From the InContext program, Bridgeport, Connecticut
State public banks, an old American tradition, may provide an important tool to pull states out of the current economic slump. The concept is simple: The public bank uses state funds on deposit as bank reserves for making loans for infrastructure and other projects to improve the state’s economy and grow jobs.
Ben Franklin argued that colonial Pennsylvania’s public bank was the key to the colony’s 18th century prosperity. North Dakota, whose public bank has operated since 1919, boasts the lowest unemployment rate in the country and is the only state to have a balanced budget in each of the last three years.
For more information see: http://PublicBankingInstitute.org
There is no reason that the state banks can’t be the ones to issue the food stamp programs in their own states. It is obscene that the robber baron bank JP Morgan was given that contract.