June 20th, 2013
Econintersect: "Web of Debt" author Ellen Brown, who is president of The Public Banking Institute, has just published a new book "From Austerity to Prosperity - The Public Bank Solution". The proposition presented by the book is that publicly owned banks, such as the 94-year old State Bank of North Dakota, are a necessary change to separate public spending from the profiteering of private banks. Ellen Brown is a contributor to Global Economic Intersection.
The author's book description from Amazon.com:
WHAT WALL STREET DOESN'T WANT YOU TO KNOW. Shock waves from one Wall Street scandal after another have completely disillusioned us with our banking system; yet we cannot do without banks. Nearly all money today is simply bank credit. Economies run on it, and it is created when banks make loans. The main flaw in the current model is that private profiteers have acquired control of the credit spigots. They can cut off the flow, direct it to their cronies, and manipulate it for personal gain at the expense of the producing economy. The benefits of bank credit can be maintained while eliminating these flaws, through a system of banks operated as public utilities, serving the public interest and returning their profits to the public. This book looks at the public bank alternative, and shows with examples from around the world and through history that it works admirably well, providing the key to sustained high performance for the economy and well-being for the people.
Click on the image of the book for more information and to order at Amazon.com.
- North Dakota’s State-Run Bank Adds Millions to Treasury, Spurs Imitators (Alison Vekshin, Bloomberg, 17 November 2013)