Political Perspectives on 10/06/10
Produced by TUC Radio
This is a talk about the trillion dollar bailout of the too large to fail banks and how it relates to the underlying crisis caused by the private control of the US - and soon the world's - money supply. Brown has an intriguing theory that she sets out to prove: Congress was initially not very interested in a bailout of the banks and needed to be shown, she says, that the situation was serious and that more money than ever before had to flow from taxpayers and the Federal Reserve into the banking system. In part ONE of her talk Ellen Brown runs down the incidents that led to the collapse of Lehman Brothers. She asks whether Lehman was purposefully bombed with short and naked short sales, and then was left unsupported by fellow banks in order to prove to Congress and to us that the crisis was serious.
In part TWO Ellen Brown covers the little known but highly consequential role of the Bank for International Settlements in Switzerland. The BIS serves as a bank for central banks and is not accountable to any national government. It plays an increasingly important role in the ever centralizing global financial system. Brown points to the risk of formalizing the money system for the world as the unregulated and unaccountable private domain of private banks - a process that is taking place right now. And you are about to hear about the Bank of North Dakota, an amazing, little known, highly successful state owned bank founded in 1919 and flourishing today. She suggests that California adopt that model to solve both the budget and the overall financial crisis - as 5 states are already planning to do. Washington, Michigan, Illinois, Massachusetts and Virginia have bills pending for state owned banks.
Ellen Brown is the author of Web of Debt, a book about the Federal Reserve. She shows how the private banking cartel has usurped the power to create money, and how we the people can take back that power.