[schu]

One can only surmise the purpose of a state bank. Could it be to “lend” the state money from leveraged deposits * 80 like MF Global? Then the state will never have to balance the budget, they can act like the Feds and just borrow away their financial folly.

Of course those sharks on Wall Street will gladly get the politicians hooked on the free money .. then when payment comes due they will own it all. Just like a crack dealer, and the state is the most witless addict that can be found.

schu

[bvw]

Above just a side comment.

To the point you made:

Better many corruptions than a few!

[NVDave]

Actually, the Bank of North Dakota was set up to give the state better ability to shield their industries (in particular, wheat farming) from the predations of Wall Street bankers before the Fed came into being and from the Minneapolis commodities exchanges and markets.