Ellen Brown • BeforeItsNews.com • June 1, 2011
Last week, the Federal Reserve Bank of Boston (FRBB) released a report titled “The Bank of North Dakota: A Model for Massachusetts and Other States?” The report confirms that the Bank of North Dakota (BND) is a prudent, well-managed financial institution that serves in partnership with community banks as an effective economic backstop to credit contractions. The report also shows how the BND has evolved over the years to use its asset base to increasingly inject liquidity into its economy while maintaining conservative lending practices.
The report suggests, however, that forming a state-owned bank is probably not worth the effort in Massachusetts. We respectfully disagree. Below is the response of the Public Banking Institute to the report’s bulleted conclusions.
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