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Posted on 01/16/2012 5:46:45 PM PST by Baynative
OLYMPIA, Wash. (AP) - State government stores money at Bank of America, buys goods with U.S. Bank cards, and distributes welfare aid through JP Morgan Chase ATMs.
Supporters of cutting such ties to big banks say the first step is creating the state's own bank.
The idea of a state bank - a favorite of the Occupy movement that sees it as an alternative to Wall Street - has strong support among the Democrats who control the state House. Speaker Frank Chopp called it a top priority last week in a speech opening this year's session of the Legislature.
(Excerpt) Read more at komonews.com ...
Actually the Bank of North Dakota was formed after WWI.
This will only “work” if they can print their own or force deposits to the bank.
“A 6-pack of beer runs you $9 Canadian.”
Take off! No wonder the MacKenzie brothers were trying to scam free beer from the Elsinore Brewery, eh?
The Save America Foundation (SAF), a not for profit organization, is intent on seeing the U.S. Constitution upheld by our elected officials. ...The Constitution of the United States was created to be the bedrock of the nation and to lay out our rights as citizens. As America’s most important document it provided the framework for our government and the means through which the people could keep the government in check. But what happens if the government institutes laws that are inconsistent with the Constitution, such as the passage of the recent Health Care bill, HR 3200?
...
State Bank Initiative
Remove the power of the Federal Reserve System by establishing independent state banks in at least 20 states during calendar year 2012.
Source: http://www.saveamericafoundation.com/initiatives/state-bank-initiative/ and the linked "About Us" page
Above just a side comment.
To the point you made:
Better many corruptions than a few!
Look at Freddie and Fannie for how great government banks work! LOL Leftists are total idiots and liars.
Politicans controlling banks...what a stupid idea given what they are now seeing in Washington, DC! They will rob the State blind like Freddie and Fannie have done to the Federal Treasury.
Scratch that low interest student loans. The federal government has a monopoly on that scam!
Prior to 1925, Texas had more state chartered banks than national banks. Most of them went bust during the depression, just like the other banks did.
A state run bank would be like the fox guarding the hen house.
DUH.....from the bank! /s
If the bank runs out, they can just take the money from the evil rich.
Thanks Baynative.
Agreed. The bank owner should put up all capital, not the taxpayers. If the shareholders of failed banks were rich then they should become poor. That's capitalism.
Instead our Congress and Federal Reserve takes care of them and screws us.
But wouldn't that be a better bet than a Citi-Group credit card? I like the idea of state banks and eliminating the TBTF banks that have sucked taxpayers dry.
Will they receive and give out gold as a commodity?
Citi-Group credit card doesn’t exist, it is Visa or Master Card.
You can create your own name on a card, but it is still Visa or a similar card that has negotiated with the vendors country wide to accept their cards.
The only thing garnered by your Citi card is the card holder agreement.
Well, if a state bank is run like the one in North Dakota, we’d have no excitement and breathless announcements of impending bank failures on financial news channels.
The Bank of North Dakota has a Tier-1 risk-based capital ratio of over 18%.
The requirement is for 10%.
In other words, the BND is being run very conservatively, rather unlike a lot of private-sector banks.
Oh, and their non-performing loan assets as a percentage of all assets are about, oh, less than half of what many private sector banks are running these days.
With all our crooked Dem politicians, they’d rob the bank empty the first day. When they’re losing an election, it’s amazing how they can always “find” suspicious boxes of ballots (always just enough to put the Democrat candidate over the top). With these same people as bankers, money in the state bank would magically disappear just like those ballots always just magically appear.
Actually, the Bank of North Dakota was set up to give the state better ability to shield their industries (in particular, wheat farming) from the predations of Wall Street bankers before the Fed came into being and from the Minneapolis commodities exchanges and markets.
According to the 2010 Census, the racial and ethnic composition of North Dakota was as follows:
White: 90.0%
Native American: 5.4%
Hispanic or Latino (of any ethnic groups): 2.0%
Black or African American: 1.2%
Asian: 1.0%
Pacific Islander: 0.1%
Some other ethnic groups: 0.5%
Two or more ethnic groups: -0.2%
I report. You decide.
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