Ellen Brown

Ellen Brown is an attorney, founder of the Public Banking Institute, a senior fellow of the Democracy Collaborative, and author of twelve books including Web of Debt and The Public Bank Solution. A 13th book, titled The Coming Revolution in Banking, is due out this winter. She also co-hosts a radio program on PRN.FM called “It’s Our Money.” Her 300-plus blog articles are posted at EllenBrown.com.

Recent Articles

How to Wipe Out Puerto Rico’s Debt

Shift the debt onto the books of the Federal Reserve. If that kind of help is good enough for our largest banks, it’s also good for disaster-stricken Puerto Rico.

(Rex Features via AP Images)
(Rex Features via AP Images) Activists rally at Trump Tower in New York on October 3, 2017. An earlier version of this article ran at CounterPunch . D uring his visit to hurricane-stricken Puerto Rico, President Donald Trump shocked the bond market when he told Geraldo Rivera of Fox News that he was going to wipe out the island’s bond debt. He said on October 3: You know they owe a lot of money to your friends on Wall Street. We’re gonna have to wipe that out. That’s gonna have to be—you know, you can say goodbye to that. I don’t know if it’s Goldman Sachs but whoever it is, you can wave good-bye to that. How did the president plan to pull this off? Pam Martens and Russ Martens, writing in Wall Street on Parade , note that the U.S. municipal bond market holds $3.8 trillion in debt, and it is not just owned by Wall Street banks. Mom-and-pop retail investors are exposed to billions of dollars of potential losses through their holdings of Puerto Rican municipal bonds, either directly or...