
Ellen Brown
Ellen Brown is an attorney and president of the Public Banking Institute, http://PublicBankingInstitute.org. In Web of Debt, her latest of eleven books, she shows how the power to create money has been usurped from the people, and how we can get it back.
December 17th, 2020 | FDR Knew Exactly How to Solve Today’s Unemployment Crisis
Web of Debt - Millions of Americans have joined the ranks of the unemployed, and government relief checks and savings are running out; meanwhile, the country still needs trillions of dollars in infrastructure. Putting the unemployed to work on those infrastructure projects seems an obvious solution, especially given that the $600 or $700 stimulus checks Congress is planning on […]
December 1st, 2020 | Why the Fed Needs Public Banks
Web of Debt - On November 20, US Treasury Secretary Steven Mnuchin informed Federal Reserve Chairman Jerome Powell that he would not extend five of the Special Purpose Vehicles (SPVs) set up last spring to bail out bondholders, and that he wanted the $455 billion in taxpayer money back that the Treasury had sent to the Fed to capitalize […]
August 25th, 2020 | From Lockdown to Police State: the “Great Reset” Rolls Out
Web of Debt - Mayhem in Melbourne On August 2, lockdown measures were implemented in Melbourne, Australia, that were so draconian that Australian news commentator Alan Jones said on Sky News: “People are entitled to think there is an ‘agenda to destroy western society.’” The gist of an August 13th article on the Melbourne lockdown is captured in the […]
June 22nd, 2020 | Meet BlackRock, the New Great Vampire Squid
Web of Debt - BlackRock is a global financial giant with customers in 100 countries and its tentacles in major asset classes all over the world; and it now manages the spigots to trillions of bailout dollars from the Federal Reserve. The fate of a large portion of the country’s corporations has been put in the hands of a […]
Web of Debt - More than 100 companies are competing to be first in the race to get a COVID-19 vaccine to market. It’s a race against time, not because the death rate is climbing but because it is falling – to the point where there could soon be too few subjects to prove the effectiveness of the drug. […]
May 19th, 2020 | Another Bank Bailout Under Cover of a Virus
Web of Debt - When the Dodd Frank Act was passed in 2010, President Obama triumphantly declared, “No more bailouts!” But what the Act actually said was that the next time the banks failed, they would be subject to “bail ins”—the funds of their creditors, including their large depositors, would be tapped to cover their bad loans. When bail-ins […]
Web of Debt - Congress seems to be at war with the states. Only $150 billion of its nearly $3 trillion coronavirus relief package – a mere 5% – has been allocated to the 50 states; and they are not allowed to use it where they need it most, to plug the holes in their budgets caused by the […]
April 20th, 2020 | A Universal Basic Income is Essential and Will Work
Web of Debt - According to an April 6 article on CNBC.com, Spain is slated to become the first country in Europe to introduce a universal basic income (UBI) on a long-term basis. Spain’s Minister for Economic Affairs has announced plans to roll out a UBI “as soon as possible,” with the goal of providing a nationwide basic wage […]
April 3rd, 2020 | Was the Fed Just Nationalized?
Web of Debt - Did Congress just nationalize the Fed? No. But the door to that result has been cracked open. Mainstream politicians have long insisted that Medicare for all, a universal basic income, student debt relief and a slew of other much-needed public programs are off the table because the federal government cannot afford them. But that was […]
March 22nd, 2020 | Socialism at Its Finest after Fed’s Bazooka Fails
Web of Debt - In what is being called the worst financial crisis since 1929, the US stock market has lost a third of its value in the space of a month, wiping out all of its gains of the last three years. When the Federal Reserve tried to ride to the rescue, it only succeeded in making matters worse. […]
March 10th, 2020 | The Fed’s Baffling Response to the Coronavirus Explained
Web of Debt - When the World Health Organization announced on Feb. 24 that it was time to prepare for a global pandemic, the stock market plummeted. Over the following week, the Dow Jones Industrial Average dropped by more than 3,500 points, or 10%. In an attempt to contain the damage, the Federal Reserve on March 3 slashed the […]
February 8th, 2020 | Mexico Is Showing the World How to Defeat Neoliberalism
Web of Debt - While U.S. advocates and local politicians struggle to get their first public banks chartered, Mexico’s new president has begun construction on 2,700 branches of a government-owned bank to be completed in 2021, when it will be the largest bank in the country. At a press conference on Jan. 6, he said the neoliberal model had […]
January 9th, 2020 | The Fed Protects Gamblers at the Expense of the Economy
Web of Debt - Although the repo market is little known to most people, it is a $1-trillion-a-day credit machine, in which not just banks but hedge funds and other “shadow banks” borrow to finance their trades. Under the Federal Reserve Act, the central bank’s lending window is open only to licensed depository banks; but the Fed is now […]
December 26th, 2019 | The Key to Solving the Climate Crisis Is Beneath Our Feet
Web of Debt - The Green New Deal resolution that was introduced into the U.S. House of Representatives in February hit a wall in the Senate, where it was called unrealistic and unaffordable. In a Washington Post article titled “The Green New Deal Sets Us Up for Failure. We Need a Better Approach,” former Colorado governor and Democratic presidential candidate John […]
December 12th, 2019 | Paul Volcker’s Long Shadow
Web of Debt - Former Federal Reserve Chairman Alan Greenspan called Paul Volcker “the most effective chairman in the history of the Federal Reserve.” But while Volcker, who passed away Dec. 8 at age 92, probably did have the greatest historical impact of any Fed chairman, his legacy is, at best, controversial. “He restored credibility to the Federal Reserve […]
November 5th, 2019 | Is the Run on the Dollar Due to Panic or Greed?
Web of Debt - What’s going on in the repo market? Rates on repurchase (“repo”) agreements should be about 2%, in line with the Federal Reserve funds rate. But they shot up to over 5% on Sept. 16 and got as high as 10% on Sept. 17. Yet banks were refusing to lend to each other, evidently passing up […]