Banking Secret Exposed
January 9, 2011 1:08By Mark Anderson
Deceptive corporate media sources often confuse small “upticks” in the economy with major rebounds. As homelessness and joblessness spread, even minor recovery signs, graded “on a curve,” might seem like prosperity.
Still, a large and diverse nation like America—populated by resilient people who are learning to cut up credit cards, protest the debt system and save more money—has a number of places to seek refuge.
A Bureau of Economic Analysis (BEA) report lists 10 states and one district that offer calmer economic waters where one can set sail toward a better life. Those states are, starting with the best: Oklahoma, Wyoming, North Dakota, Alaska, Louisiana, South Dakota, the District of Columbia, West Virginia, Arkansas, Nebraska and Virginia.
Places like Michigan, Indiana and Illinois, North Carolina, Tennessee and Florida appear close to rock-bottom, while Texas, Wisconsin, Kentucky, Alabama and Maine are in the middle, adds the BEA, a division of the U.S. Commerce Department.
The fastest-growing states in America in 2009, according to a BEA chart, include those in the Great Plains and just to the south of the Plains, where natural resources have fueled local growth. AMERICAN FREE PRESS has maintained that natural resources represent real wealth, and money is simply a means to quantify and transfer wealth. Mining and agriculture are among the natural-resource activities cited by the BEA as a source of this growth.
“States like Oklahoma, which was particularly helped by growth in mining, and Louisiana and South Dakota have seen growth rates that would put much of the rest of the nation to shame,” online news site Huffington Post observed. However, states that relied on manufacturing durable goods and construction experienced major drops in local gross domestic product, which is mainly a consequence of the North American Free Trade Agreement and other global schemes that have closed U.S. factories or sent formerly good-paying jobs overseas.
Looking deeper, author and Federal Reserve critic Ellen Brown points out that North Dakota scores high because, “Only one U.S. state actually owns its own bank—North Dakota. As of last spring [2009], North Dakota was also the only . . . state sporting a budget surplus. Amid widespread economic wreckage, it has the nation’s lowest unemployment rate.”
Tackling what most media avoid, Brown summarized that North Dakota’s bank “is a major profit generator for the state, returning a 26 percent dividend in 2008.”
The bank “makes the assets of the state the assets of the bank.” The law requires all state revenues to be deposited in the state’s bank. Municipal deposits also are accepted. Illinois and New Jersey, featured in recent national newscasts over imploding budgets and crumbling municipalities, may want to seriously study North Dakota’s innovation.
Still, a large and diverse nation like America—populated by resilient people who are learning to cut up credit cards, protest the debt system and save more money—has a number of places to seek refuge.
A Bureau of Economic Analysis (BEA) report lists 10 states and one district that offer calmer economic waters where one can set sail toward a better life. Those states are, starting with the best: Oklahoma, Wyoming, North Dakota, Alaska, Louisiana, South Dakota, the District of Columbia, West Virginia, Arkansas, Nebraska and Virginia.
Places like Michigan, Indiana and Illinois, North Carolina, Tennessee and Florida appear close to rock-bottom, while Texas, Wisconsin, Kentucky, Alabama and Maine are in the middle, adds the BEA, a division of the U.S. Commerce Department.
The fastest-growing states in America in 2009, according to a BEA chart, include those in the Great Plains and just to the south of the Plains, where natural resources have fueled local growth. AMERICAN FREE PRESS has maintained that natural resources represent real wealth, and money is simply a means to quantify and transfer wealth. Mining and agriculture are among the natural-resource activities cited by the BEA as a source of this growth.
“States like Oklahoma, which was particularly helped by growth in mining, and Louisiana and South Dakota have seen growth rates that would put much of the rest of the nation to shame,” online news site Huffington Post observed. However, states that relied on manufacturing durable goods and construction experienced major drops in local gross domestic product, which is mainly a consequence of the North American Free Trade Agreement and other global schemes that have closed U.S. factories or sent formerly good-paying jobs overseas.
Looking deeper, author and Federal Reserve critic Ellen Brown points out that North Dakota scores high because, “Only one U.S. state actually owns its own bank—North Dakota. As of last spring [2009], North Dakota was also the only . . . state sporting a budget surplus. Amid widespread economic wreckage, it has the nation’s lowest unemployment rate.”
Tackling what most media avoid, Brown summarized that North Dakota’s bank “is a major profit generator for the state, returning a 26 percent dividend in 2008.”
The bank “makes the assets of the state the assets of the bank.” The law requires all state revenues to be deposited in the state’s bank. Municipal deposits also are accepted. Illinois and New Jersey, featured in recent national newscasts over imploding budgets and crumbling municipalities, may want to seriously study North Dakota’s innovation.
