I’m off to Ireland tomorrow to participate in the Kilkenny Festival and to help with the movement there for a network of publicly-owned banks. The Public Banking Forum of Ireland sent a quite promising report on developments that I thought I would post in the meantime, titled Exploring the Sparkassen Model of Local Savings Banks […]
Many authorities have said it: banks do not lend their deposits. They create the money they lend on their books.
Robert B. Anderson, Treasury Secretary under Eisenhower, said it in 1959:
When a bank makes a loan, it simply adds to the borrower’s deposit account in the bank by the amount of the loan. The money is not taken from anyone else’s deposits; it was not previously paid in to the bank by anyone. It’s new money, created by the bank for the use of the borrower.
Many authorities have said it: banks do not lend their deposits. They create the money they lend on their books. Robert B. Anderson, Treasury Secretary under Eisenhower, said it in 1959: When a bank makes a loan, it simply adds to the borrower’s deposit account in the bank by the amount of the loan. The […]
The Pennsylvania Project hosted the East Coast edition of the Public Banking Institute national conference in Philadelphia last Saturday. Thanks Pennsylvania team! I thought I would post my power point presentation (the sixth I’ve done since July), since it has a more complete discussion of the pressing issue always on the minds of elected officials: […]
Concerns are growing that we are heading for another banking crisis, one that could be far worse than in 2008. But this time, there will be no government bailouts. Instead, per the Dodd-Frank Act, bankrupt banks will be confiscating (or “bailing in”) their customers’ deposits.
The post Building an Ark: How to Protect Public Revenues from the Next Meltdown appeared first on BSNEWS.
Martin Wolf, Chief Economics Commentator of Financial Times speaks at the event “Does Money Grow on Trees?” at the hall of the Institute for Chartered Accountants on 9th September 2014.
The post Martin Wolf, Financial Times: Stop Banks from Creating Money (Video) appeared first on BSNEWS.
When an article appears in Foreign Affairs, the mouthpiece of the policy-setting Council on Foreign Relations, recommending that the Federal Reserve do a money drop directly on the 99%, you know the central bank must be down to its last bullet.
The post Even the Council on Foreign Relations Is Saying It: Time to Rain Money on Main Street appeared first on BSNEWS.
Only when Mark Carney, Christine Lagarde and Prince Charles start talking about the abolition of privately created debt-based money should we even begin to take them seriously. Of course such an affront to the obscenely wealthy would have seen even Prince Charles ejected from the Mansion House soiree.
The post “The dogs bark, but the caravan passes on.” appeared first on BSNEWS.
A new development bank that will complement – and compete with – the World Bank and the IMF is on the fast track. Here’s a primer on why the BRICS Bank is a pretty sound idea.
The post Five reasons why the world needs the BRICS Bank appeared first on BSNEWS.
Journalist Ellen Brown thinks one of the biggest banker frauds on the planet is the rate rigging of the London Interbank Offered Rate, or LIBOR. Hundreds of trillions of dollars’ worth of interest rates are set off of LIBOR globally. Many claim in court they were cheated, and that includes the FDIC. Brown says, “The FDIC suit is different from the others. Most of the previous suits were about anti-trust and RICO, which is racketeering and are federal claims. . . .
