Socialism in North Dakota
by John Case
May 20, 2010
The Bank of North Dakota is the only state-owned bank in America. Despite that, or because of it, the bank earned a record profit last year even as its private-sector corollaries lost billions.
Some who have difficulty even absorbing news of a profitable socialist enterprise point to North Dakota’s well-insulated economy, which is heavy on agricultural staples and light on housing speculation, as the source of its success.
But this has not stopped out-of-state politicos from making pilgrimages to Bismarck for counsel and advice. Could opening state-owned banks across America get us out of the financial crisis? The Bank of North Dakota, with its $4 billion under management, has avoided the credit freeze and crisis by creating its own credit, and in doing so, is leading the nation in establishing state economic sovereignty as well. Could decentralizing large sectors of finance provide better insurance – a better hedge, if one may use that term – for the people, against the “too big to fail” phenomenon?
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