April 29, 2023 A new memo by Earl Staelin, attorney and Chair of the Rocky Mountain Public Banking Institute, argues that FDIC membership and the holding of 100% collateral generally required for a bank charter are “completely unnecessary for public banks that follow the Bank of North Dakota (BND) model and would substantially undermine their profitability and…
It took Arizona three months to reach 20,000 cases of COVID19. After Governor Dour Ducey opened up the economy in early May, it took only three weeks to add another 20,000 cases. Arizona now has the WORST outbreak of COVID19 in the nation. In addition to our state’s disregard for solid public health policies, such…
The Bank of North Dakota (BND), the only public bank in the US, celebrated 100 years of economic liberty from Wall Street banks this week. BND was created in 1919 by the grassroots efforts of the Nonpartisan League. Back in the early 1900s in the Gilded Age, railroads and banks were controlled by wealthy east…
When Arizonans for a New Economy gives talks about public banking and the Bank of North Dakota, invariably someone in the audience claims that North Dakota is prosperous because of the oil boom. We politely point out that the oil boom started in 2010 and that the Bank of North Dakota was profitable for before…
As public banking advocates, we spend a lot of time evangelizing. We talk about public banking all the time. More often than not, people get it when they hear our message about bringing tax dollars back from Wall Street and investing our money HERE at home. One group that we have not made many inroads with…
Interesting articles on public banking, Wall Street, and cooperative action… How Nebraska Took Its Energy Out of Corporate Hands and Made It Affordable for Everyone Electric power by and for the people: check out this story about electric cooperatives and other publicly owned utilities providing power to $1.8 million people in Nebraska. This harkens back…
Public banking has come to the attention of the Wall Street Journal. Although the Journal wants to credit North Dakota’s economic success to fracking, we know that that state had a strong economy long before it discovered shale oil. Ellen Brown, founder of the Public Banking Institute (PBI), wrote a great analysis of the WSJ’s…
There are many misperceptions about public banking. In this blog post is from the Public Banking Institute’s (PBI) website, PBI answers. When grouped together these misperceptions may be summarized as follows: 1) Public banking is riskier than the current system. In fact, the opposite is true. The only thing that saved the private banking system from…
Summary: Instead of theorizing about possible advantages we want to present a concrete example. It is from the almost 100 years of consistently successful performance of the public Bank of North Dakota. Briefly, from this we can conclude that a public bank can: Create new jobs and spur economic growth Generate new revenues for states…
Arizonans for a New Economy 