"HOW CALIFORNIA CAN CREATE ITS OWN CREDIT: OWN A BANK!"
Establishing a state-owned bank for the People of California will be discussed by author ("Web of Debt") Ellen Brown, on Wednesday, August 26, 2009, from 7pm-8:30pm,at the Grant Brimhall Thousand Oaks Library 1401 Janss Rd., Thousand Oaks.
Thousand Oaks - Local attorney Ellen Brown explains how private banks leverage deposits into multiple amounts of "credit" on their books, and tells why a state-owned bank could do the same thing, and return the profits to the public purse. One State already does this! North Dakota boasts the only state-owned bank in the Nation. It is also one of only two states (along with Montana) that are currently able to meet their budgets. The Bank of North Dakota was established by the legislature in 1919 to free farmers and small businessmen from the clutches of out-of-state bankers and railroad men. By law, the State must deposit all its funds in the bank, and the State guarantees its deposits. It makes 1% loans to startup farms, has a thriving student loan business, and purchases municipal bonds from public institutions. North Dakota is not suffering from unemployment or feeling the pinch of the economic downturn. Rather, it sports the largest surplus it has ever had. If this isolated farming State can escape Wall Street's credit crisis, Ellen argues, the world's eighth largest economy can do it too! Ellen Brown has written eleven books, including "Web of Debt," "Forbidden Medicine," and "The Key to Ultimate Health." Her websites are http://www.webofdebt.com and http://www.ellenbrown.com. She resides in Santa Clarita. A question and answer period will follow the presentation which is free and open to the public.
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