process that appears to be intentional. Publicly-owned banks can help avoid that trend and keep credit flowing in local economies.
Ellen Brown: Puerto Rico is bankrupt, its economy destroyed. In fact it is currently in bankruptcy proceedings with its creditors. Which suggests its time for some more out-of-the-box thinking.
Ellen Brown: Studies have also shown that it would actually be cheaper to distribute funds to the entire population than to run the welfare services governments engage in now.