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Ellen Brown  

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  • Grexit Or Jubilee? How Greek Debt Can Be Annulled [View article]
    Another example -- Costa Rica after the 1940s. They nationalized all the banks and guaranteed employment for all; and it worked, for decades. Costa Rica pulled way out in front of the rest of Central America. Nazi Germany also of course guaranteed employment for all, very successfully. Australia, Canada and NZ printed the money to fund infrastructure, also very successfully. Canada issued a modest annual allowance for young people. Alaska and Pres Bush issued national dividends. No one has yet to my knowledge issued the sort of dividend that would cover subsistence level living expenses, but the potential is there. The Swiss are talking about it.
    Jul 26, 2015. 11:05 AM | 1 Like Like |Link to Comment
  • Grexit Or Jubilee? How Greek Debt Can Be Annulled [View article]
    If you deposit $100, the bank can lend $100 (actually $90 or so), which becomes a deposit in another bank, which gets lent again . . . and again and again. The money supply includes deposits, so new money is actually "created" in this way -- nearly all of it. And the bank isn't limited to lending its deposits. It makes the loan first, then scrambles around to find the liquidity to back it, either from its own deposits or by borrowing the money back from the bank where the new money it just created as a deposit has wandered into. So says the Bank of England: banks don't lend their deposits. They create deposits when they make loans.
    Jul 26, 2015. 10:54 AM | 1 Like Like |Link to Comment
  • Grexit Or Jubilee? How Greek Debt Can Be Annulled [View article]
    That silly claim was made by Murray Rothbard of libertarian fame. We had bank runs all through the 19th century, before we had a central bank for a backstop, because banks were lending the same money that they were supposedly holding for their depositors -- lending it over and over in "fractional reserve lending." Banks are doing the same thing today. If the Fed hadn't stepped in after 2008 with its $16 trillion plus in backup loans for Wall Street, our banks would have gone the way of Greece's banks. All banks need a central bank for a backstop, to prevent nervous customers from all pulling their money out at once, which will necessarily bankrupt the bank because the bank doesn't have enough in reserve to cover all its liabilities.
    Jul 25, 2015. 09:51 AM | 2 Likes Like |Link to Comment
  • Grexit Or Jubilee? How Greek Debt Can Be Annulled [View article]
    Laugh on. The Australians did it, the Canadians did it, the New Zealanders did it, the Germans did it in the first half of the 20th century; the Chinese did it, the Koreans did it -- we're behind the times and will be left in the dust if we don't start funding infrastructure with national credit. You're not going to squeeze the money out of Republicans bent on owning it all and renting it back to us. Even Beppe Grillo is now being taken seriously in Italy.
    Jul 25, 2015. 09:46 AM | 3 Likes Like |Link to Comment
  • The ECB's Noose Around Greece: How Central Banks Harness Governments [View article]
    Thanks. Good observation on Ukraine.
    Mar 12, 2015. 10:04 AM | 1 Like Like |Link to Comment
  • Pretium Resources: Commentary On The Full Year 2014 Results [View article]
    I'm a PVG investor. The PVG message board has a comment on this article which is suspicious of your motives. I'm wondering why you don't give your name and your photo has your fingers crossed behind your back? Here's the comment --

    on Seeking Alpha coincidentally coinciding with the selling bash originating in NYC. Someone wants this stock price down badly. THE SA article seeks (pun intended) to paint this great discovery as a so-so, even marginal development where it is difficult to see profit potential E.g. "Investors are scrambling for answers regarding the possible return on their investment. It is not an easy task, however, a potential for a profit exists." Note 'possible return' and scrambling' and 'not an easy task' etc. and the final conclusion that PVG is a trading stock as opposed to a long term gold investment.. “more a trading stock than a "Golden bet for the future." What a snake in the grass hatchet job! http://seekingalpha.co...
    Read more at http://bit.ly/1E6gxpu
    Mar 9, 2015. 01:04 PM | 3 Likes Like |Link to Comment
  • Russian Roulette: Taxpayers Could Be On The Hook For Trillions In Oil Derivatives [View article]
    "Ellen Brown is doing a great service here. This is true, thankless investigative reporting."

    Thanks John Wilson! I do wonder sometimes why I do it. I hesitate to open Seeking Alpha because I know I will get laid into. I'm just a researcher, not a player, so I go partly on hunches; but I think my instincts are good, and the MSM is so obviously wrong sometimes or the reported goings on are so suspicious that I have to expose them and present the other side.

