Michael Hudson explains how public banks may serve the goals of capitalism, while private banks — under our current system — tend to become parasites.
Reprinted from Web of Debt By Ellen Brown Confiscating the customer deposits in Cyprus banks, it seems, was not a one-off, desperate idea of a few Eurozone “troika” officials scrambling to salvage their balance sheets. A joint paper by the US Federal Deposit Insurance Corporation and the Bank of England dated December 10, 2012, shows […]
Reprinted from Alternet By Les Leopold North Dakota’s thriving state bank makes a mockery of Wall Street’s casino banking system — and that’s why financial elites want to crush it. North Dakota is the very definition of a red state. It voted 58 percent to 39 percent for Romney over Obama, and its statehouse and […]
By Ellen Brown (Reprinted from Centre for Research on Globalization with permission of the author) Once the black sheep of high finance, government owned banks can reassure depositors about the safety of their savings and can help maintain a focus on productive investment in a world in which effective financial regulation remains more of an […]
By Ellen Brown (Reprinted from the Centre for Research on Globalization with the permission of the author) Seventeen states have now introduced bills for state-owned banks, and others are in the works. Hawaii’s innovative state bank bill addresses the foreclosure mess. County-owned banks are being proposed that would tackle the housing crisis by exercising the right of […]