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Central Banks Have Gone Rogue, Putting Us All at Risk


There are many things Ellen Brown writes that make me wonder how well grounded she is in reality. Here is one:

It is common to speak of an ‘international banking cartel’. What people are missing here is the central banks aren’t so much controlled by that cartel, as they are the cartel.

As for those interventions, such as

Financial press elsewhere has written with concern about what Japan is doing. Their economy is so sick, and the Keynesian political imperative to ‘pump’ money into the system is so strong, that merely making lending so easy hasn’t been enough and the Bank of Japan has had to resort to buying the company. The possibilities of economic mismanagement multiply. Maybe Japan and its economy deserve to fall a bit.

Which also belies Ellen Brown’s charge that Central Banks are so independent that they ignore the public interest. They are designed so that they are not blown in different directions month by month by political whims, and are supposed to resist stupid proposals made by politicians, but they do mind public opinion. Presidents GW Bush and Obama wanted ‘easy money’, under the notion that that promotes exports and prosperity, and the Federal Reserve provided easy money. Several financial writers think that was not a good thing.

A discussion point about central bank ‘independence’. When originally chartered Germany insisted that it be modeled after its own Bundesbank, and the rest of Europe acceded to that. Since the sovereign debt crisis the European Central Bank has been politically forced to be easier with money, in order to keep banks and governments in southern Europe from failing.
– Which brings up the subject of how and why so many banks and governments in southern Europe got into such a mess of risk of failing…

Many financial writers are now persuaded that the whole design of the European Central Bank was a mistake. Starting with the notion of one bank and one currency for the ‘whole’ of Europe.

Here I want to pose “What is austerity?”
I hear the environmentalists and Greens telling us that ‘degrowth’, and voluntary simplicity and poverty is a good thing. Shouldn’t we want to live within our means, and within the Earth’s means. Shouldn’t people who manage to live happily in poverty be celebrated as heroes?! Shouldn’t we strive to be more like them?


If you can’t distinguish between basic human material needs and sustainable environmental behavior and imposed poverty by capitalists for the sake of profits, power and comfort, then I don’t what to say. Living simply and in concert with community and the environment cannot be done in a state of permanent material impoverishment.


Thanks. We’ve tried that sort of takeover and regulation before and it didn’t work. I think they need to be fully nationalized the next time they fail. See Thomas Hanna’s July 2018 paper –

The Crisis Next Time: Planning for Public Ownership as an Alternative to Corporate Bank Bailouts


YE$$$$$! He talks about the end of capitalism as we know it- capitalism, common pensions and having the same job forever without any fear of losing it to overseas was the height of capitalism that worked for more than the few.


We can’t wait that long.


That is correct, sir. However, I do blame the collective population for the Walmarting of the USA along with strip malls, ATMs, fast food etc. Vermont as far as I know continues to keep Smallmart out!


Poverty is living without being able to afford basic needs including housing, food, transportation, even being able to get a job. Some people who live in poverty are mentally incompetent or at least have made poor choices. People who choose to live simply and at least have the critical thinking skills to make choices are in a different position.


Makes us feel ashamed and powerLESS>


The laws were eliminated ( Glass Steagall) before the financial crash.


Yes, what a brilliant man- I am super man of Wolff. Noam Chomsky has talked about this for years- that it is the system itself .


Personally, I think people need to stop using credit cards just like they should stop using their smart phones. When something becomes too easy- people go on autopilot. Credit cards are illogical- paying for something “later”. Use cash , people- use cash. If you cannot afford something- do not buy it. Period. Debit cards might be different- but I would still be careful- too many people get carried away.


I meant fan not man!


I couldn’t help thinking of the most publicized example in my life, of Mexico getting into an economic crisis c.1981 and Pres. Jose Lopez Portillo nationalizing Mexico’s banks. How did that work out?

Over the decades many nations have nationalized their banks. The big risk is that the public bank(s) won’t serve the public (people’s) interests but instead serve the needs and wants of the politicians, with an attendant amount of corruption and mismanagement. Not that long ago I recall seeing such a statement made about Japan’s postal banks having a long history of being the backup to pork barrel spending by the ruling (Liberal Democrat) party.

Now honestly ask yourself, how well managed, public-serving, would a Public Bank of Illinois, or a Public Bank of Chicago, be?

(As for the headline in EBrown’s comment, its second part about “Alternative to Corporate Bank Bailouts”, how about we let those corporate banks fail. In bankruptcy there will either be (most likely) somebody willing to buy the assets and start a ‘new’ bank. Or there won’t be. A bank’s assets (loans they made) are worthless unless some value can be recovered, either from the person holding the asset paying something, or from selling the asset to someone.)


I agree, but visa and mastercard logo on a debit card does not equal a credit card. It just means you can use it everywhere.

I’m having one heck of a time getting rid of my only credit card because of places that don’t use chip readers. Every time I pay it off another thing gets put on it from one of those that I can’t walk away from. In April I was called by the Chase Bank Fraud Department(I’ve since went to a credit union) and asked if I used my debit card in California at two places. I said no and I haven’t been out of state. They declined the charges and closed the card for me - and I switched to a credit union at the same time which was unrelated. I’m pretty sure the debit card was hacked by using it in a local Seattle place that didn’t use the chip. All stores not using chip readers get your debit card numbers and dishonest employees can use them as well as the business themselves can collect them - like Target did, and put them at risk when they are hacked - like Target did. The chip makes it so stores don’t get your number at all. Congress requires it because stores keep saving our numbers and getting hacked.

I went to get car repairs this week and the business had no chip reader. I had to pay because the work had already been done. I put it on the Credit card because Credit cards are insured if I’m hacked and will get rid of the charges, banks will not. Oh, Banks say they are insured but I had a family member take 5k out of my savings account and I never got the money back because the bank expects you to personally prosecute and won’t give you the money. They do this even if a stranger takes your money. I prosecuted and that family member only paid the first $100 and never paid another installment so I never got the money back.

Anyway, I’ve walked out of several businesses now because they don’t have chip readers and act completely stupid on why they should even have one. The last lady said, “Does it matter” Yes, you friggen uninformed fool, I don’t want your shabby business having my debit card number. It’s too far into having chips for people to not know why their business should use them. But again, the credit card had to be used this week because the car repair place didn’t bother getting the required by law chip reader. I need to start asking before anything is done. We’re not going to lose the fools who can’t figure out why on earth we should have them (google you twits!) just quit doing business with them.