Create State Banks

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 pension funds of most states are invested in risky, often underperforming 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.
Read more here: http://publicbankinginstitute.org/home.htm

Full support from me, Scott