Ellen Hodgson Brown, escaping the global web of debt
April 2nd, 2009Talk Nation Radio for April 3, 2009
Ellen Hodgson Brown, escaping the global web of debt
Listen to this week’s show here
Listen to part two of this week's show here
Produced by Dori Smith at WHUS, FM 91.7, a Pacifica Affiliate at the University of Connecticut in Storrs, CTTRT: 29:28 Download at Pacifica’s Audioport here or at Radio4all.net and Archive.org here:
Ellen Hodgson Brown discusses, Web of Debt, her book about the US Federal Reserve, the so called ‘Money Trust’, and global banking. Part one of our interview looks at definitions, what are derivatives? What went wrong with the global banking industry and how quickly can it be fixed?
Ellen Brown’s 2007 book, Web of Debt, outlined the state of global economic and banking systems, and explained that there simply wasn’t enough money to bail out the banks from a massive derivatives default.
The book was a warning that when investors finally realized that the “insurance” they purchased in the form of derivatives was worthless, they would jump ship and bring the whole shaky edifice crashing down. We also learn about the little known Bank for International Settlements, in Basil Switzerland, and the rules it has imposed on global markets such as the so-called, ‘mark to market rule.’
Finally we learn how North Dakota is an example for what all US states should do, start a state bank. North Dakota is solvent, well off in fact, while most US states are operating in the red. We could set up state banks in a matter of several months, and save enough on interest to bring all US states back into solvency. Ellen Hodgson Brown blogs about the global economic collapse at webofdebt.com.
Her articles on global finance and how to repair America’s banking system can also be found at www.globalresearch.ca. Her current pieces are: ‘TURNING THE TABLES ON WALL STREET’, and ‘NORTH DAKOTA SHOWS CASH-STARVED STATESHOW THEY CAN CREATE THEIR OWN CREDIT’.
The US Federal Reserve said to be ‘extremely uncomfortable about the bailouts’ according to JEANNINE AVERSA, Economics Writer for AP. She starts out:
“While acknowledging that the Federal Reserve was “extremely uncomfortable” about last year’s bailouts of big financial companies, Fed Chairman Ben Bernanke said Friday the central bank’s strategy to ease the financial crisis is working.
Bernanke was referring to the Fed’s unprecedented decisions last year to step in and financially back JPMorgan Chase’s takeover of then-troubled investment house Bear Stearns and throw its first of four financial lifelines to insurance giant American International Group.” (continues here)
Also don't miss this blog on taking on the banks called A New Way Forward.
