who runs the governor, the attorney general, and the farm dept head? when it refers to no-interest loans (or rather "returning the interest to the public purse"), the word "could" appears earlier in the sentence.
On Sat, Mar 7, 2009 at 10:49 PM, Charles Brown <[email protected]> wrote: > > Jim, > > Take a second look. I think > this author may have a little > more going on than first meets > the eye, and I'd like to > hear what you have to say. > It says the state bank > is run by the gov, the attorney > general and the farm dept head. > It's not saying there are productive > assets only in ND. i think it > says no interest loans ?? > > Take a second look , s'il vous plait > > Charles > > > > * From: Jim Devine >>"North Dakota is a sparsely populated state of less than 700,000, known for >>cold weather, isolated farmers and a hit movie - Fargo. Yet, for some reason >>it defies the real estate cliche of location, location, location. Since 2000, >>the state's GNP has grown 56%, personal income has grown 43%, and wages have >>grown 34%. This year the state has a budget surplus of $1.2 billion!"< > > Wait, the whole country grew a lot, too, during the bubble years > (while "Fargo" mostly takes place in Minnesota). It's also a bad sign > that personal incomes and wages lagged so much behind gross state > product. > >>What does the State of North Dakota have that other states don't? The answer >>seems to be: its own bank. In fact, North Dakota has the only state-owned >>bank in the nation.... < > > That's a good thing, if it avoided getting involved in the city > slickers' Standard & Ponzi scheme. But who runs that bank? business, > I'd bet. > >> Some experts insist that we must tighten our belts and start saving again, >> in order to rebuild the "capital" necessary for functioning markets; but our >> markets actually functioned quite well so long as the credit system was >> working. We have the same real assets (raw materials, oil, technical >> knowledge, productive capacity, labor force, et cetera) that we had before >> the crisis began. Our workers and factories are sitting idle because the >> private credit system has failed.< > > Right, it's like I said in my long missive to David, there are a lot > of real productive assets that can be used. It's not just in ND. > >> A system of public credit could put them back to work again. The notion that >> "money" is something that has to be "saved" before it can be "borrowed" >> misconstrues the nature of money and credit. Credit is merely a legal >> agreement, a "monetization" of future proceeds, a promise to pay later from >> the fruits of the advance. Banks have created credit on their books for >> hundreds of years, and this system would have worked quite well had it not >> been for the enormous tribute siphoned off to private coffers in the form of >> interest. A public banking system could overcome that problem by returning >> the interest to the public purse. This is the sort of banking system that >> was pioneered in the colony of Pennsylvania, where it worked brilliantly >> well. < > > this is wishful thinking, isn't it? it's not about to be instituted, > is it? The ND state bank isn't going to be doing monetary policy, I'd > bet. > > (you betcha!) > > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l > -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
