Random googling on debt free banks turns up North Dakota, a state owned bank Billy T, what is your opinion of state owned banks and their independence from debt in this economy? see also: "North Dakota has earned a grade of D+ from a Washington, D.C., research center that recently analyzed how well states are enforcing compliance with their economic development programs." http://www.minotdailynews.com/page/...omic-development-accountability.html?nav=5010
I assume states can legally own bank(s) but am under the impression that state regulate banks (and that FED recently got increased power to do so too). There would seem to be some potential problems when the fox is controlling the chicken coop with state owning and regulating / inspecting banks. I really know little about this and am not inclined to learn much more. One thing vaguely related is ND is very rich. They now produce more oil and natural gas liquids than a few of the smaller members of OPEC! Perhaps with all that tax money coming in they feel they need a bank they can trust and don´t trust the commercial ones?
Hi Billy, a state owned bank is not under regulation by BIS or the FedRes [like banks in Iraq before the war, Libya before the war, Sudan before the partition and currently, Iran and Syria]
Well essentially only Central Banks are even customers of BIS, and none of them are regulated by it. Bank of ND is a member of the Minn Fed Reserve. Bank of ND is not FDIC insured, as the state regulates it and backs up any deposits. Bank of ND has no branches and virtually no retail component. Bank of ND is a relatively small bank (~$4 Billion in assets).
Could you explain how this works? And why the Libyan rebels opened their own bank in the middle of their revolution? What did this change?
BIS, or Bank for International Settlements, offers a secure method for Central Banks in various countries to transfer funds between them. http://www.bis.org/about/index.htm I know nothing about the Libyan bank, but ultimately a bank is simply anyone willing to take money and safeguard it for others for a fee (and often lend money as well). I can certainly understand why, in a revolution, Rebels would not want to get loans and keep their money in a State oriented bank.
