My Turn: Reclaim banking system for people of Vermont
By Emily Peyton • Burlington Free Press • September 5, 2010
What banks am I proposing? A Bank of Vermont and a Common Good Bank in each community. The latter is a bank that puts the people who use it (local Vermont depositors) in control of what types of loans are made (construction? business? education?) and what projects the profits fund. The power of money is shared directly with the people of Vermont through Common Good Banks.
A Bank of Vermont is modeled after a successful state bank that has been in existence since 1919, the Bank of North Dakota. This state has protected itself from the recession because it created its own “mini-federal reserve.” North Dakota has been the top state for job and income growth in recent years. I want this for Vermont. Simply, we should NOT be sending value to financiers external to Vermont.
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