Ellen Brown has been campaigning for this for years, quoting the Bank of North Dakota, and Australia's Commonwealth Bank before we were betrayed, so I small a rat here. Is Yves Smith trying to take Brown's ball, only to hide it once out of sight? Does she work for the USFRB?
Yeah treasury bills are risk free(but not from lost purchasing power). They are only nominally risk free but in reality they are very risky as you typically lock in long term while the purchasing power of your dollars over time loses more value then the perceived ROI with treasuries especilly when they are paying such shit right now. Anyone disagre? Am I out of line?
the thing is that as a public utility,it requires a branch to help in the maintaining of assets ...The best way to ensure fair and equality is to have consumers or members as shareholders in corporations.That leads to everyone having a say and been responsible instead of individuals who could care less and only concerned about thei pockets and their families.
Not on topic but important. For those of you that see our goverment is not representing us, we think there are solutions that could cut out "special" interests. If you think true representation is important and you have an open mind, google us. Since this is new only thoughtful forward thinking people will be interested and our country needs your energy and imagination.
Isn't it already? The government completely controls the currency that the bank operates under and the interest rates are controlled by a government-created institution, the Federal Reserve. It might have some free market elements, but is mostly a government-controlled institution.
One Public Bank per State. Private banks then forced out of business, or worse, folks on some Govt List denied...Future: NO BANK COMPETITION - NO THANKS.
@Tomorer WTF does Ron Paul have to do with creating a publicly controlled banking system?! He's not some savior -- just another fool in Washington. Stop this ridiculous "end the fed" slogan bullshit. He won't end the fed if he gets elected (and trust me, he doesn't have a chance of being elected).
@Tomorer Pfff! What is he going to do?He's going to do non of the things he promises if he is voted in because presidents don't have any power, the puppeteers have the power! Voting is an illusion.It makes the people think they have a voice but they don't.
@boumar19721972 Maybe there is only one more change for 'The People' to get an old school gentleman of integrity in with their allbeit pretty shoddy system :/ Who do U prefer?? If Ron Paul fails then its either fight, flight or fright for any who want to reinstate their Constitution & Liberties... now or never maybe!! It cant hurt to throw in a vote on his side... unless U are afraid of suppressions at the polls... is that it?? U chicken?
@Tomorer The entire system needs to be changed. It's corrupt and broken to the core! "This shit's got to go!" We need a Resource Based Economy and get off oil and go to Enhanced Geothermal Systems and make Hydrogen and electric cars. /watch?v=4Z9WVZddH9w
@boumar19721972 Totally agree with U... in the end we should probably face the fact that even in the event of a Ron Paul victory he will probably not get far in his work until something happens to instill a MLPS a basically perform a coup whereby he is lost in custody. If they shoot him outright there will be blood in the streets with all the militia he has behind him... and the Evilarchy will want to avoid this as they are afraid of the guns of 'The People'. Lets not 'Pfff!' him though!!!!
@Tomorer What did the supporters of JFK do when he was gunned down? Oh yeah, nothing. You say that Ron Paul supporters will rise up, LOL! America's been fucked in the ass for a while now and I think they're starting to like it!
@boumar19721972 JFK is the reason for the formation of many modern day militias... b4 they were not seen as necessary with the USA being the land of the free & all... only in the spirit of 1776 maybe.
Things like mass uprisings require pretty intense provocation though, Im sure U understand. As figurehead of the Constitutionalist Libertarian movement of whom said militias are part, Ron Paul's murder would be such an event. I dont think the said Evilarchy will want to risk it though.
It's annoying that we're all still sitting around calmly discussing better ways to run the economy, as if just comming up with a more sensible, more equitable way of doing things will convince the people currently in charge to stop screwing us.
"Oh yes, I've seen the light, I'll never rape my customers ever again, here, have all my money, I'm going to go sit in the corner and think about flowers."
Um, I think we're talking at cross purposes and maybe I can see how, the 500 character limit meant my closing statement was perhaps a little ambiguous.
