(6) Establish
publicly-owned banks to be depositories of public monies, following
the lead of North Dakota, the only state to completely escape the 2008
banking crisis. North Dakota does not keep its revenues in Wall Street banks
but deposits them in the state-owned Bank of North Dakota by law. The bank has a mandate to serve the public,
and it does not gamble in derivatives.
A motivated state
legislature could set up a publicly-owned bank very quickly. Having
its own bank would allow the state to protect both its own revenues and those of
its citizens while generating the credit needed to support local business and
restore prosperity to Main Street.
For more information on the public bank option,
see here. Learn more at the Public Banking Institute
conference June 2-4 in San Rafael, California, featuring Matt Taibbi, Birgitta
Jonsdottir , Gar
Alperovitz and others.
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
4
4
3
