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Public Banking: An Idea Whose Time Has Come

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On February 20, 2011 the Bismark Tribune reported:

"North Dakota's economy has been (producing) black gold, a $1 billion budget surplus, the nation's lowest unemployment," even though some residents need help. "It means there are still people, and families, who face a variety of challenges." As a result, state and local governments "have been proactive about" helping them get benefits they need and deserve. The state has plenty of resources to do it.

An October 12, 2010 Before It's News headline said:

"North Dakota Has A One Billion Dollar Budget Surplus this year and is looking for ways to spend it - Maine has a billion-dollar deficit and is looking for ways to fund it."

Sub head: "North Dakota is the only state with a surplus. It is also adding jobs when other states are losing them. Why is this not headline news?"

It's not only solvent, it's thriving with impressive 43% personal income growth besides 34% more in total wages.

According to Brown, it's because BND has been a "credit machine," for over 90 years, delivering "sound financial services that promote agriculture, commerce and industry," something no other state can match because they don't have state-owned banks.

With one, BND "create(s) 'credit' with accounting entries on (its) books" through fractional reserve banking that multiplies each deposited amount magically about tenfold in the form of loans or computer-generated funds. As a result, the bank can re-lend many times over, and the more deposits, the greater amount of it for sustained, productive growth. If all states owned public banks, they'd be as prosperous as North Dakota and be able to rebate taxes and expand public services, not extract more or cut them.

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