Ellen Brown goes over the definitions, what derivatives are, why the banks failed, and then offers suggestions on ways to help salvage the economy. She urges all states to set up state banks, like N. Dakota.
Produced by Dori Smith, WHUS fM 91.7
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Ellen Hodgson Brown discusses, Web of Debt, her book about the US Federal Reserve, the so called ‘Money Trust’, and global banking. Part one of our interview looks at definitions, what are derivatives? What went wrong with the global banking industry and how quickly can it be fixed?
The book was a warning that when investors finally realized that the “insurance” they purchased in the form of derivatives was worthless, they would jump ship and bring the whole shaky edifice crashing down. We also learn about the little known Bank for International Settlements, in Basil Switzerland, and the rules it has imposed on global markets such as the so-called, ‘mark to market rule.’
Finally we learn how North Dakota is an example for what all US states should do, start a state bank. North Dakota is solvent, well off in fact, while most US states are operating in the red. We could set up state banks in a matter of several months, and save enough on interest to bring all US states back into solvency. Ellen Hodgson Brown blogs about the global economic collapse at webofdebt.com.
Her articles on global finance and how to repair America’s banking system can also be found at www.globalresearch.ca. Her current pieces are? ‘TURNING THE TABLES ON WALL STREET’, and ‘NORTH DAKOTA SHOWS CASH-STARVED STATESHOW THEY CAN CREATE THEIR OWN CREDIT’.
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Part one of two, stands alone.
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Part two features Ellen Hodgson Brown with more on the founding of a state bank to bring US states into solvency like North Dakota is.
Features a song at the end, instrumental version of
Brother Can you Spare a Dime by Sarah Nello
