Read full text: https://scheerpost.com/2025/01/13/ellen-brown-beating-wall-street-at-its-own-game-the-bank-of-north-dakota-model/
North Dakota is staunchly conservative, having voted Republican in every presidential election since Lyndon Johnson in 1964. So how is it that the state boasts the only state-owned bank in the nation? Has it secretly gone socialist?
No. The Bank of North Dakota (BND) operates on the same principles as any capitalist bank, except that its profits and benefits serve the North Dakota public rather than private investors and executives. The BND provides a unique, innovative model, in which public ownership is leveraged to enhance the workings of the private sector. It invests in and supports private enterprise — local businesses, agriculture, and economic development – the core activities of a capitalist system where private property and enterprise are central. Across the country, small businesses are now failing at increasingly high rates, but that’s not true in North Dakota, which was rated by Forbes Magazine the best state in which to start a business in 2024.
The BND was founded in 1919, when North Dakota farmers rose up against the powerful out-of-state banking-railroad-granary cartel that was unfairly foreclosing on their farms. They formed the Non-Partisan League, won an election, and founded the state’s own bank and granary, both of which are still active today......
.....Besides a profitable business plan, politicians need a push from their constituents to take action, and most people haven’t heard of public banks and don’t understand the concept. Wider public exposure and education are necessary. Even many politicians are unaware of how banking actually works. Chartered depository banks have the power to create money as deposits when they make loans, expanding the local money supply and increasing the capacity for local productivity. Over 95% of our money supply today is created by banks in this way. This vast power to create money as credit is one that properly belongs in the public domain. Times are changing, and public banking momentum continues to grow. By making banking a public utility, with expandable credit issued by banks that are owned by the people, the financial system can be made to serve the people and local enterprise without draining their resources away. Credit flow can be released so that industry and free markets can thrive, and the economy can move closer to reaching its full potential.