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Read more in Banksters
HOUSE JOINT RESOLUTION NO. 62 Offered January 13, 2010 Prefiled January 11, 2010 Establishing a joint subcommittee to study
Proposal to Sen. Julie Lassa
to Study "North Dakota Style" State Bank
to Study "North Dakota Style" State Bank
For all you policy "wonks" out there...
it could look something like this in Wisconsin:
it could look something like this in Wisconsin:
HJ62: Banks; joint subcommittee
to study whether to establish
those to be operated by State.
to study whether to establish
those to be operated by State.
whether to establish a bank operated
by the Commonwealth. Report.
---------- Patron-- Marshall, R.G. ---------- Committee Referral Pending ----------
WHEREAS, the Commonwealth does not
currently engage in the business of banking
or own, control, or operate a bank; and
currently engage in the business of banking
or own, control, or operate a bank; and
WHEREAS, the state of North Dakota
currently engages in the business of
banking, owns, controls, and operates
a bank known as the Bank of
North Dakota; and
currently engages in the business of
banking, owns, controls, and operates
a bank known as the Bank of
North Dakota; and
WHEREAS, the Bank of North Dakota
was established pursuant to
North Dakota Century Code 6-09-01
for the purpose of encouraging
and promoting
agriculture, commerce, and industry;
was established pursuant to
North Dakota Century Code 6-09-01
for the purpose of encouraging
and promoting
agriculture, commerce, and industry;
and
WHEREAS, the Bank of North Dakota
is not a member of the
Federal Deposit Insurance Corporation
but pursuant to
North Dakota Century Code 6-09-10,
is not a member of the
Federal Deposit Insurance Corporation
but pursuant to
North Dakota Century Code 6-09-10,
all deposits in the Bank of North Dakota
are guaranteed by the state; and
WHEREAS, the deposit base of the
Bank of North Dakota is unique in
that its primary deposit base is the
State of North Dakota and all state
funds and funds of state institutions
are deposited with the Bank of North Dakota,
as required by law; and
Bank of North Dakota is unique in
that its primary deposit base is the
State of North Dakota and all state
funds and funds of state institutions
are deposited with the Bank of North Dakota,
as required by law; and
WHEREAS, the Bank of North Dakota
accepts other deposits from any source,
including private citizens, businesses,
and the U.S. government; and
accepts other deposits from any source,
including private citizens, businesses,
and the U.S. government; and
WHEREAS, the Bank of North Dakota
is overseen by the North Dakota
Industrial Commission and advised
by a seven-member Advisory Board
appointed by the Governor that reviews
the bank's operations and
makes recommendations to the
Industrial Commission relating to
the bank's management,
services, policies and procedures; and
is overseen by the North Dakota
Industrial Commission and advised
by a seven-member Advisory Board
appointed by the Governor that reviews
the bank's operations and
makes recommendations to the
Industrial Commission relating to
the bank's management,
services, policies and procedures; and
WHEREAS, the Bank of North Dakota
administers several lending programs
that promote agriculture, commerce,
and industry as well as providing
government guaranteed loans
for lenders and providing
community, rural, and
regional development loan funds;
administers several lending programs
that promote agriculture, commerce,
and industry as well as providing
government guaranteed loans
for lenders and providing
community, rural, and
regional development loan funds;
and
WHEREAS, the Commonwealth
is expected to have a budget shortfall
of between $ 1.8 billion and $ 3.6 billion
in 2010 and North Dakota is expected
to have an $ 800 million budget surplus
by the end of 2010; and
is expected to have a budget shortfall
of between $ 1.8 billion and $ 3.6 billion
in 2010 and North Dakota is expected
to have an $ 800 million budget surplus
by the end of 2010; and
WHREAS, the Commonwealth would
benefit from loaning funds to develop
agriculture, commerce and industry
in lieu of granting tax revenues to
newly established businesses; and
benefit from loaning funds to develop
agriculture, commerce and industry
in lieu of granting tax revenues to
newly established businesses; and
WHEREAS, by opening accounts
in a bank owned, controlled,
and operated by the Commonwealth, Virginians
would be able to invest in the growth
of agriculture, commerce and industry
in the Commonwealth; and
in a bank owned, controlled,
and operated by the Commonwealth, Virginians
would be able to invest in the growth
of agriculture, commerce and industry
in the Commonwealth; and
WHEREAS, Virginians with
accounts in a bank owned, controlled,
and operated by the Commonwealth
would benefit from a return on
their investment in the form of
loan interest and other revenues
earned by the bank’s investments in
agriculture, commerce and industry
in the Commonwealth; and
accounts in a bank owned, controlled,
and operated by the Commonwealth
would benefit from a return on
their investment in the form of
loan interest and other revenues
earned by the bank’s investments in
agriculture, commerce and industry
in the Commonwealth; and
WHEREAS, the purpose
of a bank owned, controlled, and
operated by the Commonwealth
would be to invest in agriculture,
commerce, and industry within
the Commonwealth; and
of a bank owned, controlled, and
operated by the Commonwealth
would be to invest in agriculture,
commerce, and industry within
the Commonwealth; and
WHEREAS, a need exists to determine
if the Commonwealth would benefit
from the creation and operation of a
similar financial institution; now,
therefore, be it
if the Commonwealth would benefit
from the creation and operation of a
similar financial institution; now,
therefore, be it
RESOLVED by the House of Delegates,
the Senate concurring, That a joint
subcommittee be established to
study whether to establish a
bank operated by the
Commonwealth. In conducting its study,
the joint subcommittee shall consider
the Senate concurring, That a joint
subcommittee be established to
study whether to establish a
bank operated by the
Commonwealth. In conducting its study,
the joint subcommittee shall consider
recommendations for legislation to
establish a state owned, controlled,
and operated bank.
