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Ellen Brown on Why We Should Own the Banks
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Ellen Brown on Why We Should Own the Banks

Ellen Brown
RSA, 2016
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Editorial Rating

7

Qualities

  • Innovative

Recommendation

Financial reform advocate Ellen Brown makes a strong case for publicly owned banks, which, she reasons, are in society’s best interest. While she cites several examples of effective public banks, she doesn’t explore the inefficiencies often associated with government entities. Nevertheless, getAbstract recommends Brown’s cogent – though perhaps oversimplified – argument to bankers, policy makers and depositors interested in banking reform.

Take-Aways

  • One-quarter of the world’s banks, including many of the largest and safest financial institutions, are publicly owned. The remainder comprises privately held banks, which are capable of destabilizing the economy.
  • Growth of debt and money exceeds the growth of the real economy, giving rise to inflation and asset bubbles.
  • The repeal of the Glass-Steagall Act allows US banks to gamble with depositors’ money. Though the 2010 Dodd-Frank Act intended to end bailouts, it instead permitted bail-ins, whereby banks must use creditors’ monies to recapitalize.

About the Speaker

Ellen Brown is the founder and president of the Public Banking Institute.

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