Executive Summary Dean Baker is a highly visible critic of mainstream economics. Introduction Dean Baker is one of the most important non-mainstream economists and a co-founder of CERP. He has been a long time skeptic of the political focus on high public debt and one of his areas of specialty is debunking the mainstream media’s…
Executive Summary Roubini is a well known economist and author of Black Swan. He had interesting things to say about bank nationalization. Introduction Roubini’s interpretation of the US banking system is expressed in the following quotation. “You have to eventually nationalize US banks, you have to take the problem by the horns. In my view…
Executive Summary Private banking interests habitually oversimplify Zimbabwe’s hyperinflation as the Zimbabwe government printing too much money. Introduction The following describes the inflation situation that occurred and is occurring again in Zimbabwe. “However, Zimbabwe’s peak month of inflation is estimated at 79.6 billion percent month-on-month, 89.7 sextillion percent year-on-year in mid-November 2008. In April 2009,…
Executive Summary Debt is a primary way that wealthier nations take control over less wealthy nations. Introduction Using debt as a type of warfare is explained in the following quotation. “If you treat debt as a weapon, the basic idea is that finance is the new mode of warfare. That’s one of my chapters in…
Executive Summary The phrase is often stated that all money is debt. The answer is interesting and depends upon the banking system and also on who is being discussed. Introduction There are two different scenarios that it is essential to consider concerning this question. Scenario #1: The Question of the Private Entity The first scenario…
Executive Summary Private banks specialize in privatizing profits while placing their losses onto the government or the public. Introduction Private banks excel at putting their risks onto the public. This is explained in the following quotation. “Bank of America Corporation moved its trillions in derivatives (mostly credit default swaps) from its Merrill Lynch unit to…
Executive Summary Outrageous levels of interest are now the norm in payday lending. Introduction The interest rates charged by payday loans are beyond belief. This is covered in the following quotation. “Worse yet are these payday loans resorted to by the unbanked and underbanked, which average 400% interest annually or more.” – Banking on the…
Executive Summary The debt as a virus theory is centered on the fact that as banks create money, banks only create the principle, and there is not enough money created to pay back the interest on the principle. Introduction This is explained in the following quotation. “Money is created when banks lend it into existence….
Executive Summary Private banking interests tell a number of lies to capture the government’s money-creation function for themselves and their cronies. The idea of political independence of central banks is one of these. Introduction A major part of getting people to accept the status quo of a private central bank is by providing a false…
Executive Summary Quantitative easing is a deliberately obscure term that means taking bad assets from banks and placing them on the government’s balance sheet. Introduction Private central banks create a fiction about QE, which is then repeated dutifully by mainstream economists. This explanation is that it is a stimulus. But, while it is a stimulus,…