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.
We need to start thinking outside the box, a Wall Street-imposed box that has trapped us in austerity and economic servitude for over a century.
Ellen Brown: Higher interest rates will triple the interest on the federal debt to $830 billion annually by 2026, will hurt workers and young voters, and could bankrupt over 20% of US corporations, according to the IMF. The move is not necessary to counteract inflation and shows that the Fed is operating from the wrong model.
While American politicians debate endlessly over how to finance the needed fixes and which ones to implement, the Chinese have managed to fund massive infrastructure projects all across their country
Ellen Brown: So which industrialized countries do it better than the US? The answer is, all of them.
Ellen Brown: Americans could save $1 trillion over 10 years by financing infrastructure through publicly-owned banks like the one that has long been operating in North Dakota.
Ellen Brown: It has been called “a bigger risk than Brexit”– the Italian banking crisis that could take down the eurozone. Handwringing officials say “there is no free lunch” and “no magic bullet.” But UK Prof. Richard Werner says the magic bullet is just being ignored.
Ellen Brown: Trump needs to try something new; and for this he could look to Abraham Lincoln, whose bold solution was very similar to one now being considered in Europe: just print the money.
Ellen Brown: When deposited in its own state-owned bank, the state’s revenues would be just as safe, liquid and available as they would be if deposited in a Wall Street bank.
Ellen Brown: Rather than outlawing bank-created money, as money reformers have long urged, fractional reserve banking could be made obsolete simply by attrition, preempted by a better mousetrap.
Ellen Brown: The Japanese test case could finally resolve a longstanding dispute between monetarists and money reformers over the economic effects of government-issued money.
Ellen Brown: The big money behind the recent push for legalization has come, not from a grassroots movement, but from a few very wealthy individuals with links to Big Ag and Big Pharma.