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REVIVING THE LOCAL ECONOMY WITH PUBLICLY-OWNED BANKS

Ellen Brown, October 14th, 2009

The credit crunch is getting worse on Main Street, despite a Wall Street bailout that is now in the trillions of dollars. The Federal Reserve’s charts show that “base money” is rapidly expanding – meaning coins, paper money, and commercial banks’ reserves with the central bank. But the money isn’t making it to where it needs to go to stimulate economic growth: into the bank accounts of American businesses and consumers. The Fed has been pumping out money to the banks, and their reserves have been growing at unprecedented rates; but the money supply in the real economy has been declining. Read more…

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