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Cash-starved States Need to Play the Banking Game: North Dakota Leads the Way

Ellen Brown, March 2nd, 2009@Web of Debt
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“He that will not apply new remedies  must expect new evils; for time is the greatest  innovator.”
– Francis Bacon
On February 19, 2009, California  narrowly escaped bankruptcy, when Governor Arnold Schwarzenneger put on his  Terminator hat and held the state senate in lockdown mode until they signed a  very controversial budget.  If the vote had failed, the state was going to be  reduced to paying its employees in I.O.U.s. California avoided bankruptcy for  the time being, but 46 of 50 states are insolvent and could be filing Chapter  9 bankruptcy proceedings in the next two years.
One of the four states that is not  insolvent is an unlikely candidate for the distinction – North Dakota. As  Michigan management consultant Charles Fleetham observed last month in an  article distributed to his local media:
“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 cliché 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!”
What does the State of North Dakota  have that other states don’t? The answer seems to be: its own bank. Link to article.

Posted in Money Systems, News.

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