{"id":183607,"date":"2013-01-15T19:31:00","date_gmt":"2013-01-16T00:31:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2013\/01\/15\/not-something-i-did-not-expect-from-time-magazine\/"},"modified":"2013-01-15T19:31:00","modified_gmt":"2013-01-16T00:31:00","slug":"not-something-i-did-not-expect-from-time-magazine","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2013\/01\/15\/not-something-i-did-not-expect-from-time-magazine\/","title":{"rendered":"Not Something I Did Not Expect From Time Magazine"},"content":{"rendered":"<p>they just did an article about the <a href=\"http:\/\/business.time.com\/2013\/01\/15\/are-state-owned-banks-the-antidote-to-the-too-big-to-fail-epidemic\/?xid=gonewsedit&amp;google_editors_picks=true\">advantages of state owned banks<\/a>:<\/p>\n<blockquote><p><span style=\"color: blue;\">The American Great Plains are known for their expansive farm lands, endless horizons, and \u2014 in recent history \u2014 staunchly conservative politics. So it may come as a surprise that only state-owned bank in the U.S. (an institution more widely associated with communist China than the Republican Party) can be found in ruby-red, rural North Dakota.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span> <span style=\"color: blue;\">That\u2019s right, The Bank of North Dakota (BND) \u2014 the largest bank in the state by deposits \u2014 was founded by legislative mandate in 1919, and has been a mainstay of the North Dakotan economy since that time, mostly through partnering with community banks to provide loans for local businesses. And advocates of public banking are holding up the BND as an example of what government-owned banks can do for an economy.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span> <span style=\"color: blue;\">\u2026\u2026\u2026<\/span><br \/><span style=\"color: blue;\"><br \/><\/span> <span style=\"color: blue;\">Sure, there are many obstacles to launching publicly-owned financial institutions. Pulling state capital out of commercial institutions could prove to be disruptive to the current financial system. And proper controls need to be set up to avoid political considerations overwhelming proper analysis of lending opportunities. But North Dakota has avoided these pitfalls, and the NBD is an institution that has proven its ability to work alongside the private banking industry to help the state\u2019s economy \u2014 one of the most successful in the nation in recent times \u2014 develop and grow.<\/span><\/p><\/blockquote>\n<p>The idea that this idea has gained enough currency to appear on the pages of <i>Time<\/i> Magazine is pretty remarkable.&nbsp;<\/p>\n<p>Generally, the MSM will view something like North Dakota&#8217;s as an anachronism, or some sort of upper Midwest peculiarity, like something from the movie <i>Fargo<\/i>.<\/p>\n<p>They are actually taking this seriously, and that&#8217;s a change.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>they just did an article about the advantages of state owned banks: The American Great Plains are known for their expansive farm lands, endless horizons, and \u2014 in recent history \u2014 staunchly conservative politics. So it may come as a surprise that only state-owned bank in the U.S. (an institution more widely associated with communist &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1005,1004,1009,1064,985],"tags":[],"class_list":["post-183607","post","type-post","status-publish","format-standard","hentry","category-business","category-finance","category-government","category-media","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/183607"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=183607"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/183607\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=183607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=183607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=183607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}