Rob Kall:
(interjecting) I recall in my readings about this that these researchers
who did these studies that the GDP stuff is based on -- Rogoff and company -
they've got a connection to, and some conflicts of interest too. Isn't that true?
Ellen Brown: You may
have read more than I have, but do tell.
Rob Kall: I believe
so. And also that they refused to
release the raw data that they based their conclusions on for a long time; and
once it came out, and other researchers looked at it, they saw that it was just
not good science, not good research, and not legitimate.
Ellen Brown: Mm hm.
Rob Kall: Who does
this effect? Given that this is what is
the prime research that's been used to argue for austerity, who does it affect?
Ellen Brown: If you
look at Europe, there are children starving in the streets in Greece because of
these austerity measures. So it has a
great impact on economies that are on the edge like that. For us, what we really need to do to get the
economy going, in my opinion, is to get some money out there. The government needs to support more
government programs. The government debt
is actually a misconception. It's not
really a debt, it's the flip-side of our money supply. Our money comes from government debt.
The debt goes back to 1835. It has been paid off since 1835, so it's
obviously not a debt. If you can carry a
debt for two centuries, it's not a debt.
It's just an accounting function.
The only thing dangerous about it is the interest. The interest does grow exponentially, but you
could eliminate the interest burden by borrowing the whole thing from the
central banks, which rebates its profits to the government, and then you would
just have a debt that merely reflected the money that the government pays into
the system. And that's where money
should come from, the /
Rob Kall: Wait. Let's review that. You kind of just threw that, but it seems
like a huge concept. Say that again about how public banking would
affect the debt and interest?
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