This reform-minded lawyer and law professor with a history of progressive advocacy is answering Bernie Sanders’ call for a political revolution by challenging Debbie Wasserman Schultz of Florida for her congressional seat. Here, Truthdig interviews him, and we like what he has to say.
The first of a planned three-part series on the dangers of private banking highlights government documents describing plans to confiscate the deposits of individuals as well as cities, universities, counties and pension funds when another banking crash occurs.
Moving San Francisco’s money into a municipal bank would protect the city’s deposits and reduce its debt burden. A chief roadblock to forming such a bank was recently overcome by a legal opinion issued by one of the city’s deputy attorneys.
With taxpayer bailouts no longer an option, a major derivatives crisis could transfer money currently held by state and local governments and citizens—secured and unsecured, insured and uninsured—into the hands of derivative claimants.