Help the Terminator save California: Sign the Petition for a State Bank!

Petition Started by: Scott Baker

To balance its budget, fund its obligations and keep from having to raise taxes, California should follow the model of North Dakota and Charter its own state bank.

North Dakota has had a state bank, which by charter, must contain all the state’s funds, and which, Ellen Brown tells us, “was established by the legislature in 1919 to free farmers and small businessmen from the clutches of out-of-state bankers and railroad men.” The bank has met its purpose fabulously. Today, North Dakota is running its biggest surplus in its history.

Sign the petition here!

4 Responses

  1. Hey Scott what happened to the petition? How many signatures are needed to start a referendum? How long before time is up? Dec 27th wasn’t very long. I’m willing to start another one.

  2. Please email me details on how to get a referendum on the ballot and I will do it.

  3. Please, get that petition up and running again !

  4. The petition is up and running again until June, 2010. Sign away.
    You should be aware, however, that it has been brought to my attention that my calculations were based on flawed assumptions about using deposits as assets. They are not, so no multiplication is possible on those. Multiplication IS possible on loans treated as deposits, however, so that MIGHT get us to nearly the same place – though this depends greatly on the amount of reserves available in the first place, which is something a lot less than the total revenues for the state I originally proposed. California has some $17 billion in outside investments which could be recalled and used to “seed” a state bank. Loans from these, if deposited into a state bank (a significant IF) could then be counted as assets and more loans could be made therefrom. This would at least be more than enough to meet the 20-26 billion in deficit in California’s current situation (the numbers change as they struggle to reform the system – or not), so my 1.28 Trillion is off the table, but perhaps a tenth of that is realistic, still not bad!
    There are some other issues which, frankly, I am still trying to understand.
    What has been a shock to me is that even people who have studied the current system cannot totally agree on how it works now – let alone the consequences of major reform like a State Bank.

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