Ellen Brown: The campaign to “move your money” has gotten a groundswell of support. Having greater impact would be to “move our money” — move our local government revenues out of Wall Street banks into our own publicly-owned banks.
Ellen Brown: We are indentured to a Wall Street money machine that creates our money and lends it back to us at interest, money our sovereign government could be creating itself, with full democratic oversight and accountability to the people.
Ellen Brown: The recent interest in state-owned banks has provoked challenges on grounds that they violate state constitutional prohibitions against lending the credit of the state. The argument is not valid.
Ellen Brown: The burgeoning debts of the Eurozone countries are being blamed on their large welfare states, but these social systems were set up before the 1970s, when European governments had very little national debt. Their national debts shot up, not because they spent on social services, but because they switched bankers.
Ellen Brown: Either way the super committee goes, the economy will wind up with $1.2 trillion less in the way purchasing power. The result will be to reduce demand, kill jobs, and put more people on the streets.
Ellen Brown: What was sufficient for a simple agrarian economy does not provide an adequate framework for freedom and democracy today. We need an Economic Bill of Rights, and we need to end the privatization of the national currency.
Ellen Brown: Eliminating, reducing, or deferring student loan debt will free up the budgets of millions of students, allowing them to spend more on goods and services, increasing demand and creating jobs, and adding to tax revenues.
Ellen Brown: Publicly-owned banks were instrumental in funding Germany’s “economic miracle” after the devastation of World War II. Although the German public banks have been targeted in the last decade for takedown by their private competitors, the model remains a viable alternative to the private profiteering being protested on Wall Street today.
Ellen Brown: When done on a large enough scale, short selling can force prices down, allowing assets to be picked up very cheaply.
Ellen Brown: California, like North Dakota, is resource-rich. A state-owned bank will allow it to capitalize on its resources to full advantage, by providing the credit needed to realize its potential.
Ellen Brown: Diverting a portion of our massive war spending to peaceful use could add jobs, improve living standards, and add infrastructure, while reducing the national debt and balancing the government’s budget by increasing the tax base and government revenues.
Ellen Brown: North Dakota is the only state to be in continuous budget surplus since the banking crisis of 2008.