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Ellen Brown : Derivatives are sold as “insurance against risk, but they actually add a heavy layer of risk.
Most of this casino is run through the same banks that hold our deposits for safekeeping.
As of Dec. 31, 2023 , Goldman Sachs Bank USA , JPMorgan Chase Bank N.A., Citigroup ’s Citibank and Bank of America held $168.26 trillion in derivatives.
The OCC ’s authority to regulate banks dates back to the National Bank Act of 1863 .
It grants national banks general authority to engage in activities necessary to carry on the “business of banking” A proposal proposes shifting the goal of banking so that chartered private banks have affirmative obligations to the public.
Nonbanks might be given free rein to engage in structured finance, derivatives, proprietary trading.
But they would not be allowed to “fund short” by basically “creating money” Speculative derivatives are a form of “financialization” money making money without producing anything.
A financialized economy is not sustainable and not competitive, says Ellen Brown .
VR Score
79
Informative language
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Neutral language
45
Article tone
formal
Language
English
Language complexity
67
Offensive language
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Hate speech
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Attention-grabbing headline
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Known propaganda techniques
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Time-value
medium-lived
External references
24
Source diversity
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