Enough Is Enough: Fraud-ridden Banks Are Not California’s Only Option
Posted by freedomforall 11 years ago to Business
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.
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.)