Some good news if you’re a Floridian and Farid Khavari becomes the next governor.
http://www.themarketfinancial.com • June 25, 2010
If more or the majority of states end up following suit creating state run banks, it will spell the end of the Federal Reserve, IMF, EU and the economic disaster they have created.
Miami Fla – Noted economist Farid Khavari, a Democratic [now Independent] candidate for Florida governor, has gained national acclaim since announcing last July his plan to create a state-owned bank in Florida. Following Khavari’s move, gubernatorial candidates in Oregon and Illinois have made state-owned banks part of their policies and other states are looking closely at the idea of state-owned banks. The Virginia legislature has a pending resolution to establish a committee to consider a proposed state bank.
While other states seem to focus on interest savings for state and local governments, they are vague about benefits for ordinary citizens. In contrast, Khavari’s approach is to dedicate the bank to the service of all Floridians, while the state will win both in interest cost reductions and in profit from the proposed bank.
“The Bank of the State of Florida will operate using the same rules that apply to all banks. The difference is, our bank will be created to directly benefit all Floridians, not only the state. We have a very specific plan. The bank will pay 6% for CDs. Under fractional reserve rules, for every $100 deposited, we can create $900 in new money by making loans. In our case, we will concentrate first on 2% fixed rate, 15-year mortgages, both new and refinances,” Khavari said.
Read the entire article here.
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