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SR 27 Bank of California
SR 27 Bank of California
A bill to form a blue-ribbon commission to study the feasibility of a state-owned bank for California has suddenly and unexpectedly cleared both houses of the California legislature and now awaits Governor Jerry Brown's signature. Californians need to contact the Governor and urge him to sign this, the first successful public banking initiative in nearly 100 years.
ALL BANKS SHOULD BE LIKE THE Bank of North Dakota
Watch Here: http://youtu.be/r0rJWnRFUJA
State Bank of North Dakota - Best Answer to Bankster Mob
North Dakota Expecting $700M Budget Surplus
Bank of North Dakota
Chronicles the Bank of North Dakota's fascinating history and reviews its key role in financing the state's economic future.
During the early 1900s, North Dakota's economy was dangerously dependent on a single industry—agriculture, an industry controlled by financial interests outside the state. To diversify the economy and regain control of its financial future, North Dakota created a unique asset: the state-owned Bank of North Dakota. North Dakota is the only state in the union with a state-owned bank. The program documents the rise of the Non-Partisan League and its struggle to overthrow the out of state interests that controlled the North Dakota economy and chronicles the political infighting, the dirty tricks, the back room deals, and the amazing series of events that led to the creation of the bank.
"The Bank of North Dakota" features historians, economists, bank staff members and members of the Industrial Commission discussing how the bank came into existence, how it has responded over the years to its mission, and its evolving role in promoting commerce, agriculture and industry.
All B.S. aside, The Bank of North Dakota is still a mule for the Federal Reserve -- paper backed by nothing, printed and issued out of thin air. Quite simply, the Bank Of North Dakota is participating in, and a party to, conversion, which all banks are, be they State or otherwise. Putting lipstick on the pig, does not make it any less of the original animal, nor is the Bank of North Dakota any less criminal by trafficking in worthless script, backed by nothing. Filling the air with cinnamon buns while screwing the pooch, is essentially what the Bank Of North Dakota is doing.
No matter how The Bank of North Dakota pitches their con, it's still a shell game, only difference is, with the Bank of North Dakota, there is one less shell to hide the pea under, giving the illusion to the pidgin that his odds of guessing which one it's under might be better. . . they aren't. The people of North Dakota are still getting the corn poon put to them, with one added dimension, extended foreplay, in the bidroom.
Unless a State owned Bank, issues nothing but State Minted Gold and Silver, there is no freedom in this country. Under the current United States Constitution, no permission was ever granted to Congress, or anyone else, to print and issue so called paper money, and for good reason. Roger Sherman who wrote Article 1 Sections 8 and 10 Clause 5 and 1 respectively, knew only too well, that if this element of the US Constitution, was not added in, that the fledgling experiment called America, would have had no chance of ever getting off the ground. "The issue of paper script, backed by nothing, issued as debt, borrowed into circulation, is the number one reason for all the suffering in the world".
Original U.S. Constitution
Art. I Sec. 8 Cl. 5
[Congress shall have Power ... ] To coin Money, regulate the Value thereof, and of foreign Coin, ...;
Art. I Sec. 10 Cl. 1
[No State shall ...] make any Thing but gold and silver Coin a Tender in Payment of Debts; ...
Note that there is no such prohibition against Congress, or any delegated power to make anything legal tender. Congress was originally understood to have no power to make anything legal tender outside of federal territories, under Art. I Sec. 8 Cl. 17 and Art. IV Sec. 3 Cl. 2, but in 1868 a Supreme Court packed by Pres. Ulysses S. Grant, in the Legal Tender Cases, allowed Congress to make paper currency issued by the U.S. Treasury, backed by gold, legal tender on state territory, a precedent that remains controversial to this day, when courts allow paper currency not backed by anything to be considered "legal tender".
Sorry folks, I am not a fan of any banks, state owned or otherwise.
