Saturday, May 11, 2019

The Bank of North Dakota

As a follow up to my post, Thanks to AOC: Check Another Box Off on the Attempt to Implement the 'Communist Manifesto' in America, Rob Riforgiate asks:

RW response:

The Bank of North Dakota is owned by the state of North Dakota. It is in many ways just a transfer point for government funds.  The state and its agencies are required to place their funds in the bank.

The Bank’s first transfer to the state’s general fund occurred in 1945 for $1,725. Since then, more than $1 billion
has been transferred to the general fund and for special programs.

There is some general depository public business conducted but not much. They don't even offer ATM cards.

Of course, because it is a government-owned bank, there are many capital distortions as to where money is loaned.

BND touches on a lot of crony hot spots. It guarantees student loans (through its Student Loans of North Dakota division), business development loans, and state and municipal bonds.

It is, in short, a small-time, money/capital distortion machine. What AOC is trying to do is on a much grander scale with the ultimate (hidden) goal of putting the entire banking sector in the total control of government--at that point capitalism as we know it will be dead in the United States.



    I thought that BND is a way of taking Wall Street out of the Crony Capitalist equation in State Gooferment "banking". I think that it's an ESSENTIAL step in regaining States' Rights from the Federal Gooferment. Like the Texas Gold Depository, it's another step toward freedom and liberty.