Can State-Owned Development Banks Save America?Quicklink submitted by Mari Eliza Permalink
|When Wall Street banks started messing with North Dakota by foreclosing on farm properties nearly a century ago, the 'Peace Garden State' gave big banking the finger and established its own financial institution. The farms were saved, and the Bank of North Dakota--government interference in the free market in a big way--blossomed into a fiercely protected fixture in the conservative state. Because all state funds in North Dakota pass through BND, including regulatory and licensing fees, the institution is extremely well-capitalized. Because BND sticks to investing conservatively on behalf of the people and businesses of North Dakota, and ignores hinky transactions such as credit-default swaps, it has weathered the depressions and recessions of the 20th and 21st centuries with little turbulence.|
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