Alternative Visions - Ellen Brown Candidacy for California State Treasurer - 02/05/14

Summary: Dr. Jack Rasmus welcomes back Ellen Brown to discuss her just announced candidacy for California State Treasurer. Ellen explains how, as Treasurer, she would create a California Public Bank, modeled on the North Dakota state public bank. The advantages of public banking are explained, and how it would operate in California to invest the State’s current $54 billion investment fund pool to benefit the people of California, instead of big global financial institutions. Ellen explains why low cost 1% or less loans to California citizens and businesses are possible, if a public bank existed, and why recent past proposals for a Public Bank in California got to governor Jerry Brown’s desk and were allowed to expire. Jack and Ellen also discuss the likelihood of future ‘bail ins’ in the next financial crisis, where depositors would have their savings confiscated in exchange for worthless bank stock to bail out the banks next time. Jack also gives his view of ‘Bitcoins’ as ‘digital tulips’ that will eventually collapse but are a threat nonetheless to credit card companies and government tax collectors.