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Funding through the Federal Reserve may be controversial, but establishing a national public infrastructure and development bank should be a no-brain… - Ellen Brown
" "Funding through the Federal Reserve may be controversial, but establishing a national public infrastructure and development bank should be a no-brainer. The real question is why we don’t already have one, like China, Germany, and other countries that are running circles around us in infrastructure development. Many European, Asian and Latin American countries have their own national development banks, as well as belonging to bilateral or multinational development institutions that are jointly owned by multiple governments. Unlike the US Federal Reserve, which considers itself “independent” of government, national development banks are wholly owned by their governments and carry out public development policies. The most profitable and efficient way for national and local governments to finance public infrastructure and development is with their own banks, as the impressive track records of KfW and other national development banks have shown... We need to resurrect that public funding engine today, not only to address the national and global crises we are facing now but for the ongoing development the country needs in order to manifest its true potential.
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About Ellen Brown
Ellen Hodgson Brown (born September 15, 1945) is an American author, attorney, public speaker, and advocate of alternative medicine and financial reform, most prominently public banking. Brown is the founder and president of the Public Banking Institute, a nonpartisan think tank devoted to the creation of publicly run banks. She has appeared on several cable and network television, radio, and internet podcasts & programs.
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Ellen Hodgson Brown
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Of the 3,000 emails released from Hillary Clinton’s private email server in late December 2015, about a third were from her close confidante Sidney Blumenthal, the attorney who defended her husband in the Monica Lewinsky case. One of these emails, dated April 2, 2011, reads in part: Qaddafi’s government holds 143 tons of gold, and a similar amount in silver . . . . This gold was accumulated prior to the current rebellion and was intended to be used to establish a pan-African currency based on the Libyan golden Dinar. This plan was designed to provide the Francophone African Countries with an alternative to the French franc (CFA). In a “source comment,” the original declassified email adds: According to knowledgeable individuals this quantity of gold and silver is valued at more than $7 billion... Conspicuously absent is any mention of humanitarian concerns. The objectives are money, power and oil.
The money issued by governments to finance public projects has a long and successful history dating back at least to the beginning of the 18th century, when the American colony of Pennsylvania issued a currency that was both lent and spent by the government local in the local economy. The result was a period of unprecedented prosperity achieved without inflation or taxes.
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As alarm bells sound over the advancing destruction of the environment, a variety of Green New Deall proposals have appeared in the US and Europe, along with some interesting academic debates about how to fund them. Monetary policy, normally relegated to obscure academic tomes and bureaucratic meetings behind closed doors, has suddenly taken center stage... Public development banks already have a successful track record in Europe, and their debts are not considered debts of the government. They are financed not through taxes but by the borrowers when they repay the loans. Like other banks, development banks are moneymaking institutions that not only don’t cost the government money but actually generate a profit for it.
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