Leading author Ellen Brown explains in the video under ten minutes with Jeff Rense, and writes how public banks (and here) can expose the big banks as having destroyed legal title to mortgaged homes when they gambled with so-called “mortgage backed securities,” then take possession under eminent domain when nobody can provide legal evidence of holding title.
The homes can then be rented or resold within their communities rather than be left empty, destroyed by vandals, or profit the banks that destroyed title.
Another advantage of public banks is at-cost credit. Three examples of its benefits:
- They can lend to itself for infrastructure investment rather than sell bonds. This eliminates the typical 50% nominal cost increase by having to fund infrastructure through private debt.
- At-cost credit can provide 1-2% mortgages, reducing current nominal mortgage costs by nearly half.
- Public mortgages could supply all needed local tax revenue.
The 99% have to hear about this from independent writers because corporate media cover the big banks’ assets.
Important history that makes crimes in the present easy to see and understand: