Reclaim Our Economy from Wall Street Public Banking: Funding the New Economy

[marmar]

Published on Jul 4, 2014

Birgitta Jonsdottir, Matt Taibbi, Ellen Brown and Gar Alperovitz have a conversation about Reclaiming Our Economy from Wall Street with Public Banking.

[canoeist52]

1. The reat of the conference is fascinating if you have the time. I learned so much.

Ellen brown explains public banking

How Iceland handled their banking crisis;

[mother earth]

3. TY, canoeist52, for these bookmarking to watch all.

[mother earth]

2. TY, marmar! Haven't watched this yet but am familiar with Ellen Brown and the push to reform

banking, and absolutely love Matt Taibbi.

K & R, good find!

[Enthusiast]

4. Kicked and recommended!

[Esra Star]

5. I have just added significantly to my meagre understanding of the banking (shell game) system.

The smoke we see is just a reflection of the other smoke, and only god knows where the smoke started. It makes the "big bang" and multiverses seem understandable by comparison.

[AdHocSolver]

6. This is how our current banking system works.

Last edited Mon Jul 7, 2014, 05:30 PM - Edit history (1)

A person deposits their money in a bank into a savings account, money market, or CD. For the use of the depositor's money, the bank pays the depositor about .1 percent (.001 times the principal) for the use of that money, a rate set by the Federal Reserve. In effect, the depositor loans the bank their money for .1 percent.

The bank then loans that money to their customers. For example, John Doe runs credit card balances on which he pays 14 percent interest. The bank collects 14 percent on its loan to its credit card customer and pays its depositor .1 percent for the use of that money.

This represents a spread of ( .14 / .001 ) = 140 times or 14,000 percent. The person who keeps money in a bank account isn't even keeping up with inflation. Keeping money in a bank account is a losing proposition.

The Federal Reserve sets the interest rates to favor the banks and Wall Street. The Fed does not control the banking system in the public interest, but uses its powers to ensure the transfer of middle class assets (what is left of middle class assets) to the banks and Wall street.

The only way that "public" banking can work is if it is set up independent of the Federal Reserve.

[BelgianMadCow]

7. which is precisely what I'm involved in

right now

Ideas whose time has come...