Create State Banks

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Create State Banks

Post by Scott Baker on Sat Oct 22, 2011 3:55 am

Create State Banks: like the wildly successful Bank of North Dakota (est. 1919) to force state tax revenues to be invested in state needs, and not in Wall Street speculative exercises - money which then has to be borrowed back, at interest rates of 4%-6%. The agency and pension funds of most states are invested in risky, often under-performing mutual fund type investments, where managers charge millions in fees. Why not put those funds into a State Bank, with more reliable, possibly even higher, returns, that could create jobs in the state, instead of being invested in everything from China to short positions? The Bank of North Dakota manages $4 billion in loans. Public Banks in larger states would have correspondingly larger reserves and could respond directly to community needs and even emergencies.

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Re: Create State Banks

Post by kclaytor on Fri Oct 28, 2011 5:35 am

I agree that creating state banks will be a wonderful thing. California is working on a state bank right now, and other states are looking into it too. Why should our states have to pay interest to private banks? Government is supposed to be for the good of the people, not for the good of the banks.

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Review of State Banks

Post by JCB on Fri Oct 28, 2011 11:44 am

I highly recommend Jamie Walton's excellent review of state banks, if you're interested in them as a solution to our money system.

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State Banks for SURE!!

Post by frankylo3 on Fri Oct 28, 2011 4:50 pm

Couldn't agree more!!!

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Re: Create State Banks

Post by Scott Baker on Wed Nov 02, 2011 9:57 pm

Ellen Brown's rebuttal to Jamie Walton's critique of State Banking is here:

http://webofdebt.wordpress.com/questions-and-answers/more-than-one-way-to-reclaim-the-power-to-create-money-an-open-letter-to-the-american-monetary-institute-august-28-2009/

Ellen Brown is the main proponent of Public Banking and CEO of the Public Banking institute. She wrote "Web of Debt."

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Re: Create State Banks

Post by TuSpd on Wed Nov 02, 2011 10:37 pm

Yes! We need them.

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Re: Create State Banks

Post by oregonstu on Thu Nov 03, 2011 7:43 pm

I absolutely support the creation of state banks.... we have a campaign going for one here in Oregon. I think this is a concept that should be incorporated into Dennis Kucinich's NEED Act to reform the Fed and abolish (private) fractional reserve banking. Municipal banks are also a fine idea - I am in favor of public banking in general. Here is a link to a great organization: http://publicbankinginstitute.org/

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Re: Create State Banks

Post by Scott Baker on Thu Nov 03, 2011 7:52 pm

oregonstu wrote:I absolutely support the creation of state banks.... we have a campaign going for one here in Oregon. I think this is a concept that should be incorporated into Dennis Kucinich's NEED Act to reform the Fed and abolish (private) fractional reserve banking. Municipal banks are also a fine idea - I am in favor of public banking in general. Here is a link to a great organization: http://publicbankinginstitute.org/

I guess I should have mentioned it: I am the NY State Coordinator for the Public Banking Institute. Smile
Unfortunately, I know Stephen Zarlenga personally, and he is the author, essentially, of the NEED Act, and he is completely opposed to State Banks. He believes that government at any level should not be involved in banking, plus he wants to end all fractional reserve banking and he believes - erroneously IMO - that State Banks require fractional reserve banking to work. Finally, he favors federal solutions over state solutions to monetary reform. To top it off, he met with Ellen Brown and the two of them apparently did not get along.
My attempts to convince him otherwise on these counts went nowhere, even though as I told both him and Ellen, they are both Greenbackers (like me, like Lincoln and Henry George too) who would return money creation to the Federal Government if they could (State Banks could still survive because they collect taxes first before they are spent and operate as dbas of the state).
It's fractionalization like this that lets the 1% keep winning while we 99% tear each other apart. No

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