That really is great, it shows what human ingenuity can do when applied constructively, it's a hard sell to dumb voters though "state-owned banks less socialist than big private banks". You can't count on the government, you must do things at the local level, at the state level. Good thing states still have some power.
That's my bank! Eric Hardmayer is my step fathers brother. I had brunch with him on Easter Sunday and was able to talk swaps with him... awesome guy.
probably the easiest step to save tax payer dollars for states and the fed gov. The money saved in interest should get the attention of both parties. Also if a good number of states did this it might actually wake up the politicians to the fact that banks gain a huge unfair benefit from fractional reserve banking. AT the expense of everybody else of course
Lol - where's their article on the busted German state banks, the Spanish government lenders that are going belly up, the Chinese state lenders whose balance sheets are more toxic than plutonium? Talk about cherry-picking your examples.
"And so we have a captive deposit base, we pay a competitive rate to the state treasurer. And I would bet that that would be one of the most difficult things to wrestle away from the private sectorâthose opportunities to bid on public funds." what does this mean? can someone explain?
http://www.elitetrader.com/vb/showthread.php?s=&postid=2367539&highlight=north+dakota#post2367539 It probably means the state legislature requires the state treasurer to deposit government receivables into the Bank of North Dakota.
The Mother Jones article doesn't mention whether the BND issues bonds for the State. In looking around for that information I found this article that implies that they do. That would save the State of North Dakota a bundle in fees and interest. Better to have the money stay at home than go to Goldman Sachs or someone of their ilk. http://www.prorev.com/2009/03/how-north-dakotas-banking-system-could.html