The joint subcommittee shall
consist of eight legislative members.
Members shall be appointed as follows:
five members of the House of Delegates
to be appointed by the
Speaker of the House of Delegates
in accordance with the principles of
proportional representation contained
in the Rules of the House of Delegates
and three members of the Senate
to be appointed by the
Senate Committee on Rules.
The joint subcommittee shall
elect a chairman and vice-chairman
from among its membership.
consist of eight legislative members.
Members shall be appointed as follows:
five members of the House of Delegates
to be appointed by the
Speaker of the House of Delegates
in accordance with the principles of
proportional representation contained
in the Rules of the House of Delegates
and three members of the Senate
to be appointed by the
Senate Committee on Rules.
The joint subcommittee shall
elect a chairman and vice-chairman
from among its membership.
Administrative staff support
shall be provided by
the Office of the Clerk of the House of Delegates.
Legal, research, policy analysis, and
other services as requested by the
joint subcommittee shall be provided
by the Division of Legislative Services.
Technical assistance shall be provided
shall be provided by
the Office of the Clerk of the House of Delegates.
Legal, research, policy analysis, and
other services as requested by the
joint subcommittee shall be provided
by the Division of Legislative Services.
Technical assistance shall be provided
by the Bureau of Financial Institutions
of the State Corporation Commission.
All agencies of the Commonwealth
shall provide assistance to the joint
subcommittee for this study, upon request.
The joint subcommittee shall be
limited to four meetings for the
2010 interim, and the direct
costs of this study shall not exceed $8,000
without approval as set out in this resolution.
Approval for unbudgeted
nonmember-related expenses
shall require the written authorization
of the chairman of the joint subcommittee
and the respective Clerk. If a companion
joint resolution of the other chamber
is agreed to, written authorization of
both Clerks shall be required.
limited to four meetings for the
2010 interim, and the direct
costs of this study shall not exceed $8,000
without approval as set out in this resolution.
Approval for unbudgeted
nonmember-related expenses
shall require the written authorization
of the chairman of the joint subcommittee
and the respective Clerk. If a companion
joint resolution of the other chamber
is agreed to, written authorization of
both Clerks shall be required.
No recommendation of the
joint subcommittee shall be
adopted if a majority of the
House members or a majority
of the Senate members appointed
to the joint subcommittee (i) vote
against the recommendation
and (ii) vote for the
recommendation to fail
notwithstanding the majority vote
of the joint subcommittee.
joint subcommittee shall be
adopted if a majority of the
House members or a majority
of the Senate members appointed
to the joint subcommittee (i) vote
against the recommendation
and (ii) vote for the
recommendation to fail
notwithstanding the majority vote
of the joint subcommittee.
The joint subcommittee shall
complete its meetings by
November 30, 2010, and
complete its meetings by
November 30, 2010, and
the chairman shall submit
to the Division of Legislative
Automated Systems an
executive summary of its
findings and recommendations
no later than the first day of the 2011
Regular Session of the General Assembly.
The executive summary shall
state whether the
joint subcommittee intends to
submit to the General Assembly,
and the Governor a report of its
findings and recommendations for publication
findings and recommendations for publication
as a House or Senate document.
The executive summary and the
report shall be submitted as
provided in the procedures
of the Division of
Legislative Automated Systems
for the processing of legislative
documents and reports and shall
be posted on the General Assembly's website.
Implementation of this
resolution is subject to
subsequent approval
and certification
by the Joint Rules Committee.
The Committee may approve
or disapprove expenditures
for this study, extend or delay
the period for the conduct
of the study, or authorize
additional meetings during the 2010 interim.
resolution is subject to
subsequent approval
and certification
by the Joint Rules Committee.
The Committee may approve
or disapprove expenditures
for this study, extend or delay
the period for the conduct
of the study, or authorize
additional meetings during the 2010 interim.
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