Bank War
Andrew Jackson believed that the Second Bank of the United States was unconstitutional and that it posed a serious threat to the American economy and its democratic political institutions. Though its charter was not set to expire until 1836, BUS president Nicholas Biddle requested and received a congressional recharter in 1832. Jackson decided to veto the bill. Jackson escalated this so-called "Bank War" in 1833 when he removed federal government funds that were on deposit with the BUS and distributed them to loyal state banks. (With one caveat sports fans, back then the paper was backed by Gold and Silver)
What Has Government Done to Our Money? Fiat Money and the Gold Problem
What Has Government Done to Our Money?
Murray N. Rothbard
III.
Government Meddling With Money
11. Fiat Money and the Gold Problem
When a country goes off the gold standard and onto the fiat standard, it adds to the number of "moneys" in existence. In addition to the commodity moneys, gold and silver, there now flourish independent moneys directed by each government imposing its fiat rule. And just as gold and silver will have an exchange rate on the free market, so the market will establish exchange rates for all the various moneys. In a world of fiat moneys, each currency, if permitted, will fluctuate freely in relation to all the others. We have seen that for any two moneys, the exchange rate is set in accordance with the proportionate purchasing-power parities, and that these in turn are determined by the respective supplies and demands for the various currencies. When a currency changes its character from gold-receipt to fiat paper, confidence in its stability and quality is shaken, and demand for it declines. Furthermore, now that it is cut off from gold, its far greater quantity relative its former gold backing now becomes evident. With a supply greater than gold and a lower demand, its purchasing-power, and hence its exchange rate, quickly depreciate in relation to gold. And since government is inherently inflationary, it will keep depreciating as time goes on.
Such depreciation is highly embarrassing to the government - and hurts citizens who try to import goods. The existence of gold in the economy is a constant reminder of the poor quality of the government paper, and it always poses a threat to replace the paper as the country's money. Even with the government giving all the backing of its prestige and its legal tender laws to its fiat paper, gold coins in the hands of the public will always be a permanent reproach and menace to the government's power over the country's money.
In America's first depression, 1819-1821, four Western states (Tennessee, Kentucky, Illinois, and Missouri) established state-owned banks, issuing fiat paper. They were backed by legal tender provisions in the states, and sometimes by legal prohibition against depreciating the notes. And yet, all these experiments, born in high hopes, came quickly to grief as the new paper depreciated rapidly to negligible value. The projects had to be swiftly abandoned. Later, the greenbacks circulated as fiat paper in the North during and after the Civil War. Yet, in California, the people refused to accept the greenbacks and continued to use gold as their money. As a prominent economist pointed out:
"In California, as in other states, the paper was legal tender and was receivable for public dues; nor was there any distrust or hostility toward the federal government. But there was a strong feeling ... in favor of gold and against paper ... Every debtor had the legal right to pay off his debts in depreciated paper. But if he did so, he was a marked man (the creditor was likely to post him publicly in the newspapers) and he was virtually boycotted. Throughout this period paper was not used in California. The people of the state conducted their transactions in gold, while all the rest of the United States used convertible paper." [15]
It became clear to governments that they could not afford to allow people to own and keep their gold. Government could never cement its power over a nation's currency, if the people, when in need, could repudiate the fiat paper and turn to gold for its money. Accordingly, governments have outlawed gold holding by their citizens. Gold, except for a negligible amount permitted for industrial and ornamental purposes, has generally been nationalized. To ask for return of the public's confiscated property is now considered hopelessly backward and old?fashioned. [16]
[15]Frank W. Taussig, Principles of Economics, 2nd Ed. (New York: The MacMillan Company, 1916) I, 312. Also see J.K. Upton, Money in Politics, 2nd Ed. (Boston: Lothrop Publishing Company, 1895) pp. 69 ff.
[16]For an incisive analysis of the steps by which the American government confiscated the people's gold and went off the gold standard in 1933, see Garet Garrett, The People's Pottage (Caldwell, Idaho: The Caxton Printers, 1953) pp. 15-41.