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LAST BEST HOPE FOR BUILDING BACK AMERICA
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Original Message
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(Relocating this post from another thread)
"The solution is that we need national, state and city banks. Every level of government needs to be able to create and destroy money via fractional reserve lending in order to negate the private bank's power to hijack the economy.
Until that happens you and everyone else will continue to be a puppet of the banks."
Quoting: Anonymous Coward 30634981
This is the number 1 possible solution to our economic problems, since getting back all the jobs that have been sent out of the country or otherwise destroyed is not going to happen anytime soon, if ever.
North Dakota has had a state owned bank for over 90 years and it has shielded residents of the state from much of the economic turmoil suffered by the rest of the country.
This is from its web site:
[link to banknd.nd.gov]
In contrast to most commercial banks, Bank of North Dakota (BND) is not a member of the Federal Deposit Insurance Corporation (FDIC). North Dakota Century Code 6-09-10 provides that all BND deposits are guaranteed by the full faith and credit of the State of North Dakota.
The deposit base of BND is unique. Its primary deposit base is the State of North Dakota. All state funds and funds of state institutions are deposited with Bank of North Dakota, as required by law. Other deposits are accepted from any source, private citizens to the U.S. government.
Policy and Governance
The state Industrial Commission oversees Bank of North Dakota, as mandated by the 1919 state legislature. Members of the Industrial Commission are the Governor, who acts as chairman, the Attorney General and the Commissioner of Agriculture of the State of North Dakota.
The Bank also has a seven-member Advisory Board appointed by the Governor. The members are knowledgeable in banking and finance. The Advisory Board reviews the Bank's operations and makes recommendations to the Industrial Commission relating to the Bank's management, services, policies and procedures.
More on Bank of N. Dakota-
www.bloomberg.com/…to-treasury-spurs-imitators.html
[link to go.microsoft.com]
[link to www.ilsr.org]
Several other states are considering such a financial institution but none have created one as yet.
If you really want to save our asses, start pounding on your state lawmakers and governor's office to pass legislation for a state owned bank.
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