Economy Prompts Fresh Look at US Socialist Bank In North Dakota

March 3rd, 2010 by Andy in Banks, Banksters & The Financial Crisis

Ever wonder how North Dakota seems to be surviving the recession (depression?) as well as it is? Perhaps it’s their “socialist” banking system.

It has no automatic tellers or drive-up windows, doesn’t issue credit cards, and tends only a few thousand checking and savings accounts. Its only location is a glass, steamboat-shaped headquarters near the Missouri River, where the business moved from its original 1919 home in a former auto assembly plant.

The Bank of North Dakota — the only state-owned bank in the United States — might seem to be a relic. It was the brainchild of a failed flax farmer and one-time Socialist Party organizer during World War I.

But now officials in other states are wondering if it is helping North Dakota sail through the national recession.

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