What A Government Can Do With Its Own Bank

keep_it_real

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Thu Aug-05-10 07:17 AM
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What A Government Can Do With Its Own Bank

North Dakota, currently the only state owning its own bank, also happens to be the only state sporting a budget surplus, and it has the lowest unemployment rate in the country; but skeptics can write these achievements off to coincidence. More data is needed, and fortunately other precedents are available from other countries.

One of the most dramatic is the Commonwealth Bank of Australia, which operated successfully as a government-owned bank for most of the 20th century, until it was privatized in the 1990s.

http://www.webofdebt.com/articles/commonwealth_bank_aus.php

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Pab Sungenis

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Thu Aug-05-10 07:28 AM
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1. I said it back when TARP was being debated.

They should have taken one or two of the failing banks, created the Third Bank of the United States from their assets, and abolished the Federal Reserve.

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izquierdista

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Thu Aug-05-10 08:12 AM
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3. Just nationalize it

They are they same thing in function, why all the charades to act as if the Fed is a private entity? It really strains logic to explain why the President appoints the Fed chairman if the Fed is really a private, non-governmental bank. Sounds like talking out of both cheeks of their ass to me.

If it is the "lender of last resort" and the institution that sets monetary policy and interest rates, then it needs to be accountable to the people, as in be part of the government, not some Wall Street run black program.

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truedelphi

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Thu Aug-05-10 12:53 PM
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4. + 1,000. n/t

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xchrom

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Thu Aug-05-10 07:45 AM
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2. Recommend

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