September 9, 2014     Permalink public banks Submitted by Michael Dewey

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Preparing To Asset-strip Local Government? The Fed's Bizarre New Rules: click here

This sounds like another step backwards from my dreams of finding ways to empower local Communities and States to be able to take care of themselves.

From the article-"Like Eurozone countries, US states cannot print their own currencies. But unlike Eurozone countries, they can borrow from their own public banks, which can create money as credit on their books just as private banks do.

At least, they could if they had their own banks. Only one state -- North Dakota -- has currently taken advantage of that option. North Dakota is also the only state to have escaped the 2008 credit crisis, sporting a budget surplus every year since then. It has the lowest unemployment rate in the country, the lowest default rate on credit card debt, and one of the lowest foreclosure rates."