 Everybody, thank you for joining us at the House at Poo Corner with Jim Hogue. Your guest today is Ellen Brown, and I am so fortunate to catch Ellen between speaking engagements. She's just back from Korea, for example, and she'll be speaking in Massachusetts shortly. And I will be going down there with Abe Collins to listen to that speech. If you don't know who Ellen Brown is, I'll give you a hint. You cannot go anywhere looking for alternative currencies or particularly public banking, state banking, without running head-on into the name of Ellen Brown. And her prowess in that field is so well-recognized that she is asked everywhere in the world to talk about what she has discovered in terms of the benefits of public banking. We have done fairly recently about five hours on this program at the House at Poo Corner on the benefits of public banking, public money, the origins of it, going back to colonial script before the Revolutionary War and the greenbacks and other possible and actually active examples of public money. And it seems to me that one of the reasons why the gang, the too big to fail banks are so terribly against it is the threat of the good example. It seems to work so well everywhere that should it be accepted worldwide, it would bring an end to the big banks as we know them. So without further ado, here is Ellen Brown and the first thing we will talk about I hope is the presentation that, the subject at least of the presentation that you will be giving on November 16th in Massachusetts. So I'm sorry? I said I'm looking forward to seeing you next week. Oh, well thank you. That could be actually an important few minutes if we get the chat with Abe and Jim because Abe is involved in a project that public banking and public money could assist greatly. So what's the name of the conference and how do you fit into it? Okay, it's a bio nutrient conference and people asked the woman that organized it, Dylinda said that somebody had said what did money have to do with it. But so what I'll be speaking on is how to fund their regenerative farming practices which so they wanted me to do two workshops actually they wanted me to do one workshop for three hours and I said I didn't figure I could talk for three hours. So I'm doing two one and a half hours each but the first one is a deep dive into money of banking because I really need to set that up in order to show that we can fund. We can fund the Green New Deal of course I don't necessarily agree with all the things that are in the Green New Deal. We can fund a universal basic income which is one thing that's in the Green New Deal and it would not be inflationary and that's what I want to show but in order to show that first I have to go through all the steps of where money came from, what it is, there's two competing money systems, the public system and the private system and how because of the private system where government or sorry where private lenders are lending money at interest they create the money on their books. I mean we can go into all that I'm not sure how much you want me to go into but anyway that's so my first the first deep dive is all about the money system itself and how it works and then like my last slide shows that so we can fund all these things that people say are too expensive and that's why we can't do it and then in the second workshop I'll go into those things more specifically and the Bank of North Dakota model and but the solutions being proposed in the Green New Deal globally or the push to go green globally are not the most efficient solutions that way to get carbon second workshop. What are the two times and days? Okay the 16th and 17th because Abe and I are planning to come down on Saturday which is the deep dive into money okay maybe we should talk about coming down on Sunday instead when you're doing the second day. Yeah so Sunday would mean to you that's that's what I want to talk about how we can fund it. I was trying to get him to come up with the numbers for that all you need to do is reeducate farmers and they'll see that this is better in the long run and that they should change their farming practices but there are definite costs and the farmers just aren't going to do it without some sort of subsidy so right now we obviously subsidize the wrong agriculture we're subsidizing the agriculture that's doing the damage and that's polluting our food for starters and ruining our health and polluting our water polluting the air etc so we could switch those subsidies over to regenerative farming you know reward farmers for farming the right way instead of the wrong way 20 billion a year we subsidize to figure out what Abe is thinking about. I'd love to be able to go into that but I didn't know for sure and he wrote up a four page thing and he said you know it's just nobody really knows you got to calculate how much it would be used for this purpose and you know so yeah well that makes sense he's you know he and I are working together on my little property and so there's no way to extrapolate the individual places where he's worked into into a nation maybe he could extrapolate a state by state but you know to make it work to give you numbers that are accurate it would be impossible that that really would be impossible especially on a worldwide basis it would be impossible. Right so basically what I thought I would say is we've got 20 billion right there that might do it and if not we can fund a lot more than we think we can and then I'll go into the whole thing about how big is great money how the Federal Reserve could be doing quantitative easing that's directed right into the economy instead of going to the reserve accounts of banks as the last quantitative easing did which something what it's doing that it was speculative investment that did not help the real economy you know went to into the start market into the into the housing market which is houses that have already been built are not part of you know you're not enterprise you're just well another benefit some do have another benefit of all the quantitative easing events were higher salaries for banking executives I just wrote about that you said you want to discuss that's that's what they're doing with the patch to lend to small businesses local community to small businesses particularly JP Morgan is instead of they're not lending their things like they used to do they're not lending them on the Fed funds bracket and they're not lending them on the repo market seeing them to executives who have all these stock options which is one one of their major forms of pay so it's all very corrupt I mean the whole profit motive for seems to me the only solution really is to overhaul the whole system and we're at the point in history where we've got revolutions going on globally everybody's unsatisfied neoliberal model that I saw an article that said Latin America was not going to put up with it socialist model has been killed by a new model and people just don't know exactly what that model should be so that's what my latest book was about banking on the people and it was a