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- Jul 26, 2009
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I read an article in a Newsweek about a state owned bank in North Dakota, the bank is 100% owned and operated by the state and legally is the state government doing business as a bank under the name Bank of North Dakota.
New Attention Being Paid to Bank of North Dakota - Newsweek.com
The bank operates as a central bank for the state and is a for-profit venture, putting roughly half its profits into the state budget giving the state as well as issuing student loans, funding state projects, etc.
So would you support something like this in your state? It is the very definition of socialism, the state owns and operates a business which can compete with other banks or investors who may want to fund state projects primarily, although the Bank is not limited to investing only in state projects as it is for-profit. However the Bank does not compete with other banks for consumer services like checking accounts, personally investing, etc.
So like I said, its certainly socialism, but it seems to be working well for North Dakota since 1919. Personally I think people use "socialism" too often as a dirty word and anything which the word is applied to, either accurately or inaccurately, instantly becomes negative to many people. I'm interested in stuff that works, socialism or not, and this bank clearly really helps out with the budget.
Bank website
http://banknd.com/
New Attention Being Paid to Bank of North Dakota - Newsweek.com
The bank operates as a central bank for the state and is a for-profit venture, putting roughly half its profits into the state budget giving the state as well as issuing student loans, funding state projects, etc.
So would you support something like this in your state? It is the very definition of socialism, the state owns and operates a business which can compete with other banks or investors who may want to fund state projects primarily, although the Bank is not limited to investing only in state projects as it is for-profit. However the Bank does not compete with other banks for consumer services like checking accounts, personally investing, etc.
So like I said, its certainly socialism, but it seems to be working well for North Dakota since 1919. Personally I think people use "socialism" too often as a dirty word and anything which the word is applied to, either accurately or inaccurately, instantly becomes negative to many people. I'm interested in stuff that works, socialism or not, and this bank clearly really helps out with the budget.
Bank website
http://banknd.com/