All Banks Should Be Like the Bank of North Dakota
SHORT VIDEO CLIPS, 28 Mar 2011
httpv://www.youtube.com/watch?v=r0rJWnRFUJA
North Dakota (from Wikipedia) – The corruption in the early territorial and state governments led to a wave of populism led by the Non Partisan League (usually referred to as the “NPL”), which brought social reforms in the early 20th century. The NPL, which was later incorporated into the Democratic Party, fashioned a number of laws and social reforms, some of which are still in place today, in an attempt to insulate North Dakota from the power of out-of-state banks and corporations. In addition to founding the state-owned Bank of North Dakota and North Dakota Mill and Elevator (both still in existence), reformers established a state-owned railroad line (later sold to the Soo Line Railroad). Anti-corporate laws were passed that virtually prohibited a corporation or bank from owning title to land zoned as farmland. These laws, still in force today, after having been upheld by both State and Federal courts, make it almost impossible to foreclose on farmland, as even after foreclosure, the property title cannot be held by a bank or mortgage company. Thus, virtually every farm in existence today in North Dakota is still a “family-owned” farm. As a result, CBS News has reported that the state with the highest per capita percentage of millionaires is North Dakota.
This article originally appeared on Transcend Media Service (TMS) on 28 Mar 2011.
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