Tuesday, October 8, 2013

Why Each U.S. State Needs it's Own Banking System

It's way past time to send the greedy SOB's at those 'Too Big to Fail' Wall Street casinos packing, hopefully to the nearest federal penitentiary, where they can serve the rest of their sorry ass lives in solitary confinement, except those lucky ones who get sent to the death house.

It's also way past time to shut down the illegally formed Federal Reserve, run by narcissistic JEW money grubbers who have been robbing Americans blind for nearly 100 years. Shut them down, return the power to create debt-free currency to the Congress and have each state form it's own state owned bank, like North Dakota, who is doing quite fine even though the rest of the nation is mired in a never-ending financial depression.

What North Dakota's bank is doing doesn't require a college degree in economics to understand. That bank is reinvesting money deposited back into the state's housing, businesses and industries, and not using it to gamble on risky, high-stake ventures that usually implode, leaving the taxpayer to pick up the bill while the bankers get bailed out with YOUR money.

What's Happening in your State? 
Find out by clicking on the map. Are you interested in starting a county-owned bank? Visit our new county bank webpage here.

Public Banks are ...

• Viable solutions to the present economic crises in US states.
• Counter-cyclical, meaning they are capable of reducing the negative impact of recessions, because they can make money available for local governments and businesses precisely when private banks decrease lending.
• Potentially available to any-sized government or community able to meet the requirements for setting up a bank.
• Owned by the people of a state or community.
• Economically sustainable, because they operate transparently according to applicable banking regulations
• Able to offset pressures for tax increases with returned credit income to the community.
• Ready sources of affordable credit for local governments, eliminating the need for large “rainy day” funds.
• Required to promote the public interest, as defined in their charters.
• Constitutional, as ruled by the U.S. Supreme Court

... and are not

• Operated by politicians; rather, they are run by professional bankers.
• Boondoggles for bank executives; rather, their employees are salaried public servants (paid by the state, with a transparent pay structure) who would likely not earn bonuses, commissions or fees for generating loans.
• Speculative ventures that maximize profits in the short term, without regard to the long-term interests of the public.

Common Misperceptions of Public Banking

In every venue in which PBI has presented the case for public banking, we have heard very similar counter arguments against it. Read them here.

Did You Know ...?

Public banking was first introduced to the middle colonies in America by the Quakers in the original colony of Pennsylvania. Read about it on page 442 of Ben Franklin's memoirs. Other colonial governments also established publicly-owned banks. The concept was later embraced by the State of North Dakota, the only state to currently operate its own bank.

As of the spring of 2010, North Dakota was also the only state sporting a major budget surplus; it had the lowest unemployment and default rates in the country; and it had the most community banks per capita, suggesting that the presence of a state-owned bank has helped, not hurt, the local banks. More ...
5 Depressing Ways That 1%'s Huge Profits Have Broken the Back of America

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