Last week the Center for Progressive Urban Politics had the good fortune to sit down with Ellen Brown, Author, activist, and luminary on the nation’s banking system and discuss with her the reforms needed to bring our financial system back into the service of not just the 1% but all of the country’s citizens. There is a lot to criticize about the way we have organized our finances and a great deal of evidence indicates we may be on the verge of a great collapse whose magnitude may surpass that of 2008.
However, unlike many critics Ellen has a plan for shoring up the system. This plan has worked in the past and continues to work extremely well today in places such as North Dakota. That plan is for a public bank in which monies from the coffers of a city, a county, a state and a even a country go into a bank owned by the citizens and not a private bank. These funds are then invested in that jurisdiction in the form of loans rather than sent to Wall Street to be gambled away.
In addition to this bold concept, Ellen discusses current events such as the latest G-20 meeting, the CRomnibus spending bill and the dire consequences both these will have for depositors. We also touch on the depth of exposure the system has to instruments such as derivatives and historically low interest rates.