    The comments on Truthout or Truthdig are always more favorable. The reason I do read the comments on SA, when I have time, is that I learn a lot here from the people who are actually playing the game. Players are too busy playing to write, and they have their own interests to defend. I have the luxury of social security and a pension and low rent, no grandchildren, a legal background, decades of training in writing, and lots of time on my hands; so I write. Tempted to write about something else though!
    Dec 27, 2014. 09:20 AM | 7 Likes Like |Link to Comment
  • Russian Roulette: Taxpayers Could Be On The Hook For Trillions In Oil Derivatives [View article]
    Ah, sorry, I meant the Fed funds rate, currently targeted at 0-0.25% by the Fed.

    http://nyfed.org/ImQEm7
    Dec 22, 2014. 09:00 PM | 3 Likes Like |Link to Comment
  • Russian Roulette: Taxpayers Could Be On The Hook For Trillions In Oil Derivatives [View article]
    That was a quote on cheap money from the Fed. More correctly, the Fed dropped the prime rate to near zero, and banks borrow from each other at that rate. Also, the QE money has gone into reserve bank accounts as excess reserves, which are used to buy treasuries which become collateral in the repo market against which the banks borrow to speculate for their own accounts. I wrote an earlier article on that, which I'll dig up and cite if you're doubting it. As for the derivatives risk from the oil price collapse, here's a credible source from Yves Smith's site (I only found it later or would have cited it) --

    Did Wall Street Need to Win the Derivatives Budget Fight to Hedge Against Oil Plunge? Posted on December 15, 2014
    http://bit.ly/1zooaYC
    Dec 22, 2014. 08:00 AM | 7 Likes Like |Link to Comment
  • Why Do Banks Want Our Deposits? Hint: It's Not To Make Loans [View article]
    Thanks. I actually haven't had time to read them, but I will! I learn a lot from S.A. and its readers too.
    Oct 30, 2014. 08:14 PM | 2 Likes Like |Link to Comment
  • Why Do Banks Want Our Deposits? Hint: It's Not To Make Loans [View article]
    Hi, I'm agreeing with the bankers – they need to attract deposits. They would make very few loans without that. My point in writing was to resolve an apparent ambiguity that people keep asking me about: the Bank of England just said, as have many other authorities, that banks don't lend their deposits. They create the money they lend on their books. Money reformers, particularly in England, conclude from that that this is a major flaw in the system and that banks should be required to hold 100% reserves. To my mind that would bankrupt the banking system, which provides the very useful service of creating the credit that makes the wheels of the economy go around. Other people conclude from the 10% reserve requirement that banks can create nine times their deposits in loans, also obviously not true. It’s perhaps true over the whole system on the money multiplier model, but not true for an individual bank. So I’m not really writing for SeekingAlpha-type readers. I’m writing for all those confused people trying to resolve all the mixed messages we get about how banking works. If any bankers want to jump in and clarify all that in lay language, that would be great!
    Oct 27, 2014. 06:02 PM | 6 Likes Like |Link to Comment
  • Even The Council On Foreign Relations Is Saying It: Time To Rain Money On Main Street [View article]
    No way will they increase interest rates; that's my bet. The Fed is directed by the NY Fed, which is Wall Street; and the big derivatives banks would get killed if interest rates went up. They're on the variable rate side of $200 trillion plus in interest rate swaps. When interest rates went up in 2008, we got the credit crunch. Plus, the government can't afford to pay higher interest on the federal debt; they have to keep it at about $400B annually or the taxpayers will squawk.
    Sep 3, 2014. 12:47 PM | 4 Likes Like |Link to Comment
  • Even The Council On Foreign Relations Is Saying It: Time To Rain Money On Main Street [View article]
    Yes but my point is that they need to throw us some bones to keep their game going. The parasite is out of its food source.
    Sep 2, 2014. 08:06 PM | 4 Likes Like |Link to Comment
  • Even The Council On Foreign Relations Is Saying It: Time To Rain Money On Main Street [View article]
    Thank you! Nice to see a favorable comment. I don't actually post my articles on Seeking Alpha, they just get picked up. But I like the comments even though they're usually negative, because it helps me sharpen my debate tools.
    Sep 2, 2014. 08:05 PM | 1 Like Like |Link to Comment
  • Even The Council On Foreign Relations Is Saying It: Time To Rain Money On Main Street [View article]
    Sure. We should have QE for infrastructure -- lots of it. But as the authors note, infrastructure takes a lot of time to set up, and you're not going to capture a very large percentage of the unemployed in that net. They don't have the skills. We should do both.
    Sep 2, 2014. 08:02 PM | 1 Like Like |Link to Comment
COMMENTS STATS
187 Comments
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