Nation’s Only State-Owned Bank is the Envy of Wall Street?
The Bank of North Dakota is the only state-owned bank in the nation. It also earned record profits last year, showing that “socialized” banks can actually out-compete the likes of BofA and Wachovia.
Mother Jones interviews the bank’s president, who says the socialism label has “been thrown at me many times” but that now he’s getting the last laugh.
Could opening state-owned banks across America get us out of the financial crisis?
“It certainly might help, says Ellen Brown, author of the book, Web of Debt, who writes that the Bank of North Dakota, with its $ 4 billion under management, has avoided the credit freeze by “creating its own credit, leading the nation in establishing state economic sovereignty.” ”