01-05-2010, 04:30 AM
whatreallyhappened.com posted a piece from the huffington post today re. Community Banks that might be of interest to folks here as events unfold. Here's a snippet.
"Escape from Pottersville: The North Dakota Model for Capitalizing Community
By: AnnT
Tags:
* DICTATORSHIP
* ECONOMY
North Dakota is the only state in the union to own its own bank. The Bank of North Dakota (BND) was established by the state legislature in 1919 specifically to free farmers and small businessmen from the clutches of out-of-state bankers and railroad men. Its populist organizers originally conceived of the bank as a credit union-like institution that would provide an alternative to predatory lenders, but conservative interests later took control and suppressed these commercial lending functions. The BND now chiefly acts as a central bank, with functions similar to those of a branch of the Federal Reserve.
However, the BND differs from the Federal Reserve in significant ways. The stock of the branches of the Fed is 100% privately owned by banks. The BND is 100% owned by the state, and it is required to operate in the interest of the public. Its stated mission is to deliver sound financial services that promote agriculture, commerce and industry in North Dakota..."
"Escape from Pottersville: The North Dakota Model for Capitalizing Community
By: AnnT
Tags:
* DICTATORSHIP
* ECONOMY
North Dakota is the only state in the union to own its own bank. The Bank of North Dakota (BND) was established by the state legislature in 1919 specifically to free farmers and small businessmen from the clutches of out-of-state bankers and railroad men. Its populist organizers originally conceived of the bank as a credit union-like institution that would provide an alternative to predatory lenders, but conservative interests later took control and suppressed these commercial lending functions. The BND now chiefly acts as a central bank, with functions similar to those of a branch of the Federal Reserve.
However, the BND differs from the Federal Reserve in significant ways. The stock of the branches of the Fed is 100% privately owned by banks. The BND is 100% owned by the state, and it is required to operate in the interest of the public. Its stated mission is to deliver sound financial services that promote agriculture, commerce and industry in North Dakota..."
Lee Eisenstein
http://members.cruzio.com/~lionel/event
"Be kinder than necessary, as everyone you meet is engaged in some kind of strudel."
http://members.cruzio.com/~lionel/event
"Be kinder than necessary, as everyone you meet is engaged in some kind of strudel."