Shock waves from one Wall Street scandal after another have completely disillusioned us with our banking system; yet we cannot do without banks. Nearly all money today is simply bank credit. Economies run on it, and it is created when banks make loans. The main flaw in the current model is that private profiteers have acquired control of the credit spigots. They can cut off the flow, direct it to their cronies, and manipulate it for personal gain at the expense of the producing economy. The benefits of bank credit can be maintained while eliminating these flaws, through a system of banks operated as public utilities, serving the public interest and returning their profits to the public. This book looks at the public bank alternative, and shows with examples from around the world and through history that it works admirably well, providing the key to sustained high performance for the economy and well-being for the people.
Ellen Brown is an attorney, president of the Public Banking Institute, and the author of twelve books and hundreds of articles. Her books include the bestselling “Nature’s Pharmacy” (co-authored with Dr. Lynne Walker) and “Web of Debt,” and her latest book “The Public Bank Solution.” She graduated from UC Berkeley in 1967 and from UCLA Law School in 1977; practiced law for ten years in Los Angeles; then spent 11 years abroad, in Kenya, Honduras, Guatemala and Nicaragua, with her husband (now ex-husband) and two children. Her websites are http://webofdebt.com, http://publicbanksolution.com, and http://publicbankinginstitute.org. (PublicBankSolution)