Ellen Brown: While the mainstream media focus on ISIS extremists, a threat that has gone virtually unreported is that your life savings could be wiped out in a massive derivatives collapse. Bank bail-ins have begun in Europe, and the infrastructure is in place in the US. Poverty also kills.
Ellen Brown: Wall Street-based pension fund managers, although losing enormous sums in the last crisis, will not necessarily act more prudently going into the next one. All the pension funds are struggling with commitments made when returns were good, and getting those high returns now generally means taking on risk.
Ellen Brown: A publicly-owned bank could help Scotland take control of its own economic destiny, by avoiding unnecessary debt to a private banking system that has become a burden to the economy rather than a pillar in its support.
Robert Reich: Let’s also stop hoping Wall Street will mend itself. What just happened at J.P. Morgan reveals how fragile and opaque the banking system continues to be.
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: North Dakota is the only state to be in continuous budget surplus since the banking crisis of 2008.
Michael Sigman: Marxist socialism may be dead, but perhaps what Marx called capital’s internal contradictions, illustrated beautifully by the desperation of Goldman and other mega-corporations for short-term profits may, by strengthening the case for fundamental financial reform, bring us closer to a more livable world.
By Mark Pash, with Brad Parker — Capitalism does significantly raise the standard of living but not for all and not enough for many. Therefore, it is up to government to take a more active role in the economy in order to overcome these flaws with as little hindrance as possible. In other words, one […]