Mark Diehl. Are We Evolving Into a Corporate Species? Scholar Says Humans are on the Way to Becoming a Society of Conformists?
Ellen Brown. Brown is president of the Public Banking Institute and author of The Public Bank Solution and Web of Debt. She recently wrote "The Detroit Bail-in: Fleecing Pensioners to Save the Banks," which states: "In Detroit, it is the municipal workers who are being bailed in, stripped of a major portion of their pensions to save the banks. Bank of America Corp. and UBS AG have been given priority over other bankruptcy claimants, meaning chiefly the pensioners, for payments due on interest rate swaps they entered into with the city. Interest rate swaps -- the exchange of interest rate payments between counterparties -- are sold by Wall Street banks as a form of insurance, something municipal governments 'should' do to protect their loans from an unanticipated increase in rates. Unlike ordinary insurance, however, swaps are actually just bets; and if the municipality loses the bet, it can owe the house, and owe big. Many activists have suggested that public banking -- state or municipally-owned public banks operating as public utilities -- could save cities millions of dollars by avoiding bond debt, keeping interest rates low, and feeding interest back into the communities and municipalities supported by the democratically-run banks. The video "No More Detroits" puts forward this argument, as does the article "Why Cities Should Use Public Banks Instead of Big Banks." See also, a view from the right just published in the Alaska