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The State-owned Ban kof North Dakota
James Hall
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The state-owned Bank of North Dakota
Fiscal conservatives often are blind when it comes to alternatives to the "so called" commercial banking system. Many conventional Republicans are ignorant or simply carrying the water for the crony capitalist banking establishment. The fractional reserve banking monopoly that operates under the auspices of the privately owned Federal Reserve System, despises any trace of competition. The bondage from debt created money has doomed Main Street to the fate of contrite beggars in search of securing loans. Useful purposes for business financing are not sufficient reason for the qualifying for commercial credit.
Is there an alternative to the Federal Deposit Insurance Corp. and centralized banking dominated by Wall Street investment banksters? Can state chartered commercial banks compete separate from the favoritism shown to the "Not Too Big To Fail" money centered banks? Well, Ellen Hodjson Brown JD, has popularized the subject of the state-owned bank and believes there is a better model for community banking.
The informative video, Bank of North Dakota provides a comprehensive overview, well worth viewing.
Such a departure from the normal coordinated federal regulation and Federal Reserve prescribes, gives pause to the plutocrats that despise any departure from the top down banking model that is based upon special treatment for the schemes of investment banking. Bloomberg News points out the banking industry opposition to the state-own charter in the article, North Dakota’s State-Run Bank Adds Millions to Treasury, Spurs Imitators.
How ironic the false claim that a sparsely populated state like, North Dakota could be such a citadel of collectivist enterprise when the titans of cartel-controlled crony capitalism were the financiers of the Russian communist revolution. The new generation of algorithmic traders has no more interest in writing business commercial loans then the banker funded Lenin investment of mercy shown to the Czar. Even more sardonic is the viewpoint that the only banking monopoly acceptable is the one designated by the barons of usury. The slogan – no small business loans, is their operative policy. Mother Jones examines what Republicans might call an idiosyncratic bastion of socialism in their interview with Bank of North Dakota’s president; Eric Hardmeyer, How the Nation’s Only State-Owned Bank Became the Envy of Wall Street. Mr. Hardmeyer explains the operation of their system thusly.
The significance of the North Dakota experiment is that the dominance and control of the State/Capital cabal can be broken. Sensible banking is based upon making loans for productive enterprises, not derivative speculation. The customer of any bank is a person. Financing business growth and development is the core purpose and function of a bank. The populist underpinnings of the independent method of funding the Bank of North Dakota provide an alternative model for depository transactions. Prosperity for local economies is an integral objective for any community interest bank. Those who profess free market enterprise principles need to adopt practical partner relationships with proponents of state charted banks. ABC News reports the inconceivable, State-Owned Banks: The Future of Banking?
Success is the best substitute to the stagnation of Wall Street greed and corporatism. Credit unions and associations provide another option for the depositor to conduct business. Loans are a way of life to most wage earners. Applying with an institution committed to their customer is rare in the era of national banking conglomerates. Trust is the basis of banking and the record of the Bank of North Dakota, compared to Bank America, demonstrates a stark difference. Register your discontent with your money stop doing business with national money-centered banks. James Hall – January 23, 2013 http://www.batr.org/negotium/012313.html |
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