RECENTLY ON TOL:
- A tumblr site dedicated to the people and places that make up Oregon and Southwest Washington.
David Bean's comments:
One of the best ways to keep money local is to follow the example of the State Bank of North Dakota. North Dakota has not been affected by the financial crash that the rest of the country has suffered as consequence.
A State owned bank is not a monopoly, it must compete, but it can earn benefits that lower all inhabitants tax costs by using the money that have been going to casino banking and the trading of Credit Default Swaps(CDOs)
A benefit, that instead of the interest going to bonuses, it goes to pay for roads and schools, another is that the money Stays in the State. That means local farms and businesses can get loans.
I could be wrong on what follows, but I did not believe Credit Unions could make business loans. That may have changed recently, but that is the way it used to be.
posted 3 years, 2 months ago
view in context