North Dakota Banking
I have no idea why this doesn't get more press. North Dakota has its own bank. OK, big deal. Except that it is a big deal. It is the only state that has kept banking within its borders, and not gone national (note, Puerto Rico is not a state). It has kept the Federal Reserve's hands out of its banking sector. Bank accounts held with the Bank of North Dakota are not FDIC insured, and instead are insured by the state of North Dakota. All state and local government agencies are required to keep their reserves in the Bank of North Dakota.
What does this mean? It means that the state's monetary policies are not beholden to an entity that for all intents and purposes is based on Wall Street for the enrichment of Wall Street. OK, again, this is a big deal.
How does that manifest itself? For one, it's a lot more dialed in on its constituents' risk profiles. Because it's operations are generally confined to within state borders, you don't see it's loans being securitized and sold to pensions, sovereign wealth funds, etc.
In a nutshell, it's a safer system because the closer you can pair the banker with the borrower, the more accountability you have in the system. What's the result?
Admittedly it isn't far and away #1, and it seems those states in geographic proximity also fair generally well, but for sure its unemployment reflects reasonably prudant fiscal discipline. Best graphic I can find-- follow North Dakota vs. everyone else. Furthermore, I'm willing to bet that it continues to overachieve even against its neighbors over the next 12 months, as unemployment will almost certainly continue to climb nationally.
What does this mean? It means that the state's monetary policies are not beholden to an entity that for all intents and purposes is based on Wall Street for the enrichment of Wall Street. OK, again, this is a big deal.
How does that manifest itself? For one, it's a lot more dialed in on its constituents' risk profiles. Because it's operations are generally confined to within state borders, you don't see it's loans being securitized and sold to pensions, sovereign wealth funds, etc.
In a nutshell, it's a safer system because the closer you can pair the banker with the borrower, the more accountability you have in the system. What's the result?
Admittedly it isn't far and away #1, and it seems those states in geographic proximity also fair generally well, but for sure its unemployment reflects reasonably prudant fiscal discipline. Best graphic I can find-- follow North Dakota vs. everyone else. Furthermore, I'm willing to bet that it continues to overachieve even against its neighbors over the next 12 months, as unemployment will almost certainly continue to climb nationally.
Labels: Banking, Max Boom, North Dakota
posted by Max Boom | 8:11 PM
2 Comments:
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