Ellen Brown • BeforeItsNews.com • June 1, 2011
Last week, the Federal Reserve Bank of Boston (FRBB) released a report titled “The Bank of North Dakota: A Model for Massachusetts and Other States?” The report confirms that the Bank of North Dakota (BND) is a prudent, well-managed financial institution that serves in partnership with community banks as an effective economic backstop to credit contractions. The report also shows how the BND has evolved over the years to use its asset base to increasingly inject liquidity into its economy while maintaining conservative lending practices.
The report suggests, however, that forming a state-owned bank is probably not worth the effort in Massachusetts. We respectfully disagree. Below is the response of the Public Banking Institute to the report’s bulleted conclusions.
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Public Banking 
We have at least in Canada credit unions, and in the province of Alberta, once had kind of public banks, would shure hope to see some all across the country, offering no-interest loans to communities for social construction needs, like schools, hospitals, roads, water and energy systems.___Economist Clifford Hugh Douglas tried to enforce public banking and the social-credit system years ago but the private banks lobbey opposed strongly to it.
Just an FYI. Will Abram, of Canada, is very interested in monetary reform and has been addressing this issue.