We are looking for trustworthy and honest and honorable financial transaction centers:
- Conduct all transactions transparently
- without fraud
- without deception
- without fractional reserve banking
This is number 2 in our series searching for a transaction center in alignment with the emerging paradigm.
Please read the first in our Research series: Free Lakota Bank
We visit the North Dakota system of “Public Banking” and first stop is the http://publicbankinginstitute.org
They explain “What are publicly-owned banks?” ~ Ron
First, a “bank” can leverage its capital assets. At an 8% capital requirement, $8 in capital can be leveraged into $100 in loans. That assumes the bank can come up with the deposits to back the loans; but if it doesn’t have the deposits, it can borrow them. And that is a second major advantage of a “bank”: it can borrow deposits from other banks at the Fed funds rate, currently set at a very low 0.2%. Rather than borrowing from Wall Street banks at 5% and having to worry about such things as credit ratings, interest rate swaps, and late fees, the state can fund its projects through its own bank, by backing the loans with its own revenues deposited in the bank with no interest having to be paid to itself; and until it can acquire the necessary deposits, it can borrow short-term from other banks at an extremely reasonable 0.2%. – http://publicbankinginstitute.org/faqs.htm
From their concept of finance transactions they fail to meet our requirements.
I admit they have some advantages over the private banking models,
but the foundation of “fractional reserve banking” remains.
Fractional reserve banking is a faulty foundation and if we fail to build on a sound foundation then future generations will have to face similar crisis in their age to come.
If you want to immediately switch your banking, and for example your current bank is the Bank of America corporation, then you may see an advantage in joining a “public bank” (or a credit union) for a temporary move as you continue the process of converting and moving your assets.
I have been researching the Bank of North Dakota for a few years and I have listened to and read volumes of data and their “public banking” model has advantages over the larger private corporate banking, but sadly they are not in alignment with the emerging new paradigm shift to value self governance. North Dakota public banking supports the obsolete model of institutional governance.
However, I had started my research of “Public banking” with the hope that they may be less resistant to the concept of the emerging new paradigm and possibly support the emerging paradigm as more of us request them to meet our needs and sign each contract as free people, individual to individual.
I hope this is helpful to the readers and friends of Ellen Hodgson Brown, Chairman and President of Public Banking Institute (attorney, and author of of 12 books), who I think is a inspirational woman in the alternative sector.
Author of Web of Debt
September 30, 2011 Public Banking – Ellen Brown on GRTV
Ellen shares with the listener that she was fleeced by the shady activities of Wall Street Banks