U.S. States Consider Starting Their Own Banks

I have come across an article by this title that I feel is good news for a change! To me, things like this are a solution for the global meltdown. I think this article is talking about we the people standing up and taking control of money.

The article is on a website for IPS, which stands for Inter Press Service. Reading the website's history of IPS, I learned that it was formed as a non-profit international cooperative of journalists in 1964.

This article is by Matthew Cardinale and the dateline is ATLANTA, Georgia, Apr 30, 2010:

At least eight U.S. states are considering proposals to start state-run banks in the wake of an economic crisis where many private banks ceased or greatly decreased their lending, literally shrinking the money pool available in state economies.

Economist Ellen Brown, author of "Web of Debt", has been writing commentaries on various websites and runs a Google Group that has been pushing the idea of state-run banks for a couple of years, efforts which she says have made a lot of state legislators aware that a state-run bank was even a possibility.

North Dakota is the only one out of the 50 U.S. states that is still operating with a fiscal surplus, and some economists argue it is in part due to the state-owned Bank of North Dakota - the only bank of its kind in the U.S. - which has been able to pump money into its own economy by making loans to farmers, small businesses and families.

Numerous states are beginning to consider the idea of starting their own bank, since the issuance of credit is one of the main ways that money enters the economy...

Hawaii, Illinois, Massachusetts, Michigan, Missouri, New Mexico, Vermont, Virginia, and Washington each have proposals on the table in their respective state legislatures considering the formation of a state-run bank in one way or another.

In addition, current candidates for political office in eight states - California, Florida, Idaho, Illinois, Missouri, Oregon, Vermont, and Washington State - are pushing a state-run bank as part of their platform...

The author says that Ellen Brown is an economist. She is actually a lawyer by trade and I'm reading her book Web of Debt.

The reason I think having state-owned banks would be "we the people" taking control is that I feel that access to credit is a necessity that should be removed from powerful private interests motivated by self-interest and placed in the hands of government - the only entity tasked with protecting the public.

Making money gambling illegal , that's the solution.

That is a very interesting proposal.

After all, it was the Continental Script, printed by Colonials, but without involving the Bank of England, that led to some of the events that led to the Revolution.

Does a state run bank mean no perpetual debt?
And would we all safe from what is happening now?
I agree this sounds great, but it's only a matter of time,
before a bigger bank gobbles it up, before you know it
it's a state run bank, owned by the fed and its corporate
cronies.

State intervention in the Markets is "Actual" Socialism.. And a system of money creation that is "Owned by the People" dabbles with communism and monopolization of the financial system through communist means.

Isn't the US supposed to opposed to this?

Blunt capitalism says this is evil..

The rich should control the banking system.. Not the people.. Thats evil Socialism..

Didn't you guys get the memo? Or is "socialism" suddenly acceptable in the US?

lol

What we really need are locally-owned community banks. If you like the idea, why not just join a local credit union?

Here's the kicker - The Fed will fight tooth and nail if the states or even metro areas decide that they want to print their own currency. I think that's the real key issue - Local ownership means nothing if you can't print the currency.

Originally posted by CookieMonster09
Here's the kicker - The Fed will fight tooth and nail if the states or even metro areas decide that they want to print their own currency. I think that's the real key issue - Local ownership means nothing if you can't print the currency.

We also need to end the Fed and have the U.S. government print money. Just like the colonies did before the Revolutionary War. Ellen Brown talks about this in her book.

She is speaking at a conference this month. I hope she begins to get lots of attention. She deserves to be taken seriously, in my opinion.

North Dakota is the only one out of the 50 U.S. states that is still operating with a fiscal surplus, and some economists argue it is in part due to the state-owned Bank of North Dakota - the only bank of its kind in the U.S. - which has been able to pump money into its own economy by making loans to farmers, small businesses and families.

Listen to Ellen talk about how well North Dakota is doing because of their state-owned bank!!

I think this is an excellent idea. Each state could have their own
banks, alongwith the state bird, motto, flag, etc.
They could buy all of the debt from the other corrupt institutions
and have it all inside the state. Not the corruption, but everyone's debt.
Keep the money in each state. It will be nice to call my loan company
and not talk to someone in India who doesn't even know how to
pronounce the states. And I won't have to keep asking for them to repeat
what they are saying because it sounds like jibberish. I would not mind
making all of my payments instate instead of to a state in the other end
of the country that doesn't give a crap about me or where I live.

