Restoring Economic Sovereignty: The Push for State-owned Banks

Ellen Brown
The Web of Debt


Ellen Hodgson Brown

"It is time to declare economic sovereignty from the multinational banks that are responsible for much of our current economic crisis. Every year we ship over a billion dollars in Oregon taxpayer dollars to out-of-state and multinational banks in the form of deposits, only to see that money invested elsewhere. It's time to put our money to work for Oregonians." ~ Bill Bradbury, former Oregon Senate President and Secretary of State, quoted in The Nation

Responding to an unfilled need for credit for local government, local businesses and consumers, three states in the last month have introduced bills for state-owned banks -- Oregon, Washington and Maryland – joining Illinois, Virginia, Massachusetts and Hawaii to bring the total number to seven.

While Wall Street is reporting record profits, local banks are floundering, credit for small businesses and consumers remains tight, and local governments are teetering on bankruptcy. There is even talk of allowing state governments to file for bankruptcy, something current legislation forbids. The federal government and Federal Reserve have managed to find trillions of dollars to prop up the Wall Street banks that precipitated the credit crisis, but they have not extended this largesse to the taxpayers and local governments that have been forced to pick up the tab.


The Fed's Policy of Creating Inflation: A Massive Wealth Transfer

Rodrigue Tremblay
The New American Empire


The 1920′s German Inflation. Their money
became worthless. - The dollar's next?

"If once [the people] become inattentive to the public affairs, you and I, and Congress and Assemblies, Judges and Governors, shall all become wolves. It seems to be the law of our general nature, in spite of individual exceptions." ~ Thomas Jefferson (1743-1826), 3rd US President

"If the American people ever allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered." ~ Thomas Jefferson (1743-1826), 3rd US President

[Corruption in high places would follow as] “all wealth is aggregated in a few hands and the Republic is destroyed.” ~ Abraham Lincoln (1809-1865), American 16th US President (1861-65)

"When plunder becomes a way of life for a group of men living together in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it." ~ Frederic Bastiat (1801-1850), French economist

Inflation made here in the United States is very, very low.” ~ Ben Bernanke, Fed Chairman, Thursday, February 10, 2011

Let us begin with some macroeconomic indicators of reference.


Important New Information on Aafia Siddiqui's Case

Stephen Lendman

"She's "no more a terrorist than Nelson Mandela" or hundreds of others Washington bogusly charged, imprisoned and abused."

Numerous previous articles discussed how Washington/Pakistani collusion victimized her. A brief recap explains.

In March 2003, after visiting her family in Karachi, Pakistan, government Inter-Services Intelligence (ISI) agents, in collaboration with Washington, abducted her and her three children en route to the airport for a flight to Rawalpindi. Handed to US authorities, she was secretly incarcerated at one or more prisons, including Afghanistan's Bagram for more than five years of brutal torture and unspeakable abuse.

Bogusly charged and convicted, she was guilty only of being Muslim in America at the wrong time. A Pakistani national, she was deeply religious, very small, thoughtful, studious, quiet, polite, shy, soft-spoken, barely noticeable in a gathering, not extremist or fundamentalist, and, of course, no terrorist.

She attended MIT and Brandeis University where she earned a doctorate in neurocognitive science. She did volunteer charity work, taught Muslim children on Sundays, distributed Korans to area prison inmates, dedicated herself to helping oppressed Muslims worldwide, yet lived a quiet, unassuming nonviolent life.

Nonetheless, she was accused of being a "high security risk" for alleged Al-Qaeda connections linked to planned terrorist attacks against New York landmarks, including the Statue of Liberty, Brooklyn Bridge and Empire State Building, accusations so preposterous they never appeared in her indictment.

The DOJ's more likely interest was her connection through marriage to a nephew of Khalid Sheikh Mohammed (KSM), the bogusly charged 9/11 mastermind who confessed after years of horrific torture. US authorities tried using them both - to coerce KSM to link Siddiqui to Al Qaeda, and she to acknowledge his responsibility for 9/11 - something she knew nothing about or anything about her distant relative.


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