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Public Statements

Issue Position: State Owned Banks

Issue Position

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Date:
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Bring Jobs to California and the 4th District

"We have too long delegated the power to create our money and our credit to private profiteers, who have plundered and exploited the privilege in ways that are increasingly being exposed in the media. Wall Street may own Congress, but it does not yet own the states. We can take the money power back at the state level, by setting up our own publicly-owned banks. We can "spend" our money while conserving it, by leveraging it into the credit urgently needed to get the wheels of local production turning once again."

Ellen Brown author of Web of Debt

State Owned Banks
North Dakota is the only state in the Union to own its own bank, the Bank of North Dakota. It was established in 1919 to allow farmers and small business to be able to secure themselves from out of state banks and monopolistic industries such as the railroads.

How it can be done without changing federal laws or creating a federal agency. The state of California has huge amounts of assets that would easily meet the requirements of starting their own bank. With property, investments and a slush/ rainy day fund up equaling over $300 billion it could be done very easily.

California could begin to loosen up the lending crunch by funding municipalities and even state infrastructure projects with low interest loans, which the profit from interests would be inserted back into California coffers. Lets keep California's money in California.

An example of how it could work is:
A local government (LG) has a much needed infrastructure project and they receive a low interest loan (1% for easy calculations) for $1,000,000 million. The LG would hire local contractors, who would hire local laborers, who would then spend that money in local business, and at every step of the way the taxes would be going to the LG at the same time stimulating the local economy, creating demand. Creating a great multiplier effect. When the LG pays back the loan to the State Bank there will be $10,000 in interests on top of the original $1 million. A majority of that $10,000 then would go into the state coffers because profit isn't the mission of the bank and there are no shareholders to pay.

California has one of the biggest economies on the planet and we could fund our own recovery along with pay down the state debt. The California 4th could begin biomass projects in the forested counties, which is all of them. These projects can be used to maintain our forests by removing excess ground fuel and thinning out dense wooded areas. Protecting California from out of control wildfires and employing people at the same time. This would allow the mills to be partially reopened and a wood pellet manufacturing industry to be created bringing needed jobs to the badly hit 4th district.


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