- Ellen Brown, March 2nd, 2009@Web of Debt
- Posted on March 7,
- “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.
Tagged with banking crisis,, debt issues,, good-bank, money-creation, News, US.
By Emer
– March 9, 2009
