Public Banking Works
Public banks serve people, not corporate predators.
by Stephen Lendman
Publicly-owned banks work as intended. Colonial America had them for 25 years. Tax and inflation-free prosperity followed.
Money created produced economic growth. It ended when Bank of England scoundrels regained control.
Public banks aren't predatory profiteers. They're not beholden to Wall Street, shareholders, or greedy corporate executives. They serve communities, states or nations responsibly. It works the same way everywhere they exist.
North Dakota is America's only public banking state. It's 100% state owned. It was established in 1919. It partners responsibly with private banks. Instead of cutting back like other states, North Dakota experiences growth. It passes on benefits to residents.
It has the nation's lowest unemployment rate. In September 2012, the Bureau of Labor Statistics ranked it number one at 3.0%. During the height of the 2008 economic crisis, North Dakota had its largest budget surplus in state history. Benefits were shared with residents.