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Ellen Brown

 
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  • 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 | 1 Like 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 | 3 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 | 3 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 | Likes 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
  • Even The Council On Foreign Relations Is Saying It: Time To Rain Money On Main Street [View article]
    If you're making over $100 million/year, as the .01% are, what percentage of your income do you spend on consumables? The lower 80% spend 100% of it. They live paycheck to paycheck.

    As for taxing, my public bank proposal could eliminate income taxes altogether, as they were eliminated in colonial Pennsylvania. All in my book The Public Bank Solution.
    Sep 2, 2014. 08:00 PM | 2 Likes Like |Link to Comment
  • Even The Council On Foreign Relations Is Saying It: Time To Rain Money On Main Street [View article]
    I cited a source on that, an econ prof who explained it really well I thought. Did you read the link?
    Sep 2, 2014. 07:56 PM | Likes Like |Link to Comment
  • Even The Council On Foreign Relations Is Saying It: Time To Rain Money On Main Street [View article]
    My point was that you could make multiple drops and it wouldn't be inflationary.
    Sep 2, 2014. 07:50 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]
    You're being rude so I'm not answering.
    Sep 2, 2014. 07:47 PM | Likes Like |Link to Comment
  • Even The Council On Foreign Relations Is Saying It: Time To Rain Money On Main Street [View article]
    Or read Rob Kirby on the ESF. It's not going to be easy prying them loose. That's why I think symbiosis is the goal at this stage, before they totally destroy the planet. Even Milton Friedman recommended a basic income guarantee. Reminds me of the story of a friend who was playing Monopoly with his 4 year old daughter. He ran out of money and was bored so he said he quit. She grabbed some money and gave it to him so he would keep playing.
    Sep 2, 2014. 07:41 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]
    Of course. Have you read Web of Debt? I cited him at length. Great book, except that I don't agree with his conclusion. That's why I had to write my own.
    Sep 2, 2014. 07:37 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]
    It won't run up the deficit. That's my point. It will come back to the government -- or could, properly designed.
    Sep 2, 2014. 11:02 AM | 2 Likes Like |Link to Comment
  • Even The Council On Foreign Relations Is Saying It: Time To Rain Money On Main Street [View article]
    Thanks Tim. Case in point!
    Sep 2, 2014. 11:01 AM | Likes Like |Link to Comment
  • Even The Council On Foreign Relations Is Saying It: Time To Rain Money On Main Street [View article]
    Sure, but the suppliers and service providers they'll use the money to purchase from do.
    Sep 2, 2014. 11:00 AM | 2 Likes Like |Link to Comment
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178 Comments
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