Californians, please call up governor Jerry Brown for him to approve the study of a state-owned bank in California (AB 750). It could cut your budget deficit in half, by allowing for the state to self-finance its own infrastructure projects at 0% interest. Loans to local banks or individuals could also be at low rates, plus it would be more stable than a private bank because all of California's money and tax receipts would be deposited in the state-owned bank to back loans. Think of it as a mini-Fed for your state, except that the shareholder essentially is the taxpayer. Every year the Fed must pay its private shareholders a 6 percent dividend, with the rest of the earnings being refunded to the U.S. Treasury. Currently North Dakota is the only state with its own state-owned bank (whose charter started back in 1918), and they consistently have budget surpluses and an extremely low rate of unemployment. The financial success of N. Dakota is not just due to oil natural resources! Rather than competing with local banks, the BND has actually worked together with local banks to create greater financial stability within the state.
Following are Governor Brown's contact details:
Governor Jerry Brown
c/o State Capitol, Suite 1173
Sacramento, CA 95814
Phone: (916) 445-2841
Fax: (916) 558-3160
Email: http://gov.ca.gov/m_contact.php
Showing posts with label Bank of North Dakota. Show all posts
Showing posts with label Bank of North Dakota. Show all posts
Monday, September 19, 2011
Friday, September 16, 2011
California May Launch Public Bank, Which Could Help Take the Power To Manipulate the System Away From the Insolvent Giant Banks
Source: Washington's Blog
Date: 9/16/2011
This could take away the power of the giant, insolvent banks to manipulate the money system. See this and this.
Date: 9/16/2011
California Passes Bill to Study Public Bank
The California legislature has passed a bill to study public banking. If you don’t know what public banking is (North Dakota already has a public bank, which is helping to keep that state in the green) and why this issue is so important – read this and this for background.This could take away the power of the giant, insolvent banks to manipulate the money system. See this and this.
Governor Brown Is On the Fence On Vetoing Or Signing … But He’s On the Fence
Ellen Brown – whose Public Banking Institute helped pass the bill – says that California governor Jerry Brown is considering vetoing the bill. Brown suggests that Californians call Governor Brown to urge him to sign the bill (AB750) into law:[Editor's Note: Please see "California Legislature Passes Bill to Study State-owned Bank" by Ellen Brown for further details]Governor Jerry Brown
c/o State Capitol, Suite 1173
Sacramento, CA 95814Phone: (916) 445-2841Email: http://gov.ca.gov/m_contact.php
Fax: (916) 558-3160
Thursday, July 28, 2011
Why QE2 Failed: The Money All Went Overseas
Source: Huffington Post: Business
Date: 7/11/11 10:42 AM ET
by: Ellen Brown
On June 30, QE2 ended with a whimper. The Fed's second round of "quantitative easing" involved $600 billion created with a computer keystroke for the purchase of long-term government bonds. But the government never actually got the money, which went straight into the reserve accounts of banks, where it still sits today. Worse, it went into the reserve accounts of foreign banks, on which the Federal Reserve is now paying 0.25-percent interest.
Before QE2 there was QE1, in which the Fed bought $1.25 trillion in mortgage-backed securities from the banks. This money, too, remains in bank reserve accounts collecting interest and dust. The Fed reports that the accumulated excess reserves of depository institutions now total nearly $1.6 trillion.
Interestingly, $1.6 trillion is also the size of the federal deficit -- a deficit so large that some members of Congress are threatening to force a default on the national debt if it isn't corrected soon.
...
Read full article here
Date: 7/11/11 10:42 AM ET
by: Ellen Brown
On June 30, QE2 ended with a whimper. The Fed's second round of "quantitative easing" involved $600 billion created with a computer keystroke for the purchase of long-term government bonds. But the government never actually got the money, which went straight into the reserve accounts of banks, where it still sits today. Worse, it went into the reserve accounts of foreign banks, on which the Federal Reserve is now paying 0.25-percent interest.
Before QE2 there was QE1, in which the Fed bought $1.25 trillion in mortgage-backed securities from the banks. This money, too, remains in bank reserve accounts collecting interest and dust. The Fed reports that the accumulated excess reserves of depository institutions now total nearly $1.6 trillion.
Interestingly, $1.6 trillion is also the size of the federal deficit -- a deficit so large that some members of Congress are threatening to force a default on the national debt if it isn't corrected soon.
...
Read full article here
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