Bill Totten's Weblog

Saturday, October 31, 2009

Correction and Apology

In the Postscript of my post here yesterday of Ellen Brown's "Reviving the Local Economy" I mistakenly reported what Professor Michael Hudson told me. Michael pointed out that I should have quoted him directly as follows:

"Ellen is suggesting that states join the commercial banking system. I would indeed prefer states to create their own credit. However, I believe that Steve Zarlenga said there might be a constitutional problem with this. I think he commented on this. So I may be in error in finding this alternative preferable.

"If it could be done, fine - but I think Ellen would agree that this is preferable. So there are really two questions here: (1) what is ideally preferable, and (2) what is legal. The third question is what you raise: (3) Even if it is legal, SHOULD states get into the commercial banking business?

"Ellen makes as good a case as can be made to answer this in the affirmative. The states have been hamstrung by the commercial banks.

"I think that any alternative financial policy should involve an active tax policy, above all taxing land (the major customer of commercial banks) and infrastructure of their 'free lunch rental income'."

I apologize to Michael, Ellen and all who read my post.

Bill Totten
2009-10-31 21:35

Bill Totten


  • Bill:

    Why do you never write of the Grameen Bank? The Crown Princess Maxima, the daughter of the former dictator of Venezuela, just introduced the Grameen Bank to Holland. One third of dutchmen are Muslim and we are losing billions and thousands of jobs. Grameen can help many of us survive and thrive here!


    By Blogger suzannedk, at 6:38 AM, November 01, 2009  

  • Thanks, Suzanne, I must admit that I've overlooked the Grameen Bank. I'll revisit the information I have on it. Bill

    By Blogger Bill Totten, at 8:25 PM, November 01, 2009  

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