Another key economic justice writer (Sarah Van Gelder), another list, another recommendation for public banking: 8. Establish state banks that invest in us, not Wall Street. The state of North Dakota set up a public bank in 1919 to hold the state’s deposits and to be the source of credit for state investments. Profits from the bank go back into the state treasury—not to Wall Street. The result? North Dakota is the only state that has consistently enjoyed a budget surplus, even during the recent recession, and has very low rates of unemployment (its reserves of oil are not the only reason). The bank also partners with community banks, which are in the best position to make loans to local businesses, keeping borrowing costs low in communities throughout the state. It’s a great model that builds our wealth and the prosperity of our locally rooted business sector, instead of the profits of Wall Street banks.
Posted on: Fri, 31 Jan 2014 19:18:51 +0000
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