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Other states are struggling to manage. North Dakota alone prospers. Imagine if all states were run the same way. Hiring instead of firing would be policy. Economic hardships would be minimized or avoided.
It works the same way everywhere. Federal, state and local debt could be substantially reduced or eliminated. Taxes could be minimized. Economic growth would be prioritized. So would job creation.
Social programs could be funded inflation-free. Universal healthcare and education to the highest levels would be possible. Home foreclosures would end. Everyone would have access to low-interest rate loans.
Vital infrastructure could be rebuilt and protected against disasters like Sandy. Booms and busts would end. Ordinary people would be helped like rich ones. Private pensions, savings, and investments would be secure.
Ellen Brown heads the Public Banking Institute (PBI). It's an idea whose time has come.
Public banks differ from private ones. They're mandated to serve the public interest. They're not beholden to shareholders and corporate executives. Profits and personal gain aren't prioritized.
In 1997, the Bank of North Dakota (BND) saved Grand Forks. It acted responsibly after massive Red River flooding. More on that below.
Imagine if New York, New Jersey, and other Sandy-affected states had North Dakota's public banking advantage now.
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