Cut Wall Street Out! How States Can Finance Their Own Economic Recovery

[lildreamer316]

(MODS: This is a repost from Nov.5. The reason I wanted to repost is because I felt it was very important,and it got completely buried by the Ft.Hood shootings. This is not something I will do a lot of; I beg your indulgence here. Thank you.)


Cut Wall Street Out! How States Can Finance Their Own Economic Recovery
Saturday 31 October 2009

by: Ellen Hodgson Brown J.D., t r u t h o u t | Feature

<snip>

President Obama's $787 billion stimulus plan has so far failed to halt the growth of unemployment: 2.7 million jobs have been lost since the stimulus plan began. California has lost 336,400 jobs. Arizona has lost 77,300. Michigan has lost 137,300. A total of 49 states and the District of Columbia have all reported net job losses.

In this dark firmament, however, one bright star shines. The sole state to actually gain jobs is an unlikely candidate for the distinction: North Dakota. North Dakota is also one of only two states expected to meet their budgets in 2010. (The other is Montana.) North Dakota is a sparsely populated state of less than 700,000 people, largely located in cold and isolated farming communities. Yet, since 2000, the state's GNP has grown 56 percent, personal income has grown 43 percent and wages have grown 34 percent. The state not only has no funding problems, but this year it has a budget surplus of $1.3 billion, the largest it has ever had.

Why is North Dakota doing so well, when other states are suffering the ravages of a deepening credit crisis? Its secret may be that it has its own credit machine. North Dakota is the only state in the Union to own its own bank. The Bank of North Dakota (BND) was established by the state legislature in 1919, specifically to free farmers and small businessmen from the clutches of out-of-state bankers and railroad men. The bank's stated mission is to deliver sound financial services that promote agriculture, commerce and industry in North Dakota.


..more at link, well worth reading!!

http://www.truthout.org/1031091

I was prompted to repost this because of a suggestion (#20) in this article here: http://ampedstatus.com/news-reports-from-inside-the-financial-coup

That links to this article by the same author calling for basically the same thing here: http://www.yesmagazine.org/new-economy/reviving-the-local-economy-with-publicly-owned-banks

[glitch]

1. Excellent! Thanks for reposting. K & R nt

[Demeter]

2. Post It Again and Again

Until it sinks into the subconscious.

[Celebration]

3. They must not have had local banks that were viable

Honestly we should not be sending our money to Wall Street. Keep it local, as much as possible.

[BR_Parkway]

4. There's a reason I don't shop at Walmart and other big boxes - not just

what I've heard about their employee treatment.

I try to keep my money in small, locally owned businesses as much as possible - our community has even started discussing doing our own local currency like Ithica Hours or Berkshire Bucks to keep even more of it local

I love the idea of the state owning the bank. I saw a report where some of the NC officials have been out there and met with their folks and that other states are looking into it

[lildreamer316]

5. Oh I hope so!

I think our state could benefit greatly from it!!
I see you're not so far from me :)

[BR_Parkway]

6. Just at the top of the hill - stop by and say hey next time you're up