U.S. States Consider Starting Their Own Banks

Originally posted by TheImmaculateD1
As I stated previously, The North Dakota plan is the model that will eventually replace the current Federal Reserve.

Lol, how is North Dakota's system any different? It is still 100% reliant on the people of the government...no different than the federal system

And for the record North Dakota DID cater to lobbyists. They catered specifically to the lobbyists that made North Dalota the maximum amount of benefit.

It is a system that will RARELY work on a federal level. Everytime you cater to a lobbyist that helps 'here' it will hurt over 'there'.

North Dakota's system is really one that only works on the micro level.

I am only throwing this out here becasue I don't want anybody to be under the illusion that a 'state owned bank' will swoop in and save they day.

There was an immense amount of work, spanning a decade at least, just to make one state (of small population no less) work. To emulate this on a federal level would take longer and require even more people dedicated to MAKING it work

I'm surprised so many people are in favor of this. This is not a good idea and never will be because of the very nature of government, among other reasons.

I simply can not believe that we have come to the point when we are unable to live without credit, and while many respected economists feel (like myself) that we have to swallow the bitter pill and reduce our dependence on credit people keep yammering for it. We are currently suffering a debt crisis and nothing else. I have a hard time believing that more credit is the answer.

Credit is not a way to live, it's not a way to sustain an economy, especially with the current fractional reserve model we currently use. What we do NOT want is a state bank to hedge our money out 10:1.