Forty-six of fifty states are insolvent and could be filing Chapter 9 bankruptcy proceedings in the next two years. One of the four states that is not insolvent is an unlikely candidate for the distinction – North Dakota. What does the State of North Dakota have that other states don’t? The answer seems to be: its own bank.
Read more here – http://www.webofdebt.com/articles/state_bank_option.php
If you like this idea, here is a sample letter to send to your congresspeople, prepared by Charlie Fleetham –
http://webofdebt.wordpress.com/sample-letter-to-congressmen-forming-a-state-owned-bank/
Filed under: Ellen Brown Articles/Commentary
Once in a while the media gets it right:
http://www.msnbc.msn.com/id/3036677#29783656
Enjoy! Jere
Another parrallel between Obama and Ellen is that they both offer elegant solutions.
Today on Meet the Press, Gov. Schwarzenegger brought up private public partnerships, using British Columbia as a model.
Here’s an excerpt from today’s Meet the Press:
GOV. SCHWARZENEGGER: There’s many companies that are interested in coming in and financing the high-speed rail or other rail systems, light rail and so on.
MR. GREGORY: Right. And we talk about private equity. There’s so much money in this economy on the sidelines with nowhere to go and nobody wanting to assume any risk. So if there’s this kind of private sector money, how would it work? If they–if private equity or hedge funds want to put up money for a light rail system, fast rail system around the country, what’s in it for them?
GOV. SCHWARZENEGGER: Well, it’s a, it’s a great investment.
MR. GREGORY: Right.
GOV. SCHWARZENEGGER: I mean, that’s what–it’s like when you look at British Columbia or other places where they have a public-private partnership, where everyone is happy. Businesses are happy, the people are happy, labor is happy, the politicians are happy. I mean, everyone is happy. We want to do the same thing. We should–the United States should copy that kind of a principle so that you can go out there and build.
GOV. RENDELL: There’s so many innovative ways to, to use the tax code to get private investment…
MR. GREGORY: Mm-hmm.
GOV. RENDELL: …involved in this. There are innovative ways. David, we don’t have a capital budget, a federal capital budget. We’re the only governmental subdivision in the country without one. You could finance–for $30 billion a year, which these days is not a lot of money, you could finance almost $400 billion to put up front in an infrastructure repair program administered through something like the infrastructure bank.
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Here’s the British Columbia patnerships website:
http://www.partnershipsbc.ca/
Thanks Catherine, I’ll look into that. The Governor is receptive I think!
Hi Ellen,
Here are some articles:
http://globaleconomicanalysis.blogspot.com/2009/03/bernankes-grand-experiment-continues.html
http://www.kitco.com/ind/willie/mar202009.html
Wow, conservative Paul Craig Roberts (who served in the Reagan Administration) is calling for nationalizing the Fed!
http://www.opednews.com/articles/Is-the-Bailout-Plan-Breedi-by-Paul-Craig-Roberts-090326-426.html
I’ve been doing searches on “banks interest profits” and found this with “banks ‘huge profits’ interest. I found this example.
Germany’s Bundesbank Posts Huge Profits for 2008 http://www.dw-world.de/dw/article/0,,4086628,00.html?maca=en-rss-en-all-1573-rdf
There’s a check in the mail for the German government. That’s after the Bundesbank — the country’s national bank — posted 6.3 billion euros in profits for last year. But falling interest rates could bring a downturn.
The bank, he said, had earned the equivalent of $8 billion in 2008 — an increase of around 50 percent over the previous year.
The entire sum earned is being transferred to the federal government — which is something of a novelty. In previous years, portions of the Bundesbank’s earnings have had to be used to pay off debt from the former East Germany, but now that the debt is gone, the bank’s profits will flow into state coffers.
According to “The Lost Science of Money,” the Bundesbank is a federal corporation owned by the German government. In addition to the previous post stating that 2008 profits went to the government, I also found there was a conference on November 2006 to discuss public vs private ownership of financial institutions.
http://www.bundesbank.de/vfz/vfz_konferenzen_2006.en.php#autumn
[...] Web of Debt is a great source for understanding how money is created and how that affects the overall health of the economy. Here is an example: Forty-six of fifty states are insolvent and could be filing Chapter 9 bankruptcy proceedings in the next two years. One of the four states that is not insolvent is an unlikely candidate for the distinction – North Dakota. What does the State of North Dakota have that other states don’t? The answer seems to be: its own bank. Read more here. If you like this idea, here is a sample letter to send to your congresspeople, prepared by Charlie Fleetham – [...]
Hi, everybody. We know that banks provide loans for different purposes. But main thing is that they keep high interest on any type of loan. Also different finance companies give loan at high interest and their conditions are very strict. Person got loan easily but if he can not pay his loan on time then he has to face many problems from bank or finance company. So main thing is that whenever we want to get loan first we have to know all rules and conditions carefully for it, so we can prepare for how to pay loan in a time. When any person really in debt then he has to take help of bankruptcy.
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