Friday, March 6, 2009
We should follow in North Dakota’s Footsteps
Follow North Dakota? Who would have imagined – a model that’s worked great since 1919, eliminated millions in interest to private bankers, and actually made money! North Dakota is not in trouble. What more could you ask?
NORTH DAKOTA’S BANKING SYSTEM A ROLE MODEL FOR ALL STATES
Thursday, 05 March 2009
By Ellen Brown author of “The Web of Debt”
[Local solutions, local control. On every level, the deepening financial collapse is demonstrating the demise of centralized systems of every kind and the dire need for community and neigborhood solutions.–CB]
Reprinted from PROGRESSIVE REVIEW UNDERNEWS
California [has] avoided bankruptcy for the time being, but 46 of 50 states are insolvent and could be filing Chapter 9 bankruptcy proceedings in the next two years.
One of the four states that is not insolvent is an unlikely candidate for the distinction – North Dakota. . .
What does the State of North Dakota have that other states don’t? The answer seems to be: its own bank. In fact, North Dakota has the only state-owned bank in the nation. The state legislature established the Bank of North Dakota in 1919. Fleetham writes that the bank was set up to free farmers and small businessmen from the clutches of out-of-state bankers and railroad men. By law, the state must deposit all its funds in the bank, and the state guarantees its deposits. Three elected officials oversee the bank: the governor, the attorney general, and the commissioner of agriculture. The bank’s stated mission is to deliver sound financial services that promote agriculture, commerce and industry in North Dakota. The bank operates as a bankers’ bank, partnering with private banks to loan money to farmers, real estate developers, schools and small businesses. It loans money to students (over 184,000 outstanding loans), and it purchases municipal bonds from public institutions.
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