challenge put to me by the democracy collaborative they went at 50 pages on the national public banking system what was wrong with the two-week-to-fail model and the you know the Y regulation etc now the neoliberal model I find is a perfect continuum of the colonial model described by John Perkins where the the bankers and their representatives and the major companies the going back standard oil and the other Rockefeller interests would try to persuade a country the president of a country the executives of a country to borrow money when they didn't need to borrow money and if they refused to borrow money they would either assassinate them or start a war which is what happened in the entire Middle East from in my opinion could you talk a little bit about whether or not the neoliberal model is any different from the historic model of stealing other people's wealth yeah that's question number one is the neoliberal model different than the historic model and what you have noticed worldwide or specifically when people of certain color and I should say anyone in the Middle East has tried to hang on to the model which is outside of the web of debt when we look at Afghanistan and Iraq and Syria and Libya we see that all of those countries have been always were outside of the western banking system and we see what happened to them and we saw what happened to the attempted coup in Venezuela many years ago and the continual trashing of any government that doesn't play by the big bankers rules I've said too much just now but maybe you can kind of sort it out I really don't like that term because it seems to it's not really liberal I mean it's called liberal because they supposedly liberalized the laws meaning they basically got rid of regulations and let the banks speculate with our money that we're that you know we're putting up the FDIC insurance I'm gonna have to go through the history of that a little bit in the 1930s when the banks collapsed at that time we had a very strong public postal banking system and the people were rushing to the postal banks and putting taking their money out of the private banks that were collapsed and putting in their postal banks and what rose but Roosevelt you know I guess it was actually an assassination attempt on his life I'm sure he was under a lot of pressure but instead of propping up what they should have done was bolstered the the national public postal banking system which definitely served the people they got a nice two percent return and it was everybody was very happy with it but what they did instead due to pressure from the banks was to pass the Glass-Steagall Act which said that the government would ensure the federal deposit you know our deposits up to a hundred thousand dollars and now it's up to two hundred fifty thousand dollars uh so we the people are ensuring our own money in these private banks but at least the Glass-Steagall Act said that in return you are not allowed to speculate with these deposits you've got to separate you know depository banking from um investment banking so that worked for a while but then the banks of course putting all kinds of pressure and he was a big thought that this whole neoliberal model was great and that greed was good and that everybody's pursued his own greed everything would work out fine Glass-Steagall Act was lifted the point of the separation of investment banking and depository banking so now the banks in our local community we see with this whole report market has had to rush in and so the amount that the fund longer circulating that it was its excess reserves so the whole system is based on uneven chartered banks so they I mean they're not licensed banks they're not even allowed or they actually do it would be like hedge companies etc that make loans but they don't like these to say a mortgage company is funding mortgage back securities or long-term mortgages on a soldiers etc and you'll agree to pay interest so then the bank gives you its promissory note in exchange for your promissory note and their its promissory note is something you could spend in the market so that's the way your whole system works so let's acknowledge that make the fashionable public banking system which would just be like water and transportation and electricity and all those things that we share and that we really that really should be public utility set it up like a public utility nobody makes a profit the profits go back to the local community or whoever you know has set up the types of money is just credit anybody who is a good season loan officers who are just doing their job no no bonuses these commissions nothing special now it's just that they're just civil service doing doing their job just like when cities that now have loan funds that's what they have these season loan officers that are just they look at your your season loan officers say this is me this is how i'm going to pay up the federal reserve or just drawing on the national credit in other words that would just make the loan write it into your account which is what they do now but there's no need to scramble somewhere else to find the money to pretend that you had the money that you didn't really have or you're borrowing it from your depositor but you still owe it back to the deposit you're borrowing it overnight on the repo market just acknowledge that i've just turned your credit into money we think you're good right credit risk go out spend it try to invest in your business build out the business and if we have defaults extra money is needed in the system because um we have a system where money is created as a debt interest so then was created in the original loans so the system can't get booms of us which is necessary you know are a necessary feature of our system because we don't have debt jubilee it's like they had an ancient samaria for job so anyway you have to know is how the system works and once you see how it works you say well so what if we have uh of this first half hour we have a little more than a minute left and um that was certainly a comprehensive look at what's wrong with the current system and what's wrong with it actually as we speak because the banks like you said are collecting whatever money they can get their hands on and buying their own stock back with it so that it makes the banks look healthier than they really are and it it props up the whole stock market when that goes on maybe we could talk about what you suspect could happen like if we keep going for another half hour we could talk about what you were mentioning in your article that could possibly happen as a result of this and maybe we could also clarify a little bit to people I just reread Tom Seguros's some chapters by Tom Seguros about um balance sheets of the bank since we were really kind of talking around that just now um what is bank capital versus what is liability what is an asset and how that what that means to you and all of us so anyway thank you very much Ellen for this wonderful half hour and we will continue this conversation and it will be part two of whatever we want to call it so thank you