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In contrast, BND is an independent public bank, 100% state-owned, operating in the public interest. It also "avoids rivalry with private banks by partnering with them." Local banks do most lending. BND participates in their loans, shares risk, "buy(s) down the interest rate and buy(s) up loans, thereby freeing up banks to lend more," as part of a continuing prosperity-creating virtuous circle.
Year after year it works, freeing North Dakota from today's credit crisis and worst of the economic downturn. It's a win-win for the state, its agriculture, commerce, industry, entrepreneurial startups, students, homebuyers needing loans, and virtually anyone in the state able to qualify.
Compared to predatory banks, state-owned ones have enormous advantages. They don't answer to Wall Street, don't pay outrageous salaries and bonuses, don't speculate in derivatives or other high-risk investments, return handsomely on equity, and deliver prosperity, lifting all boats fairly. It thus begs the question why other states aren't run like North Dakota, currently "rated AA and recently returned a 26% profit to the state," producing credit for economic growth. As Brown explained:
When community-owned banks like North Dakota's create profit-generating credit, "the result can be a functional, efficient and sustainable system of finance," compared to the rest of the country's broken one, hostage to predator bank scams, double-dealing, and other forms of flimflam, robbing millions of homeowners of their properties.
North Dakota's model is a workable alternative, a public ownership way for everyone, lifting all boats fairly and equitably, instead of bilking the many for the few, and wrecking America in the process.
Stephen Lendman lives in Chicago and can be reached at lendmanstephen@sbcglobal.net. Also visit his blog site at sjlendman.blogspot.com and listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network Thursdays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.
http://www.progressiveradionetwork.com/the-progressive-news-hour/ .
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