Issue Position: Why is a Maine State Bank a great idea?

Issue Position

In the last election cycle, Portland Democrats floated the idea of a Maine State Bank, and created a state bill for the purpose of ratifying such. Libertarians had a say in this, suggesting a clause which made it Constitutional, namely that Maine Money would be backed by gold and silver. This clause was included, and though it didn't pass the Maine legislature, it was a good bill. Together with my proposed modification of zero fractional reserve, this will be an outstanding bill for several reasons.

First, because it would be the first state bill of its kind to directly challenge the Federal Reserve System's monopoly of official money in America. Ever hear of Lakota Bank? This is the official bank of Lakota Nation, the Indian Tribe in the Dakotas who use Silver and gold as the basis of their own money system. Read about this excellent, personally empowering system here. There are many independent money systems springing up in America today. This is a positive and flourishing trend.

No longer will the Federal Reserve dictate high inflation rates to those Mainers and others who use Maine Money! In other words, the 6% real inflation rate Mainers see every year is a hidden tax curtesy of the FED. It will be eliminated with a Maine State Bank. It's like ridding ourselves of an extra heavy sales tax by preserving the value of our money!

Second, because it's a state guaranteed depository for high quality money, wealth from all over the world will pour into Maine. This system is similar to the kind of banking available in Switzerland, or at the Perth Mint in Australia, another precious metal depository guaranteed by the government. This is a multi-Billion dollar a year business.

Third, because unlike the federal banking system, Maine Bank will accept all forms of payment made in the now legal Maine marijuana industry. This will make a very lucrative homegrown industry more efficient and desirable to consumers.

Fourth, because profits from the Maine State Bank go to the state government, this will help reduce debt, feed needy families, and build more business-enhancing infrastructure.

A Maine State Bank is a great idea to boost prosperity for all Mainers!

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