Finance Writer Ellen Brown Demands Passage of HR 129
April 10, 2013 • 10:23AM

Well-known financial writer Ellen Brown, who is head of the Public Banking Institute and runs the website webofdebt.com, has published a strong endorsement of HR 129 to reinstate Glass-Steagall. Her column has already been picked up by a number of other websites. After warning about the Troika's policy of bail-in in Cyprus, which she called a "quantum leap beyond a bail out," and highlighting the $230 trillion "derivatives boondoggle," Brown cited the Dec. 2012 FDIC-Bank of England document, which puts the U.S. in the same bail-in scheme as Europe. "If you believe that what has happened recently in Cyprus is unlikely to happen elsewhere, think again. Economic policy officials in the US, UK and other countries are preparing for it. Remember, someone has to pay. Will it be you? If you are a depositor, the answer is yes." Brown notes that under Dodd-Frank, derivatives holders have first dibs on depositors funds, and derivatives are exempted from normal bankruptcy proceedings. Her solution comes at the end of her piece and she leads with the demand to "Restore the Glass-Steagall Act separating depository banking from investment banking. Support Marcy Kaptur's H.R. 129." The full text of her posting can be found here.