What I meant to say was, we need to stop whining and wishing for things to be different and proposing idea after idea that will never be implemented and just _take_it_back_, by force if necessary. Nonviolent civil disobedience has it's place but it only works if the rulers are forced to listen by the threat of a violent alternative.
if you just actually, completely legalize private banking, fiat currency -- and the corporate cartels that use it -- will disappear. it cannot compete with genuine commodity money systems
@BroBroDude Most currency, per se, IS fiat, regardless of what it's "backed by" because it's always by decree. The only way to avoid this is to have a monetary commodity which is intrinsically valuable, like gold or silver--not simply backing artifacts with it.
Very good interview. Always enjoy this guest. But all of the banking regulation in the world will do no good as long as industry insiders are permitted to infiltrate those agencies charged with oversight, e.g. the SEC.
Matt Taibbi: "Is the SEC Covering Up Wall Street Crimes?" (Democracy Now! Interview) : youtube . com/watch?v=vhENEMS_GuE ---- DemocracyNow . org -- SEC shredded evidence on thousands of cases.
Americans (through right wing talking points) have been convinced that it is that something is "public" which is the problem, rather than the specific character of the state itself.
So instead of looking at the bourgeois class rule implicit to American law and "public" institutions, people think government itself can never work.
i see no value in holding these types of discussions because there is only one path forward, and that path is the complete and total destruction of the entire economic, political and societal paradigms that we've all grown up within. There are simply no solutions for the issues that are fracturing our reality. A new reality is emerging, but for it to be born the Phoenix must first crash and burn. Fear not, for from the ashes a better, new way forward shall arrive.
Let's indict the owners of the Federal Reserve and the share holders and the wall street bankster thugs and put them in jail right along side Bernie Madoff.
Then take all the wealth they have fleeced from the world and return it to the people the criminals stole it from.
Then abolish fractional reserve banking and fiat currency. No longer shall a single private entity be able to have a monopoly stranglehold on creating money.
we couldnt even pass a public option for the health care. people were upset by "nationalization" of the banks when we were bailing them out. Just for the record when u nationalize something u get to say how institution should run. we didnt nationalize anything. we just gave them money without conditions pretty much and passed a watered down bill that suppose to put some oversight..
"people were upset by "nationalization" of the banks when we were bailing them out."
Right. That's not real nationalization. In fact, that Bank of North Dakota is a nationalized "state" level bank. Unlike some higher profile private institutions, it had no recent bailout problems.
If you think about it, the principles of banking are the same whether or not you happen to be private or public, just as the principles of mailing do not change whether you are USPS, UPS, or FedEx.
@kmarinas86 I agree with you completely. But with the financialisation of this economy banks become a lot more then the services they provide to ppl. In affect they are de facto government. To me: if ppl paid for their bailout our government that at least we vote for needs to be in charge. these ppl didnt even give us the name of the banks they wanted to bail out bc of the "stigma" or some bs like that. I dont understasnd why this lady keeps talking about responsibility of the CEO ?
What a load of rubbish, these banks have illegally collateralized us into 3rd party debt. One cannot accept these options if you do not accept the bank bailouts. This is just another version of what the Glass-Stigel was meant to protect us from. The international offshore Banksters knew what they were doing when they orchestrated its repeal. End the Fed, arrest the banksters and their allies, create sound money, outlaw corporate personhood contributions and minimize government is the only way
We all need to lean on central banks... they are going to be our salvation. We should increase all of our spending across the board so that we can maximize our debt load. This will ignite a capitalistic fever and we will consume the remainder of the worlds natural resources. Then when we slowly start dying out and resorting to cannibalism on the burned out husk of a planet maybe then a few more of us will finally realize: Capitalism and Money are not as cool as we've been indoctrinated to think.
ITS A NO-BRAINER...ITS OBVIOUSLY THE ONLY WAY TO GO. YES BANKS SHOULD BE A PUBLIC UTILITY. A HANDFUL OF PEOPLE WILL NOT LONGER GET UNETHICAL AMOUNTS OF BONUSES ON THE SAVERS BACK. SNNIFF SNNIFF! :-(
Yep the problem is the FED and the way our Money is created as Debt. Tired of hearing from basically shills trying to confuse people away from the real issue, da money. The video series by cornflu to the right spells the whole thing out if interested.
