Marilyn Barnewall - State Bank Initiative
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Transcript of Marilyn Barnewall - State Bank Initiative
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STATE BANKSWhy States Cannot….
• Create their own currency
• Reject the federal financial system (Federal Reserve, FDIC, comptroller, etc.
• Secede
• Be sovereign states:
… Without one.
• State Bank =Alternatives
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BOISE, IDAHO
ONE IN 21 HOMES IS IN FORECLOSURE
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SARASOTA, FLORIDA
ONE IN 21 HOMES IS IN FORECLOSURE
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LAKELAND, FLORIDA
ONE IN 21 HOMES IS IN FORECLOSURE
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TAMPA, FLORIDA
ONE IN 20 HOMES IS IN FORECLOSURE
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PORT ST. LUCIE, FLORIDA
ONE IN 20 HOMES IS IN FORECLOSURE
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SACRAMENTO, CALIFORNIA
ONE IN 19 HOMES IS IN FORECLOSURE
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NAPLES, FLORIDA
ONE IN 18 HOMES IS IN FORECLOSURE
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DELTONA, FLORIDA
ONE IN 17 HOMES IS IN FORECLOSURE
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BAKERSFIELD, CALIFORNIA
ONE IN 17 HOMES IS IN FORECLOSURE
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RENO, NEVADA
ONE IN 16 HOMES IS IN FORECLOSURE
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VALLEJO, CALIFORNIA
ONE IN 16 HOMES IS IN FORECLOSURE
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ORLANDO, FLORIDA
ONE IN 15 HOMES IS IN FORECLOSURE
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MERCED, CALIFORNIA
ONE IN 14 HOMES IS IN FORECLOSURE
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STOCKTON, CALIFORNIA
ONE IN 14 HOMES IS IN FORECLOSURE
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RIVERSIDE, CALIFORNIA
ONE IN 14 HOMES IS IN FORECLOSURE
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MIAMI, FLORIDA
ONE IN 14 HOMES IS IN FORECLOSURE
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PHOENIX, ARIZONA
ONE IN 14 HOMES IS IN FORECLOSURE
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MODESTO, CALIFORNIA
ONE IN 14 HOMES IS IN FORECLOSURE
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CAPE CORAL, FLORIDA
ONE IN 12 HOMES IS IN FORECLOSURE
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LAS VEGAS, NEVADA
ONE IN EVERY 9 HOMES IS IN FORECLOSURE
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CONSTITUTION OF THE UNITED STATES OF AMERICA
ARTICLE 1, SECTION 8
The Congress shall have power to…
…borrow money on the credit of the United States; to regulate commerce with foreign nations, and among the several States, and with the Indian Tribes;
The Congress shall have power to…
…coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures.
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NATIONAL DEBT HISTORY
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NORTH DAKOTA STATE BANK RESULTS:
WITH A POPULATION OF ABOUT 650,000, THE NORTH DAKOTA STATE BANK HAS, DURING THE PAST TEN YEARS, PAID THE STATE TREASURER MORE THAN $325 MILLION FROM BANK PROFITS.
IN 2010 – THE WORST ECONOMY IN RECENT HISTORY –NORTH DAKOTA HAD ITS LARGEST FINANCIAL SURPLUS IN HISTORY.
NORTH DAKOTA TOPS THE LIST OF STATE ECONOMIES YEAR AFTER YEAR.
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UNEMPLOYMENT IN 2011National 9.1%Colorado 8.5%North Dakota 3.3%
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REDUCING TAXES
IN 2011, NORTH DAKOTANS WILL SEE ALMOST $500 MILLION OF THEIR MONEY RETURNED TO THEM IN THE FORM OF INCOME AND PROPERTY TAX CUTS.
COMBINING 2009 AND 2011 TAX REDUCTIONS, THE AVERAGE NORTH DAKOTAN WILL ENJOY A 30% TAX LIABILITY DROP.
THE LEGISLATURE ALSO FUNDED $342 MILLION IN PROPERTY TAX RELIEF. THE OWNER OF A $150,000 HOME WILL ENJOY A TAX REDUCTION OF $506.
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BREAKDOWN, NORTH DAKOTA TAX RELIEF:
$341.79 MILLION: PROPERTY TAX RELIEF. The money is provided to the superintendent of public instruction for grants to school districts under the mill levy reduction program.
$120 million: reduces all individual income tax rates by 17.9 percent.
$25 million: reduces all existing corporate income tax rates by 19.5 percent.
$2.125 million: Reduces the financial institutions tax rate from 7 percent to 6.5 percent. Only the state general fund share of the tax revenue is impacted by this change.
Ref: The tax reduction bill, House Bill 1047
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GOVERNOR OF THE STATE IS THE
EQUIVALENT OF CHAIRMAN OR CEO OF
BANK
ADVISORY BOARDECONOMY W/
STATE TREASURER
ADVISORY BOARD LARGE CREDITS
(MAJOR LOAN COMMITTEE)
CORRESPONDENT CREDIT AND OTHER
LINE BANKING SERVICES