Bypassing Wall Street _on Economic Collapse Teach-in

This show was broadcast January 4, 2014.
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Key information for the uninitiated and the initiated alike.

Bypassing Wall Street — Ellen Brown

A Public Bank for Mendocino County. Efforts are under way in one of the smaller counties of California, 100 miles north of San Francisco, to set up a local public county bank. Mendocino might be the first in the US since the early nineteen hundreds unless the city of San Francisco, where plans are well developed to create such a bank, beats Mendocino to the punch.

Such a public bank would be authorized to remove the county’s funds from the commercial bank that now manages the deposits. The County Bank would be able to use the same credit system that private banks use – which means access to the current 0.25% interest rate instead of the going rate of 5 to 8% or more. Such a private bank would partner, not compete, with the local community banks and credit unions.

Maybe the biggest impact comes from the fact that the BND can make loans to fund public works projects instead of using expensive bonds. For example the BND funded a $50 million water treatment project with a loan. Consider that in regard to the debt crisis that affects so many towns and counties today. Ellen Brown used the example of a school district in San Diego, CA. They borrowed money in capital appreciation bonds and will eventually owe nearly $1 billion – or ten times the initial loan.

This program also includes comments from San Francisco Supervisor John Avalos. He is one of the strong proponent of a public bank for that city and gives a comprehensive list of opportunities awarded by such a bank. He was recorded at the June 2013 Public Banking Conference held at the Dominican University in San Rafael, CA.

One successful public bank already exist in the US. It is the Bank of North Dakota, founded by farmers in 1919 as protection from Wall Street. Ellen Brown includes much of their history and inspiring current successful practice in her talk.
In two parts. Part two directly follows part one. From a TUC Radio Presentation.

The Economic Collapse Teach-in encompases upon some of the most highly controversial an crucial subjects of our day—the collapsing economy, the Federal Reserve, the Banks, Wall Street, financial fraud, foreclosures, homelessness, unemployment, workers rights, unions, trade agreements, etc. We scour the world to find and gather debates and presentations that are extremely informative and educational. Related subjects are also discussed. It provides key information for the uninitiated and the initiated alike.


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