@Iammram Completely deregulating the banks isn't the answer either. Sure, they might then be allowed to fail, but an unstable financial system would hurt normal folks the most. The elite can weather a chaotic see, people on life rafts, no so much.
The problem isn't that we need less gov't, it's that we need *better* gov't. The point of democracy is to protect the peoples' interests against the powerful. Not to enable corporate grift.
@allgoo19 what is wrong with it is this : low interest loans and bailouts, doesn't spark the economy - it leads to crazy speculation, bc the risk is very low compared to the gains!
You quoted me right, and it is right, "The Fed, and who subsidized the banks? The government"
In order for the Fed to lower rates, they have to inflate the currency ( print more money )
When you do that, you devalue the currency. It's good for the big guys, horrible for the little as prices increase with food, gas, etc. and the middle class gets wiped out from it.
The market needs the correction, that is to liquidate the bad assets so it can balance again.
Ellen Brown has been campaigning for this for years, quoting the Bank of North Dakota, and Australia's Commonwealth Bank before we were betrayed, so I small a rat here. Is Yves Smith trying to take Brown's ball, only to hide it once out of sight? Does she work for the USFRB?
tonyryan43 3 months ago
Yeah treasury bills are risk free(but not from lost purchasing power). They are only nominally risk free but in reality they are very risky as you typically lock in long term while the purchasing power of your dollars over time loses more value then the perceived ROI with treasuries especilly when they are paying such shit right now. Anyone disagre? Am I out of line?
charronfamilyconnect 4 months ago
the thing is that as a public utility,it requires a branch to help in the maintaining of assets ...The best way to ensure fair and equality is to have consumers or members as shareholders in corporations.That leads to everyone having a say and been responsible instead of individuals who could care less and only concerned about thei pockets and their families.
laureeenful 5 months ago
Not on topic but important. For those of you that see our goverment is not representing us, we think there are solutions that could cut out "special" interests. If you think true representation is important and you have an open mind, google us. Since this is new only thoughtful forward thinking people will be interested and our country needs your energy and imagination.
TheBalancedRepublic 5 months ago
Isn't it already? The government completely controls the currency that the bank operates under and the interest rates are controlled by a government-created institution, the Federal Reserve. It might have some free market elements, but is mostly a government-controlled institution.
esalian9 6 months ago
Lets get rid of the Federal Reserve Now!
khataroo 6 months ago
Hells Yea Bank of North Dakota
HongPong 6 months ago 2
did the buffer suck for anyone else? it took like a half hour to buff for me! youtube is so annoying sometimes
ThisIsNotPictureTube 6 months ago
Hmm. Maybe we should've voted for Gadaffi. Libya had been debt free for 40 years!
6of6 6 months ago
Yves Smith seems cool (yeah i know, dumb comment)
brianestoll 6 months ago
Nationalizing all banks and creating money debt-free or very low cost is an option but I doubt many people would fancy the idea.
TerraRubicon 6 months ago
hereby nominated for ' headline of the year ' ...
greyrosetint 6 months ago
One Public Bank per State. Private banks then forced out of business, or worse, folks on some Govt List denied...Future: NO BANK COMPETITION - NO THANKS.
westernciviliznation 6 months ago
@westernciviliznation Yeah we need 50 postal services immediately.
nilbud 6 months ago
@nilbud No Worries, we have them; Federal Express, DHL, 1000s local courier companies, attorney services, etc.
westernciviliznation 6 months ago
VOTE RON PAUL 4 2012 !
END THE FED! GET THE MED!
