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Forum Post: Demand the creation of state-owned banks, like the Bank of North Dakota

Posted 8 years ago on Nov. 19, 2011, 12:35 a.m. EST by jhurlburt (2)
This content is user submitted and not an official statement

The creation of public banks, owned and operated by individual states, would provide many financial benefits not possible with established corporate banks.

By requiring all state taxes and fees to be deposited to the bank a captive deposit base would be created. This would allow the bank to offer low interest loans to spur local economic development.

Each state could also use the bank as a source for it's own loans. Backed up by the captive deposit base and state owned resources these banks could loan their state money at extremely low rates.... saving each state millions of dollars a year in interest payments.

Currently the only other publicly owned bank in the United States is the Bank of North Dakota, which has helped the state of North Dakota run budget surpluses for years. Recreating this type of bank in the other 49 states would create jobs, save money, and promote local economic development.

9 Comments

9 Comments


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[-] 2 points by PublicCurrency (1387) 8 years ago

NORTH DAKOTA’S ECONOMIC “MIRACLE”—IT’S NOT OIL

www.webofdebt.com/articles/north_dakota.php

North Dakota has had the nation's lowest unemployment ever since the economy tanked. What's its secret?

North Dakota has one thing that no other state has: its own state-owned bank.

Access to credit is the enabling factor that has fostered both a boom in oil and record profits from agriculture in North Dakota.

[-] 2 points by PublicCurrency (1387) 8 years ago

good post !

[-] 2 points by professorzed (308) from Hamilton, ON 8 years ago

True, to eliminate the deficit caused by these fraudsters, you need to nationalize the banks. CLOSE the federal reserve, and audit them. Then nationalize the banks.

You, the taxpayer, have already paid for them with your tax dollars. Those banks now belong to you, the people.

Banks owned by the people, for the people, could offer loans at ZERO interest, or low interest. Even if there was interest, you would be growing the public's money, not making some fat cat rich.

Banks owned by each state? Eh, ok. Although I think there is a law against each state issuing it's own money/ currency. That might not be the same as a state owned bank.

[-] 1 points by thenewtimes (1) 8 years ago

Patrick McCarthy wrote a good proposal:

Breaking up the big banks into a greater number of smaller, local banks would inevitably lead to the most successful of these banks purchasing and consolidating their weaker competitors again into fewer, larger entities. I propose consolidating the current big banks into a single entity and nationalizing it, creating a nonprofit, credit union type National Bank of the United States, in which every citizen would be a "shareholder," without any priority shares, and receive a dividend at the end of each fiscal year.

[-] 1 points by nucleus (3291) 8 years ago

Nationalize the banks, like we should have in '08. It's going to happen shortly anyway when they collapse the world economy.

[Removed]

[-] 0 points by jharrall (3) 8 years ago

We have a federally owned bank. Its called the Federal Reserve. They print money whenever they please and devalue the dollar. Never trust a government owned entity. They're notoriously expensive, inefficient, and expansive.

[-] 2 points by peaceout10 (69) 8 years ago

The Federal Reserve is a independently owned agency and not a part of the US Government. As an independent agency, they can be audited like any private business or individual and that should happen SOON!!!

[-] 2 points by Bone75 (13) from Lumberton, MS 8 years ago

Do you're homework dude. The Federal Reserve is NOT a government owned entity.