References

[1] Charles Hugh Smith, Central Banks Have Pushed the Middle Class Down into Neofeudal Serfdom.

[2]. Margrit Kennedy, Occupy Money: Creating an Economy Where Everybody Wins, Gabriola Island, BC (Canada): New Society Publishers 2012.

[3] Ellen Brown, Exploring the Public Bank Option.

[4] For a concise and clear exposition of this insidious redistribution from the bottom up see, for example, Charles Hugh Smith, If We Don’t Change the Way Money Is Created and Distributed, We Change Nothing.

[5] Peter Gowan, “The Crisis in the Heartland,” in M. Konings (ed.) The Great Credit Crash, London and New York, Verso 2010: 52.

[6] For more on the unique experience of the Bank of North Dakota see, for example, Ellen Brown, Cutting Wall Street Out.

[7] Interview, as quoted by Public Banking Institute, http://publicbankinginstitute.org/.

[8]. Ellen Brown, It’s the Interest, Stupid! Why Bankers Rule the World.

[9]. Ibid.

[10] Michael Hudson, The Lost Tradition of Biblical Debt Cancellations.

[11] William L. Silber, Why did FDR’s Bank Holiday Succeed?

[12] For a relatively thorough discussion of this issue see, for example, Michael Hudson,Scenarios for Recovery: How to Write Down the Debts and Restructure the Financial System.

Ismael Hossein-zadeh is Professor Emeritus of Economics (Drake University). He is the author ofBeyond Mainstream Explanations of the Financial Crisis (Routledge 2014), The Political Economy of U.S. Militarism (Palgrave–Macmillan 2007), and the Soviet Non-capitalist Development: The Case of Nasser’s Egypt (Praeger Publishers 1989).

Anthony A. Gabb is Associate Professor of Economics at St. John’s University in New York City. 

The original source of this article is Global Research