And get rid of the Fed now. Each state could print their own money too.
The Feds are printing it now at a rate that can't even keep up with the national interest on all the money. It is money printed that can't be backed up with gold or silver or beans. I say give this idea a real try and tell the gov to kiss our as@#s.


[edit on 8-5-2010 by endtimer]

Originally posted by Mary Rose


She is speaking at a conference this month.

This conference is called "Understanding Deep Politics" and it is going on this weekend.

I just noticed that there is an offer for a live web stream and access to archives after the event available for purchase at this link: communitycurrency.org...

Originally posted by Mary Rose
. . . Virginia . . . proposals on the table in their respective state legislatures considering the formation of a state-run bank in one way or another.

I've learned that this is House Joint Resolution No. 62 for a proposed state-owned bank, but that it was left in the rules committee on February 16, 2010. Not encouraging!

So I've written my delegate and my senator to see whether they're interested in it.

This is a new experience for me. I have not been interested in state politics. In fact, I didn't even know that there are 40 senators in the state of Virginia. So thank you, Wikipedia!!

Originally posted by Mary Rose
So I've written my delegate and my senator to see whether they're interested in it.

I got a reply from my senator.

She said, ". . . I would expect the Commission on Govt Reform will look at the issue this summer.."

Originally posted by Mary Rose
She said, ". . . I would expect the Commission on Govt Reform will look at the issue this summer.."

Here's what she was talking about:

McDonnell has high expectations for reform panel

TYLER WHITLEY AND OLYMPIA MEOLA TIMES-DISPATCH STAFF WRITERS
Published: May 11, 2010
Updated: May 11, 2010 6:51 AM

Gov. Bob McDonnell said last night that he expects big ideas and big changes from his Commission on Government Reform and Restructuring.

Read the article: www2.timesdispatch.com...

Ellen Brown has produced a new video extolling the virtues of a state-owned bank:

Ellen Brown has written a new article on this, showing her vast knowledge of the subject and understanding of the objections that others have against the proposal, along with the answers to those objections:

"Solution to the Budget Crisis: Keeping the State's Money in the State"

Originally posted by Dermo
State intervention in the Markets is "Actual" Socialism.. And a system of money creation that is "Owned by the People" dabbles with communism and monopolization of the financial system through communist means.

Isn't the US supposed to opposed to this?

Blunt capitalism says this is evil..

The rich should control the banking system.. Not the people.. Thats evil Socialism..

Didn't you guys get the memo? Or is "socialism" suddenly acceptable in the US?

lol

Actually no, as banking is a very crucial and key element of our infrastructure should never be under the direct, indirect or outerdirect control of any private interest but Government so that Government does not have to answer to and continually please any outside entity.

That would be like privatizing The US Dept Of Defense, imagine a private cabal with a nuke at the ready?

More then 75% of the electorate is demanding it and when more then 2/3 of the electorate demands it gets no questions. That is the way this nation is ran, majority rule.

This is not a case of socialism this is a case of protecting and preserving key and crucial elements to make sure that Govt remains in total control over Departments like Treasury, Defense, Homeland Security as that means it would be that much easier for a group of outsiders to circumvent every single security apparatus in our infrastructure.

reply to post by Mary Rose


It's a very good idea. Unfortunately, it only takes about a second to come up with a countermeasure. The Rothschilds would immediately set about counterfeiting huge amounts of the currency, thus ruining the bank and the state.

reply to post by grizzle2


The proposal has nothing to do with a new currency.

It's just a way to open up credit for Main Street.

Originally posted by grizzle2
reply to post by Mary Rose

 

It's a very good idea. Unfortunately, it only takes about a second to come up with a countermeasure. The Rothschilds would immediately set about counterfeiting huge amounts of the currency, thus ruining the bank and the state.

When the charter expires next year there involvement with it concludes and is currently winding down. Effective now we are effectively defacto free from them right now as the phaseout has already begun. The plan is for the US Federal Government will take control of the currency and operations starting sometime 2013 - 2014. Shortly after that occurs a law will be introduced before the 114th Congress to delete the current currency and replace it with new effectively killing, phasing out and ending The Federal Reserve Note as we know it as our current legal tender. The copyrights for the plates and designs of the currency will change. All banks beyond that date will begin to get in and distribute the new currency.

reply to post by TheImmaculateD1


Please elaborate on this. Are you talking about the Federal Reserve?