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A Cure-all for the Financial Ills of our time?

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12-year-old Victoria Grant attended the conference with her Dad, and talked about the Canadian national bank that worked in the public interest for 30 years after its creation in 1939. Since 1974, however, Canada, like the US, has depended on private banks for its own currency, and the result has been an exponential spiral of debt. You can hear Victoria telling the emperor that he has no clothes on here.  

How to restore sanity to our monetary system? A direct assault on the Fed and the Wall St banks that own it pits us against a wall of opposition from some of the richest and most powerful organizations in the world. Let's start at a smaller scale, in the states and cities where American democracy still has some life and some room to move. States (with the exception of North Dakota) are all in trouble, slashing services and increasing taxes in response to the financial crisis of 2008, as the recession cuts into tax revenues just as more people are in need of public services.

There are bills introduced in legislatures of 17 states to create state-owned banks. Many of these are modeled on the example of North Dakota, the only state at present that has a state bank. North Dakota was insulated from the bank crisis of 2008, and the state is prospering recently, with the lowest unemployment rate, the lowest default rate on credit card debt, and lowest foreclosure rate in the 50 states. Economic historian Rozanne Ederson told us that North Dakotans love their bank now, but in 1919, its original implementation required a farm foreclosure crisis and a hotly-charged legislative battle.

The farmers who pushed through North Dakota's bank in 1919 were the radicals of their day. In Philadelphia this weekend are the people who aspire to carry their torch in a new century. They're up against The Bankers -- a rich and powerful force in opposition to change. But states are so desperate for cash these days, and the State Banks could potentially relieve so many ills that who knows -- it just might work!

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Josh Mitteldorf, an editor at OpEdNews, blogs on aging at Read how to stay young at Educated to be an astrophysicist, he has branched out from there to mathematical modeling in a (more...)

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Joel, thanks for the first heartening idea I've he... by Bayard Waterbury on Sunday, Apr 29, 2012 at 2:18:19 PM
Thank's Josh. Public banks are not a cure-all, but... by Ernie Messerschmidt on Sunday, Apr 29, 2012 at 2:55:27 PM
Nice article.  In addition to state banks, wh... by Burl Hall on Sunday, Apr 29, 2012 at 3:24:28 PM
"We need another system."Audit the Federal Reserve... by Rixar13 on Sunday, Apr 29, 2012 at 3:50:47 PM
Been there.  Done that.  Thanks to Ron P... by Josh Mitteldorf on Monday, Apr 30, 2012 at 10:15:29 AM
"We need another system." Audit the Federal Reserv... by Rixar13 on Sunday, Apr 29, 2012 at 3:51:07 PM
THE BIS PLOTS TO OVERTHROW GOVERNMENTS...USING THE... by rod bode on Sunday, Apr 29, 2012 at 3:59:24 PM
The book, Vile Acts of Evil - Banking in America, ... by Mike Kirchubel on Sunday, Apr 29, 2012 at 4:30:01 PM
While state banks are a great idea, the ... by Jerry Scott on Sunday, Apr 29, 2012 at 5:32:18 PM
I'm looking to have the U.S. Treasury issue our na... by Mike Kirchubel on Sunday, Apr 29, 2012 at 5:51:32 PM
It already does, via one of its subdivisions, ... by Jerry Scott on Sunday, Apr 29, 2012 at 7:29:33 PM
the Federal Reserve issues our nation's currency.&... by Mike Kirchubel on Monday, Apr 30, 2012 at 3:55:25 PM
Yes it does.  Check this for clarity - ... by Jerry Scott on Monday, Apr 30, 2012 at 9:41:54 PM
"The value of the Fed being separate from governm... by Joe Vignolo on Sunday, Apr 29, 2012 at 5:54:45 PM
Since the Fed was created in 1913? the nation's e... by Jerry Scott on Sunday, Apr 29, 2012 at 9:01:31 PM
Not sure who or what you mean by "us". The Fed is ... by Tom James on Monday, Apr 30, 2012 at 11:01:07 AM
I mean the citizens of the U.S. It finances what ... by Jerry Scott on Monday, Apr 30, 2012 at 1:19:03 PM
Public banking is not a panacea but it could certa... by Derryl Hermanutz on Sunday, Apr 29, 2012 at 7:58:04 PM
States surrendered its money creation power to p... by Samuel Bryan on Monday, Apr 30, 2012 at 4:04:17 PM
An Hour of Labor as a Medium of Exchange will allo... by William Huie on Sunday, Apr 29, 2012 at 9:58:09 PM
Everyone compensated at the same rate - 1 hour for... by Jerry Scott on Sunday, Apr 29, 2012 at 11:22:09 PM
Thank you for writing about public banks... very w... by Elizabeth Hanson on Monday, Apr 30, 2012 at 12:31:24 AM
On July 5th 1932, in the middle of the Great Dep... by Bart Klein Ikink on Monday, Apr 30, 2012 at 1:28:50 AM
Good to see more discussion and awareness of this ... by siamdave on Monday, Apr 30, 2012 at 4:53:35 AM
SAVE THE ECONOMY STOP PAYING YOUR MORTGA... by David Snieckus on Monday, Apr 30, 2012 at 9:47:06 AM
"In 1913 a Secret Meeting was held on the J. P. M... by Lance Ciepiela on Monday, Apr 30, 2012 at 11:27:57 AM
Take a look at the petition at: http://www.change.... by Mike Kirchubel on Monday, Apr 30, 2012 at 3:59:59 PM
Most posters in this thread don't understand the m... by Jerry Scott on Monday, Apr 30, 2012 at 1:56:27 PM