Ellen Brown: As Aristotle told this ancient Greek tale, Midas died of hunger as a result of his vain prayer for the golden touch. Today, the Greek people are going hungry to protect a rigged $32 trillion Wall Street casino.
Ellen Brown: The evidence to date suggests that “robo-signing” was not a mere technical default or sloppy business practice but was part and parcel of a much larger fraud, the fraud that brought down the whole economy in 2008.
Ellen Brown: In his State of the Union, President Obama announced that he would be creating a mortgage crisis unit to investigate wrongdoing related to real estate lending.
Ellen Brown: Banks and servicers can earn more when the homes are bulldozed—something that is happening in some counties—than from a sale or workout at a loss.
Ellen Brown: The post office could combine mail services with teller services, restoring the Postal Savings System of an earlier era, which would not only save the Post Office but to establish a competitive alternative to a runaway Wall Street banking monopoly.
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.