More States May Create Public Banks

More States May Create Public Banks
By Ellen Brown
May 13, 2010

By 2011, only one state will have escaped the credit crunch that is pushing other states toward insolvency: North Dakota. North Dakota is also the only state that owns its own bank. The state has its own credit machine, making it independent of the Wall Street banking crisis that has infected the rest of the country.

Now, several states are either studying the prospects of a state-owned bank or are considering legislation to make one possible.

Read the entire article here.

One Response

  1. Reading the article:
    Taking Back the Money Power: How Hidden Pools of Government Money Could Help Save the Economy
    By Ellen Brown

    although a concept that has some merit it could be very dangerous if implemented improperly and cause an even larger “web or debt” …and leads me to believe Ellen Brown just doesn’t get the true problem and it’s ONLY solution.

    States (and the feds) have more than enough income from tax revenue, actually too much. The real problem is govt growth, mission creep, and over spending. The more they get the more than that they spend, and that will never end …until forced to. Giving govts of today access to a new loan base to avoid the time consuming and uncertain vote of the people would guarantee a larger debt and state bankruptcy problem.

    The ONLY way to solve this problem is to elect officials who will reduce spending and get out of roles and services the govt is not supposed to be performing, in the first place rather than blowing gobs of money on things the majority doesn’t need nor want and holding the essential services of police and a few others over our heads to be on the chopping block if anything is to be cut. Get rid of those office holders who do so!

    State along with Federal CONTINUAL SPENDING INCREASES IS THE PROBLEM. In the distant past States managed fine with the current funding method. Why is it different now? Corruption, corrupt thinking, and “it’s other people’s money” syndrome.

    Just because the folks in North Dakota have fiscal restraint doesn’t mean California or most other states will. Exactly the opposite has been proven. Therefore if State Banks are implemented, unpenetrable safeguards must be implemented along with them to keep the over spenders from going spend frenetic.
    Saying NO to stupid spending is a good first step.
    Stand up and be heard, they will hear you if you bring your friends, and they bring theirs.
    …end…

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