👉🏻 https://x.com/CaitlinLong_/status/1796201938813633004
THE SUPREME COURT UNANIMOUSLY SUPPORTS the dual banking system in the US🔥. The Fed wants to kill it though -- the Fed doesn't respect state bank chartering authorities. Guess who's going to win.💪
What is the dual banking system?
Its not a dual banking system, its a federal banking system where states can add laws to follow in their own states.
Most states just use it to define "abandoned " accounts and take the money in them. Theoretically, the states could protect their citizens from national bank abuses, but thats not common.
Some banks are state-chartered, while others are federally-chartered.
In that sense, it is a "dual banking system."
States COULD pass legislation that applies to their banks and does not apply to the federal banks, though they probably don't now. But they could. This is why the ruling is important.
Except that the state-charted banks still have to follow the federal rules.
doesn’t North or South Dakota do that?
North Dakota has a unqiue state bank that pre-existed the federal bank and thus was grandfathered i to all of the federal rules to flow its chartered mandate.
Look at one of the dakotas for the best example of a state bank. There are only two states operating them. It's huge that every state have them. Get rid of the 14th amendment and get states back to setting tariffs on imported goods same as national govs. Thatbwill be their only operating capital. No more national companies taking money out of states leaving them poorer. No more interest on loans. No more taxes of any kind. South Dakota is doing very well with it. Usery is misery.