Saturday, January 8, 2011
Banking in North Dakota, the wave of the future?
By Mark Anderson
Looking deeper, author and Federal Reserve critic Ellen Brown points out that North Dakota scores high because, “Only one U.S. state actually owns its own bank—North Dakota. As of last spring , North Dakota was also the only . . . state sporting a budget surplus. Amid widespread economic wreckage, it has the nation’s lowest unemployment rate.”
Tackling what most media avoid, Brown summarized that North Dakota’s bank “is a major profit generator for the state, returning a 26 percent dividend in 2008.”
The bank “makes the assets of the state the assets of the bank.” The law requires all state revenues to be deposited in the state’s bank. Municipal deposits also are accepted. Illinois and New Jersey, featured in recent national newscasts over imploding budgets and crumbling municipalities, may want to seriously study North Dakota’s innovation.