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Ellen Brown's blog

Bankers Win Both Ways: Now They Can Take Both Taxpayer and Depositor Money


This piece first appeared at Web of Debt."As things stand, the banks are the permanent government of the country, whichever party is in power." – Lord Skidelsky, House of Lords, UK Parliament, 31 March 2011

On March 20, 2014, European Union officials reached an historic agreement to create a single agency to handle failing banks. Media attention has focused on the agreement involving the single resolution mechanism (SRM), a uniform system for closing failed banks. But the real story for taxpayers and depositors is the heightened threat to their pocketbooks of a deal that now authorizes both bailouts and “bail-ins”—the confiscation of depositor funds. The deal involves multiple concessions to different countries and may be illegal under the rules of the EU Parliament; but it is being rushed through to lock taxpayer and depositor liability into place before the dire state of Eurozone banks is exposed.

California Dreamin': Why I am running for State Treasurer

Originally published on opednews.com. (Emphasis added.)
Ellen Brown, author of The Web of Debt and one of the world's foremost advocates of public banking, is standing for Treasurer in the forthcoming California state elections. She plans to use the office of Treasurer to reproduce the success that the state of North Dokota, with its public banking system, had in avoiding the 2008 recession in California.

Governor Jerry Brown and his staff are exchanging high-fives over balancing California's budget, but the people on whose backs it was balanced are not rejoicing. The state's high-wire act has been called "the ultimate in austerity budgets."

Public Banking in Costa Rica: A Remarkable Little-known Model

In Costa Rica, publicly-owned banks have been available for so long and work so well that people take for granted that any country that knows how to run an economy has a public banking option. Costa Ricans are amazed to hear there is only one public depository bank in the United States (the Bank of North Dakota), and few people have private access to it.
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