The North Dakota Model
Submitted by wauhoo on Wed, 11/18/2009 - 14:06
State run bank, State surplus, Hiring going on......a solution before our very eyes and it is being ignored. State sovereignty movements should use this as a starting point, create sovereign state banks. Rick Perry, are you listening?
A Max Keiser interview on this subject posted earlier on the DP is worth watching:
http://maxkeiser.com/2009/11/06/ote-26-on-the-edge-with-elle...
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Do you understand how this works?
Or are you just repeating what you heard from one interview with max k? ND has less people in it than some towns have cows. It has very low taxes (unlike California). It has coal coming out regularly, swings in oil production (depends on the price) massive wind turbine projects going on...and overall some of the nicest most honest people on the planet.
There are many many variables that go into to economic situations and I don't think its right to single out North Dakota based solely on its state run bank.
I am not trying to rip you with a critique because I surely can't tell you how this works. I saw the same interview a day or two ago and wished someone from the Mises institute could shed some light on it. I recently watched a special on PBS about how this bank was created back in the day and it sound very socialistic.
I have known for some time
how well ND is doing. You are right about the population, small, but with a great work ethic. I don't know how they do it...I mean survive there. Brutal winters and oppressive summers. I lived next door in MN for 13 years and I came to appreciate the term "MN Nice" which would also apply to the Dakotas and IA. Way different than the "rat race" in SE MI where I grew up or the milieu surrounding Wall Street. As for the banking being a socialistic idea when it was started, I don't know. Again, something is working there because ND is an American outlier presently and the banking system has been mentioned in many articles over the past year as a contributor to the success of ND. Agreed, a Mises Institute take on the subject would be nice, or from anyone who is knowledgeable on the issue.
Its not about the system its about the driver.
The credit system has its advantages and disadvantages, but with states at the seat of each independent bank it will create competition amongst the state banks to do their job better.
I favor this system above our current system and is a good stepping stone until we can really go back to a sound currency without a shock.
I reserve the right to govern myself.
I reserve the right to govern myself.
BUMP !!!!!!!
I reserve the right to govern myself.
I reserve the right to govern myself.
Ummm, why would you want a government run bank?
Why don't use trust the free-market?
Well,
Wall Street is free market and look where we are. North Dakota seems to be doing something right, so it should be aggressively studied. Free markets are great, however, we need to keep our eyes open and study what works. Plus, state banks would give more autonomy to each state and lessen the grip of the "too big to fails".
Wall Street is free-market?
How the heck are you defining 'free-market'?!
Wall-Street is government regulated to the core...a heavily unfree market.
Again,
the important point is that North Dakota is doing something right, witnessed by a state surplus and hiring. I'm sure that their banks are regulated reasonably. Ethics and morality play a role here also. Wall Street is so overregulated that Bernie Madoff's actions were ignored by regulators who were possibly his golfing buddies. Hmmm?
Exactly,
Exactly. That was my point. Wall Street is not a free-market!!
Cheers, clink
I'll drink to that!
I love max Keiser. Thanks
I love max Keiser. Thanks for posting this. He has some great guests.
You Judge A Tree By It's Fruit, NOT its Flower