A Seismic Shift- Public Banks Returning? by Joe Lange
(badlands.substack.com)
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This is true. I knew about this bank beforehand, and it is a good thing. There used to be more of them. Don't know if they are still around, but a few Midwest towns also had county or city-owned banks that did the same thing. Obviously they get pressured to close, and the FDIC did a lot to reel them into its regulation and then kill them off or at least make them perform like Fed banks.
It's a good option for the future, and Andrew Jackson used state-chartered banks to kill the equivalent of the Fed way back then.
Alaska, with its permanent fund, operates a public investment fund that has better accountability than social security funds which it replaces. Not a bank, but a similar example of a state taking care of its people.
I've always been curious about Alaska. Seems like the last free place in the USA.
There are many who refer to our Permanent Fund as "welfare" or "socialist", which it most definitely is not. Our natural resources are owned by the citizens of Alaska, unlike the resources in most states (that are owned by the state). We are shareholders in the state's resources, and as such, we have some ownership rights. Right now, however, we are fighting our own cabal who are doing their best to skim as much of the earnings from their constitutionally-mandated use as possible - for their own pet projects, naturally. The cabal is everywhere. Not only do we have to fight the cabal nationally and globally, but in each state as well. God bless us as we fight to take back our natural rights.
Bravo, sacip and bravo to the mod who stickied this post. This is an article that would have been very easy to miss or overlook. But the model that the Public Bank of North Dakota is based on is one that every state in the union should adopt. Local banking, owned by the state for the benefit of the citizens of that state.
Financial freedom is one of the most important elements of true personal freedom. That this model hasn't been duplicated in other states after over a century in business is a testament to the predatory nature of our current monetary system.
Great post sacip. This is a must read.
We need to revive public banking after we eliminate Big Corporate Banking from our society
Sounds similar to a credit union.
Today's credit unions have similar charters and somewhat similar accountability to this, but get roped into central policy control by virtue of FDIC insurance, and also access to many services like ACH and Fed wire services that can only be done through federally chartered banks.
TLDR they're better than banks, but hamstrung, and subject to federal oversight if they get too big. The state bank of North Dakota is much more independent.
Most credit unions are insured by the NCUA, not the FDIC. Both insure deposits up to $250,000. In addition, credit unions also offer Excess Share Insurance Corporation (ESI), which adds an additional $250,000 of protection.
You are correct, and I should've said FDIC-like insurance. My mistake. CU's are better in many ways, but the centralized control by nat'l regulators outside the institution is a real issue, and one that the ND bank doesn't have.
States have a lot of power that they don't use. Chartering banks, without outsourcing the rules and reserve requirements to the feds, is just one of them.
They use National Credit Union Administration (NCUA) for deposit insurance though, not FDIC.
I enjoy Badlands Media. TY for this…it’s what’s needed f’real.
Thanks Mary!! GAW will always be home base for me 👍🏼💕
Excellent read (plus I went back to read the previous article about Don Pepe, which was just as good)!
Fascinating article, and one more proof that President Trump is operating far beyond the thinking of most of the "leaders" of the day. All to our benefit. Thank you President Trump.
I use an employee owned bank here in Colorado-they breezed through the 2008 crash by holding only tangible property loans and NO derivitives-they were in the heavy black all the way through the various crises.
First Trump will have to insure the Postal System honesty and efficiency. Postal prices keep rising, while it takes longer for packages and letter delivery. I ask for a signature, and don’t wave the addressee signature. What does the post office do, the carrier signs and drops it off anyhow. I send a package express and the carrier doesn’t feel like taking the time to deliver, the carrier just says, “unable to deliver, no one home” which is blatantly untrue. And what about the delivery of voting ballots and the truckload delivered to another state? Or what about the Republican ballots not delivered and found tossed on the roadside. I don’t see that DJT with nomination of the entire postal board prevented voting corruption by these incidents. A business is only as good as the people hired. Background checks are needed on all postal workers.
Excellent points 👍🏼. Ever since 2020 I look at them all with suspicion however I’m lucky my rural delivery guy is above & beyond excellent. But that’s the exception. I’m always super kind to every postal worker but have always noticed so many seem miserable. No idea why but pretty sure since misery loves company it comes from supervision.
Costa Rica
I had only known a bit about Costa Rica until I traveled there a few months back.
Loved everything there. The people were happy. My joke is even the drug dealers were nice. {They were actually}
I heard some about how Costa Rica avoided the downfall of the countries all around them and about not allowing private banksters in was the key.
Then I believe badlands media released something a week or two back about that very subject.{link below}
To say the parallels between Costa Rica then and the USA now are very similar is an understatement.
Did you know that Costa Rica underwent martial law for 18 months so they could fix the government and put safeguards in?
And the Costa Rican leader that accomplished this?
José "Pepe" Figueres Ferrer
Very interesting read
https://open.substack.com/pub/badlands/p/the-illusion-of-democracy?utm_source=share&utm_medium=android&r=396e9z
I spent time in Costa and am amazed they’ve kept out too much foreign interference…see Panama as an example. I did meet some people that educated me about their past communist threats and how their government handled that. I backpacked through the central highlands and down to the Pacific coast where I spent most of my time. I truly enjoyed my time there but that was 15 years ago. Pura Vida is truth.
Pura vida!
Hope to retire there someday, actually
Can’t blame you. So much to say about my time there. The things I used to get into etc if you feel me. 😂
I do 👍
I grew up in ND. They were the only state that stayed in the black during 2008 recession. Good people there. Except the politicians. Byron Dorgan was a douche.
I really like Joe Langes work.
The Savings and Loan Crisis was thei plan to kill off independent banks. It worked.