Tomorer 6 months ago
@Tomorer WTF does Ron Paul have to do with creating a publicly controlled banking system?! He's not some savior -- just another fool in Washington. Stop this ridiculous "end the fed" slogan bullshit. He won't end the fed if he gets elected (and trust me, he doesn't have a chance of being elected).
martinkun167 6 months ago
@martinkun167 Well, who would YOU vote for, and what is YOUR favorite slogan?
shtakett 6 months ago
@Tomorer Pfff! What is he going to do?He's going to do non of the things he promises if he is voted in because presidents don't have any power, the puppeteers have the power! Voting is an illusion.It makes the people think they have a voice but they don't.
boumar19721972 6 months ago
@boumar19721972 Maybe there is only one more change for 'The People' to get an old school gentleman of integrity in with their allbeit pretty shoddy system :/ Who do U prefer?? If Ron Paul fails then its either fight, flight or fright for any who want to reinstate their Constitution & Liberties... now or never maybe!! It cant hurt to throw in a vote on his side... unless U are afraid of suppressions at the polls... is that it?? U chicken?
Tomorer 6 months ago
@Tomorer The entire system needs to be changed. It's corrupt and broken to the core! "This shit's got to go!" We need a Resource Based Economy and get off oil and go to Enhanced Geothermal Systems and make Hydrogen and electric cars. /watch?v=4Z9WVZddH9w
boumar19721972 6 months ago
@boumar19721972 Totally agree with U... in the end we should probably face the fact that even in the event of a Ron Paul victory he will probably not get far in his work until something happens to instill a MLPS a basically perform a coup whereby he is lost in custody. If they shoot him outright there will be blood in the streets with all the militia he has behind him... and the Evilarchy will want to avoid this as they are afraid of the guns of 'The People'. Lets not 'Pfff!' him though!!!!
Tomorer 6 months ago
@Tomorer What did the supporters of JFK do when he was gunned down? Oh yeah, nothing. You say that Ron Paul supporters will rise up, LOL! America's been fucked in the ass for a while now and I think they're starting to like it!
boumar19721972 6 months ago
Comment removed
Tomorer 6 months ago
@boumar19721972 JFK is the reason for the formation of many modern day militias... b4 they were not seen as necessary with the USA being the land of the free & all... only in the spirit of 1776 maybe.
Things like mass uprisings require pretty intense provocation though, Im sure U understand. As figurehead of the Constitutionalist Libertarian movement of whom said militias are part, Ron Paul's murder would be such an event. I dont think the said Evilarchy will want to risk it though.
Tomorer 6 months ago
@Tomorer /watch?v=4Z9WVZddH9w
boumar19721972 6 months ago
It's annoying that we're all still sitting around calmly discussing better ways to run the economy, as if just comming up with a more sensible, more equitable way of doing things will convince the people currently in charge to stop screwing us.
"Please Mr banker, please stop raping me, becuase it's really mean"
"Oh yes, I've seen the light, I'll never rape my customers ever again, here, have all my money, I'm going to go sit in the corner and think about flowers."
Take it or shut it.
tangent272 6 months ago
@tangent272 So sad that you're bred for the yoke.
nilbud 6 months ago
@nilbud
Um, I think we're talking at cross purposes and maybe I can see how, the 500 character limit meant my closing statement was perhaps a little ambiguous.
What I meant to say was, we need to stop whining and wishing for things to be different and proposing idea after idea that will never be implemented and just _take_it_back_, by force if necessary. Nonviolent civil disobedience has it's place but it only works if the rulers are forced to listen by the threat of a violent alternative.
tangent272 6 months ago
Even member owned non-profit Credit Unions were affected and eventually bailed out by the government.
The issue has always been human greed.
rusty1491 6 months ago
fiat currency is legalized fraud
if you just actually, completely legalize private banking, fiat currency -- and the corporate cartels that use it -- will disappear. it cannot compete with genuine commodity money systems
BroBroDude 6 months ago
@BroBroDude Most currency, per se, IS fiat, regardless of what it's "backed by" because it's always by decree. The only way to avoid this is to have a monetary commodity which is intrinsically valuable, like gold or silver--not simply backing artifacts with it.
