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Busting The Bankers' Club: A Path to a Fair and Sustainable Economy



In a revealing and engaging episode of the Lean to the Left Podcast, Bob Gatty hosts economist Gerald Epstein, author of "Busting the Bankers Club".


Epstein, a seasoned scholar and activist, delves deep into the intricacies of the financial system, revealing the intricate web of power and privilege at its core. His book and the discussion on the podcast shed light on the mechanisms that sustain economic inequality and propose actionable solutions for a fairer, more sustainable economy.

 

Busting The Bankers Club: Architect of Economic Disparity

 At the heart of Epstein's argument is the concept of the Bankers Club — a coalition of big banks, federal institutions, and influential allies in politics, law, and corporate sectors, including some of Epstein's fellow economists.


According to Epstein, this group has historically worked to protect the interests of big banks, enabling them to accumulate more wealth and power, often at the expense of the average citizen. The global economic crises in 2007 and 2020 are highlighted as stark examples where the government opted to bail out banks, leaving them even more entrenched in the control of our economic systems.


Epstein's vivid narrative draws a parallel between the infamous literary characters Dr. Jekyll and Mr. Hyde to describe the dual nature of finance - beneficial yet destructively overpowering when left unchecked.

 

The Clubbusters: Advocates for Change

 Hope, however, is not lost. Epstein's discussion introduces listeners to an array of activists, experts, and public officials, dubbed "clubbusters", who tirelessly work towards disentangling our economy from the grasp of the Bankers Club.


These dedicated individuals and groups advocate for meaningful reform, envisioning a financial system that serves, not exploits, the needs of the broader society.


Epstein passionately argues for breaking up the concentration of banking power as a necessary step towards mitigating economic crises and fostering a more equitable and green economy.

 

The Role of the Federal Reserve

 An intriguing part of the conversation revolves around the Federal Reserve, labeled by Epstein as "the chairman of the Bankers Club."


He critiques the Fed's longstanding bias towards big banks, emphasizing its detrimental effects on economic policies and public welfare. The Fed's operations and decisions, Epstein contends, are influenced by a circle of self-interest and regulatory capture, often prioritizing bank stability over the economic well-being of the general populace.

 

Facing the Future: From Public Distrust to Action

 The podcast doesn't just diagnose problems; it actively searches for remedies. Epstein advocates for the creation of "banks without bankers" - public banking institutions driven by social missions rather than profit.


This vision aligns with initiatives in several states, aiming to generate a financial infrastructure that supports community development, affordable housing, and environmental sustainability.

 

Navigating a Path Forward

 What makes Epstein's discussion particularly compelling is his ability to connect systemic financial issues with broader societal concerns, like racial inequality and political polarization. He points out how economic policies and banking practices have intertwined consequences on social justice and democracy itself.

 

"Gerald Epstein: Solutions for a Fair Economy" on the Lean to the Left Podcast doesn't just expose the problematic intertwining of finance and power; it offers a beacon of hope. By supporting the clubbusters' efforts and considering innovative solutions like public banking, Epstein believes we can pave the way for a fairer economy.


This conversation is not just a critique but a call to action for all - from policymakers to everyday citizens - emphasizing that change is possible when we collectively strive for it.

 

Listeners are encouraged to delve into Epstein's enlightening work, "Busting the Bankers Club", available digitally and soon in audio format, for an in-depth understanding of how we can reclaim our financial system for the good of all.


Listen to the interview:



View the interview: https://youtu.be/iSNzRwHpYAY


Read the transcript:


Gerald Epstein_ Solutions for a Fair Economy
.docx
Download DOCX • 21KB

 

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