BISMARCK, N.D. - 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 nation's only state-owned bank - 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.
. . .
Hardmeyer says he's gotten "tons" of inquiries about the bank's workings, including questions from officials in California, Michigan, New Mexico, Ohio and Washington state. North Dakota has the nation's lowest unemployment rate at 4.4 percent, soaring oil production and a robust state budget surplus - but Hardmeyer says the bank isn't responsible for the prosperity.
>>>>
Zim: This 'Socialist Bank . . "only a few thousand checking and savings accounts" . . .
Ya just ain't too bright, is ya?
I'll give ya another hint. Soaring oil production
in North Dakota.
It's interesting to note that one of the things that sets North Dakota apart from the rest of the country is that it's the ONLY state with their own banking system. I don't mean banks licensed by the state but an ACTUAL state-owned banking system where the bank employees are civil servants and any 'profits' are returned to the state coffers. In other words, SOCIALISM!!! And yet they got the highest rating. How could that possibly happen?
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