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9: BAIL-INS,

DERIVATIVES,

EMPLOYMENT

conomists like to quip that a recession
Eoccurs when your “neighbor” is out of work
and depression is when “you” are out of work! The
difference between recessions and depressions is not
clear, except that all economists agree that depression
is worse than a recession. America has witnessed three
depressions: 1837, 1893, and the Great Depression of
the 1930s. Other years of high unemployment occurred
in 1857, 1873, 1907 and 2007-2008. We had a
downturn in 1920, but the economy quickly recovered.
Quantitative easing, excessive regulations, the policies
to fight so-called global warming, debt by almost
everyone, and the retreat of small banks in favor large
banks will usher in the next depression.

But perhaps the most profound policy affecting
our lives will be the practice of bail-ins. One of the best
authors on the subject is Ellen Hodgson Brown. Ellen
Brown is the founder of the Public Banking Institute
and the author of a dozen books and hundreds of
articles. Two of her books are The Web of Debt (2012)
and The Public Bank Solution (2013). In the Web of

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