AceObrin 6 months ago
@AceObrin i thought that's what i just said
BroBroDude 6 months ago
@BroBroDude My comment was intended as an elaboration with a slightly different focus ;)
AceObrin 6 months ago
Very good interview. Always enjoy this guest. But all of the banking regulation in the world will do no good as long as industry insiders are permitted to infiltrate those agencies charged with oversight, e.g. the SEC.
duezeri1968 6 months ago
the real news always posts interesting videos...
Kensho
IChoseTheRedPill 6 months ago
I really do love this program.
skorchedutopia 6 months ago
This has been flagged as spam show
Matt Taibbi: "Is the SEC Covering Up Wall Street Crimes?" (Democracy Now! Interview) : youtube . com/watch?v=vhENEMS_GuE ---- DemocracyNow . org -- SEC shredded evidence on thousands of cases.
gregjalbert 6 months ago
This has been flagged as spam show
Americans (through right wing talking points) have been convinced that it is that something is "public" which is the problem, rather than the specific character of the state itself.
So instead of looking at the bourgeois class rule implicit to American law and "public" institutions, people think government itself can never work.
RemoveYourChains 6 months ago
i see no value in holding these types of discussions because there is only one path forward, and that path is the complete and total destruction of the entire economic, political and societal paradigms that we've all grown up within. There are simply no solutions for the issues that are fracturing our reality. A new reality is emerging, but for it to be born the Phoenix must first crash and burn. Fear not, for from the ashes a better, new way forward shall arrive.
in the meantime, game over
Eraser7622 6 months ago
eventually, private banks will be publicly executed, by the majority they are abusing.
neutonik 6 months ago 19
@neutonik I can't wait.
Prancer1231 6 months ago
@neutonik /watch?v=4Z9WVZddH9w
boumar19721972 6 months ago
Is the Real News suggesting that we bring back slavery?
truefictions 6 months ago
Let's indict the owners of the Federal Reserve and the share holders and the wall street bankster thugs and put them in jail right along side Bernie Madoff.
Then take all the wealth they have fleeced from the world and return it to the people the criminals stole it from.
Then abolish fractional reserve banking and fiat currency. No longer shall a single private entity be able to have a monopoly stranglehold on creating money.
batfly 6 months ago
This lady makes some valid points. However, is a system that is unable to regulate the banking sector really going to provide a solid retail bank?
This system is going down. The remainder is noise.
KevJK1 6 months ago
Yes.
stevenweir76 6 months ago
we couldnt even pass a public option for the health care. people were upset by "nationalization" of the banks when we were bailing them out. Just for the record when u nationalize something u get to say how institution should run. we didnt nationalize anything. we just gave them money without conditions pretty much and passed a watered down bill that suppose to put some oversight..
dharmaatdawn 6 months ago
@dharmaatdawn
"people were upset by "nationalization" of the banks when we were bailing them out."
Right. That's not real nationalization. In fact, that Bank of North Dakota is a nationalized "state" level bank. Unlike some higher profile private institutions, it had no recent bailout problems.
If you think about it, the principles of banking are the same whether or not you happen to be private or public, just as the principles of mailing do not change whether you are USPS, UPS, or FedEx.
kmarinas86 6 months ago
@kmarinas86 I agree with you completely. But with the financialisation of this economy banks become a lot more then the services they provide to ppl. In affect they are de facto government. To me: if ppl paid for their bailout our government that at least we vote for needs to be in charge. these ppl didnt even give us the name of the banks they wanted to bail out bc of the "stigma" or some bs like that. I dont understasnd why this lady keeps talking about responsibility of the CEO ?
dharmaatdawn 6 months ago
What a load of rubbish, these banks have illegally collateralized us into 3rd party debt. One cannot accept these options if you do not accept the bank bailouts. This is just another version of what the Glass-Stigel was meant to protect us from. The international offshore Banksters knew what they were doing when they orchestrated its repeal. End the Fed, arrest the banksters and their allies, create sound money, outlaw corporate personhood contributions and minimize government is the only way
robertk1968 6 months ago
This lady is smart
StraussBR 6 months ago
Yves Smith is jumping on Ellen Brown's "Web of Debt" bandwagon!
