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Public Sector Banks: From Black Sheep to Global Leaders


Business  (tags: abuse, americans, bank, business, consumers, corporate, corruption, finance, investments, investors, marketing, money, politics, society )

Kit
- 2262 days ago - opednews.com
Public sector banking is a concept that is relatively unknown in the United States. Only one state--North Dakota--owns its own bank. North Dakota is also the only state to escape the credit crisis of 2008, sporting a budget surplus every year since;->



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Comments

Sheryl G (363)
Saturday March 10, 2012, 7:29 pm
I have read of North Dakota, who also has jobs. Anyways, I don't know why we have to keep re-inventing the wheel, why we can't copy those who are doing it so it's working well. Same as medical care, there are already established systems in place, we can copy the one that is working best. But best isn't always in the best interest of certain people's special interest, so the majority get the shaft......
 

Terry K (113)
Saturday March 10, 2012, 7:34 pm
One of the few things that I trust less than the banks is the government. The thought of combining the two with all the attendant abuses of power sounds like a nightmare scenario!
 

Sue H (7)
Saturday March 10, 2012, 8:45 pm
You have to wonder why the rest of the nation can't learn a lesson here??? Say No to Big Banks.!
 

Michael T (82)
Saturday March 10, 2012, 11:04 pm
We've got Alan Greenspan's Randian beliefs in deregulation for the problems we face to day. I wanted to throw up the day he came before a congressional hearing and apologized for making a mistake and having gotten it wrong. The man should have been tried and punished. Everybody listened to him. Meanwhile, he goes back home to his mansion while the country flounders, well save for those on Wall Street and in Washington. After watching Inside Job I couldn't believe that Pres. Obama kept Larry Summers on, or gave Tim Giethner a job. It makes me even wonder if whoever is the president is actually under control by powerful brokers behind the scenes. I hate conspiracy theories, but it makes me wonder. Especially with the signing of NDAA, and the recent bill (maybe as yet unsigned) that takes aim at eliminating the right to protest. This is one crazy time we live in.
 

Past Member (0)
Sunday March 11, 2012, 1:31 am
I don't have enough facts to feel comfortable commenting.

However, since I'm really never at a loss for words, If it works, use it.

I have two questionable proposals.

1.If this state is doing this well, make the governor president by popular demand.

2.If this state is doing this well, let's demand that our governors follow the example.
 

Micahel D (1021)
Sunday March 11, 2012, 3:03 am
As Ellen Brown has reported in another article, 17 States have Bills going before their Congresses for State Banks such as North Dakota. Vermont even has a to issue its own currency. Ithaca N.Y. has a community bank that issues its own labor dollars, which is like a loans for future labor. My thoughts have been heading in this direction for a while, hoping that other States will come up with things like Vermont's Single Payer. Being from Massatack, all Mitt should have done there is to allow more people to buy into Masshealth, which is a great H.C. plan for the low income. But one thing that The Tea Party has helped bring to light, is that States can no longer spend money it does not have.-that being about the only thing I care about the T.P.
 

paul m (93)
Sunday March 11, 2012, 7:09 am
informed,,,thanks
 

Vallee R (280)
Sunday March 11, 2012, 8:04 am
Bankers/globalists don't want this. North Dakota is a poor state mainly native Americans - cold and population is small - so not a threat. Other states are larger and would pose a threat.
 

Kit B (276)
Sunday March 11, 2012, 9:00 am

In past I have submitted many article by Ellen Brown. I do think we as a society need to think more creatively then just following the bread crumbs of the past. State Banks are one of many possible answers. What we do know is that our current systems do not function in support of the middle and lower classes. Therefore, think outside the box, create new ideas that aid and support the community you live within and get those ideas pushed through your local community.
 

Jason S (50)
Sunday March 11, 2012, 10:59 am
Thanks for sharing.
 

. (0)
Sunday March 11, 2012, 11:53 am
It's articles like these when I wish I was an economics major. I am assuming public sector banks are not FDIC insured?
 

Micahel D (1021)
Sunday March 11, 2012, 12:23 pm
The Bank of North Dakota is not covered by FDIC Insurance. Whether tax payers should bail out banks is debatable. But on that line, if the citizens of a State want to insure their banks, why couldn't they set up the same kind of thing. Further down the road...on those lines, things like FEMA may better serve States, if funded by State Insurance.
 

Michael T (82)
Sunday March 11, 2012, 12:37 pm
Allan as yet I have been unable through google searches to locate an answer to the FDIC question. Since the PSB in ND is created by a a local government, it is highly unlikely that it participates with the Fed or the Treasury and therefore is not insured at that level. There are indications that it is insured by the local government that created it. But I can find no evidence that has proven satisfactory in making a proper determination.
 

Ra Sc (8)
Sunday March 11, 2012, 4:17 pm
The US has strong cultural beliefs in individuality, and they often translate into a distrust of organizations and government. The thing is, people can accomplish more when they work together. We do need to have protections in place against large groups (including our own government - I strongly support checks and balances), because large groups are more powerful. But power isn't inherently bad; it's all in how it is used. And thus we need to be open to organizing our important functions into a more productive way. Yet, many people will still reflexively shy away from government control of anything, because they assume it must be worse.
 

JL A (281)
Sunday March 11, 2012, 5:42 pm
Even better, use the new federal authority to break up the banks that are "too big to fail" so no one suffers from any bank with faulty practices
 

Kit B (276)
Sunday March 11, 2012, 5:49 pm

Nothing is "too big too fail" not banks and most certainly not corporations. If you are one that likes the current system, then you most certainly should understand that only constant restraint on these entities can prevent this from all collapsing again. I do support state banks and follow Ellen Brown regularly. As for the system of insurance for the banks on state levels, I see no reason why states could not set up a practical insurance program. Of course that too means that states would have to get back to business of running the state, and not the corporations that funnel IGG into those states.

*IGG - ill gotten gains
 

Quanta K (67)
Monday March 12, 2012, 3:33 am
Thanks.
 
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