Elizabeth Fiedler • http://www.newsworks.org • April 27, 2012
Grassroots organizers and politicians are among those who gathered Friday at the Friends Center in Philadelphia to learn about public banks and how to create them.
Participants are learning a lot about the Bank of North Dakota, said Walt McRee, a senior consultant with the Public Banking Institute, the nonprofit that’s hosting the conference, “A state that had no fallout from the 2008 financial collapse, has a substantial budget, the lowest unemployment in the nation, the highest number of community banks per capita in the country — all because it doesn’t send its money to Wall Street,” McRee said. “It keeps all of the tax money and all of the revenues that come in through normal state operations.”
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