Paul Jay interview Ellen Brown!
911truthncDotOrg 6 months ago
We all need to lean on central banks... they are going to be our salvation. We should increase all of our spending across the board so that we can maximize our debt load. This will ignite a capitalistic fever and we will consume the remainder of the worlds natural resources. Then when we slowly start dying out and resorting to cannibalism on the burned out husk of a planet maybe then a few more of us will finally realize: Capitalism and Money are not as cool as we've been indoctrinated to think.
elbowbiter1 6 months ago
ITS A NO-BRAINER...ITS OBVIOUSLY THE ONLY WAY TO GO. YES BANKS SHOULD BE A PUBLIC UTILITY. A HANDFUL OF PEOPLE WILL NOT LONGER GET UNETHICAL AMOUNTS OF BONUSES ON THE SAVERS BACK. SNNIFF SNNIFF! :-(
clickJamaicadotcom 6 months ago 10
How would this help. The people own the airwaves and the cables are public utilities as well but we just get a lot of propaganda.
UNIVERSITYHI 6 months ago
@UNIVERSITYHI no the people don't own them - they got deregulated and sold off during the reagan era - that's why we're in the shitter now!
tristbjorn 6 months ago
Yep the problem is the FED and the way our Money is created as Debt. Tired of hearing from basically shills trying to confuse people away from the real issue, da money. The video series by cornflu to the right spells the whole thing out if interested.
stephenrblv 6 months ago 2
Answer to the question: YES
Zakdayak 6 months ago
1:35 - 2:00
How was that all allowed, she says it herself, cuz of the fed and them being subsidized and bailout by who? The government.
She is basically advocating the same policy but different rules.
the SEC ( a government agency ) was hiding and burned records of Wall Street corruption.
And you want more government, where does this logic come from?
She never once points the finger at who is responsible, The Federal Reserve.
You want it fixed? Abolish the Fed.
Iammram 6 months ago
@Iammram There is a revolving door between the SEC and Wall Street.
cheddyrod 6 months ago 2
@Iammram Completely deregulating the banks isn't the answer either. Sure, they might then be allowed to fail, but an unstable financial system would hurt normal folks the most. The elite can weather a chaotic see, people on life rafts, no so much.
The problem isn't that we need less gov't, it's that we need *better* gov't. The point of democracy is to protect the peoples' interests against the powerful. Not to enable corporate grift.
jstncbllr 6 months ago
@Iammram "she says it herself, cuz of the fed and them being subsidized and bailout.."
It's not what she said,
She said:
"They (private banks) are continued to be subsidized with low interests Fed and other central banks offer.."
What's wrong with the Fed offering the low interest rate when the economy is slow?
allgoo19 6 months ago
@allgoo19 what is wrong with it is this : low interest loans and bailouts, doesn't spark the economy - it leads to crazy speculation, bc the risk is very low compared to the gains!
tristbjorn 6 months ago
@tristbjorn "it leads to crazy speculation, bc the risk is very low .."
There are other ways to keep the speculation from going crazy, keeping interest rate high isn't one of them.
Where did you heat that low interest rate leads to crazy speculation?
Show me the documents you saw.
allgoo19 6 months ago
@allgoo19
You quoted me right, and it is right, "The Fed, and who subsidized the banks? The government"
In order for the Fed to lower rates, they have to inflate the currency ( print more money )
When you do that, you devalue the currency. It's good for the big guys, horrible for the little as prices increase with food, gas, etc. and the middle class gets wiped out from it.
The market needs the correction, that is to liquidate the bad assets so it can balance again.
Iammram 6 months ago
This has been flagged as spam show
@Iammram "In order for the Fed to lower rates, they have to inflate the currency.."
Interesting.
Show me the article that backs up your opinion.
When the Fed printed the money excessively?
allgoo19 6 months ago
@Iammram less government isnt the answer either.
Mr1700 6 months ago