Despite North Dakota’s collapsing oil market, its state-owned bank continues to report record profits. This article looks at what California, with fifty times North Dakota’s population, could do following that state’s lead.
"In November 2014, the Wall Street Journal reported
that the Bank of North Dakota (BND), the nation’s only state-owned
depository bank, was more profitable even than J.P. Morgan Chase and
Goldman Sachs. The author attributed this remarkable performance to the
state’s oil boom; but the boom has now become an oil bust, yet the BND’s profits continue to climb. Its 2015 Annual Report, published on April 20th, boasted its most profitable year ever."
Kudos to Ellen Brown! If she has written about how important the Bank of North Dakota is to the recession proofing of the North Dakota economy once, she has addressed this subject at least 5 or 6 times. There is no reason that the other 49 states couldn't do the same thing as North Dakota except for the pernicious influence of banking interests acting in flagrant disregard of the public interest of the US population.
To Ellen: You go girl! Keep lighting the candle of the BND rather than cursing the darkness of Wall Street and the Federal Reserve!
Which is more likely to be spent wisely, a dollar borrowed from down the street or one borrowed from the other side of the globe? It largely comes down to this simple idea.
Not just California - every State should have their accounts in one of these!
Thanks! Agreed, it's a tortoise and hare situation. But I'm just sure it will work!