Part 2: Ellen Hodgson Brown discusses, Web of Debt, her book about the US Federal Reserve, the so called ‘Money Trust’, and global banking. 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.
Download
Ellen Brown's website is: http://www.webofdebt.com
Source: talknationradio.com
Aired: 4/2/09 12:10 AM
No comments:
Post a Comment