Enough Is Enough: Fraud-ridden Banks Are Not California’s Only Option - Galt's Gulch

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Enough Is Enough: Fraud-ridden Banks Are Not California’s Only Option

Posted by freedomforall 10 years, 2 months ago to Business

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Ellen Brown, author of Web of Debt, suggests the public banking alternative.
Excerpt:
“Epic in scale, unprecedented in world history.” That is how William K. Black, professor of law and economics and former bank fraud investigator, describes the frauds in which JPMorgan Chase (JPM) has now been implicated. They involve more than a dozen felonies, including bid-rigging on municipal bond debt; colluding to rig interest rates on hundreds of trillions of dollars in mortgages, derivatives and other contracts; exposing investors to excessive risk; failing to disclose known risks, including those in the Bernie Madoff scandal; and engaging in multiple forms of mortgage fraud.

SOURCE URL: http://www.globalresearch.ca/enough-is-enough-fraud-ridden-banks-are-not-californias-only-option/5366715

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Posted by Maphesdus 10 years, 2 months ago

I feel I should point out that public banking really means government banking. While I am all in favor of returning the power of PRINTING money to the government (right now that function is preformed by the Federal Reserve, which is a privately owned entity), I am less certain that government should be given control over all banks. If your goal is to eliminate corruption, introducing government into the mix seems like a counter-productive solution.

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  Posted by freedomforall 10 years, 2 months ago
  
  IMO the current function of creation of money supply by creation of credit by the TBTF banking system is a function that concentrates too much power in too few hands. Its a perfect example of "power corrupts and absolute power correpts absolutely." I agree that government can't be trusted with this function, and private bankers have also proven repeatedly that they can't be trusted to do this function either. Same comment for Wall street's function of financing of private enterprises; they repeatedly feed off the productive work of small and medium size business until those businesses either fail or their intellectual property (or natural resources) become controlled by less productive (or non-productive, i.e., banks/wall st) larger entities. Often these failures are a direct result of sophisticated legal (and illegal) means used to manipulate share prices to wrest control from investors and increase control by bankers (e.g.,force share sales on small investors through intraday artificial plunges that recover before the day is done but after shares are bought cheaply by wall st firms acting on their own behalf and against the interest of their clients.)
  Government watchdog entities have become managed by industry agents so there is no effective oversight. Hell, the US Treasury has been under control of Wall St executives for 50 years. Should there be any surprise that the biggest source of America's innovation is on life support? Should there be any surprise that the results of government deficits has been a widening of the gap of asset ownership when not a penny of money supply can be created without creating debt that continually creates profits only the banking industry itself?
  
  No, the answer is not solely public/government control of banking, but private control of banking since 1913 appears to be an even worse solution.
  Part of the solution could be a competitive role for state banking (as much as I hate to suggest it.)
  
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