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?