North Dakota has a state run bank. It’s solvent. So is the state

The state is also adding jobs, and is the only state with a budget surplus. Having a sanely managed state run bank is a major reason why.

The bank was a result of the populist movement

North Dakota created the Bank of North Dakota in 1919, after thousands of North Dakota farmers, enraged by the way eastern banks and commodity wholesalers were treating them, joined the growing populist movement and formed the Nonpartisan League. After taking over the state legislature, the League created both the Bank of North Dakota and a state owned mill and elevator to purchase, process and market (at a fair price) the grain produced by North Dakota farmers.

Other states are now exploring having state owned banks too. Let’s take the banking system back from the banksters.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.