Denver Direct: Why Doesn’t Colorado Have Its Own Public Bank … Like North Dakota?

Thursday, February 10, 2011

Why Doesn’t Colorado Have Its Own Public Bank … Like North Dakota?

Of all the States suffering now under the collapse of debt, North Dakota stands out, with a $1 billion surplus. Why is that? My research leads me to believe that it is because they own their own State bank.

Other states, noticing this, are starting to introduce the concept of State owned public banks in their legislatures. The State of Washington has legislation now pending to create their own bank. The legislation is similar to that now being studied or proposed in other states including IllinoisVirginiaHawaiiMassachusetts, Maryland, Florida, Michigan, Oregon, and California. How come Colorado is not on this list?

Ellen Brown, author of “Web of Debt” has been a major force in the movement toward publicly owned banks. Here’s one of her articles.

Consider the following local example. The people of Denver recently approved the issuance of $550 million in bonds for the Better Denver campaign. When this is finally paid off, it will have cost us over $1 billion. Who gets the difference ($450 million +) in fees and interest? Private banks and their stockholders. Had this been financed by our own publicly owned bank, that difference could go to financing the needs of Coloradans.

To be continued….