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
VALLEJO, CALIFORNIAONE IN 16 HOMES IS IN FORECLOSURE
ORLANDO, FLORIDAONE IN 15 HOMES IS IN FORECLOSURE
MERCED, CALIFORNIAONE IN 14 HOMES IS IN FORECLOSURE
STOCKTON, CALIFORNIAONE IN 14 HOMES IS IN FORECLOSURE
RIVERSIDE, CALIFORNIAONE IN 14 HOMES IS IN FORECLOSURE
MIAMI, FLORIDAONE IN 14 HOMES IS IN FORECLOSURE
PHOENIX, ARIZONAONE IN 14 HOMES IS IN FORECLOSURE
MODESTO, CALIFORNIAONE IN 14 HOMES IS IN FORECLOSURE
CAPE CORAL, FLORIDAONE IN 12 HOMES IS IN FORECLOSURE
LAS VEGAS, NEVADAONE IN EVERY 9 HOMES IS IN FORECLOSURE
CONSTITUTION OF THE UNITED STATES OF AMERICAARTICLE 1, SECTION 8The Congress shall have power to……borrow money on the credit of the United States; to regulate commercewith foreign nations, and among the several States, and with the IndianTribes;The Congress shall have power to……coin money, regulate the value thereof, and of foreign coin, and fix thestandard of weights and measures.
NORTH DAKOTA STATE BANK RESULTS:WITH A POPULATION OF ABOUT 650,000, THE NORTHDAKOTA STATE BANK HAS, DURING THE PAST TENYEARS, PAID THE STATE TREASURER MORE THAN $325MILLION FROM BANK PROFITS.IN 2010 – THE WORST ECONOMY IN RECENT HISTORY –NORTH DAKOTA HAD ITS LARGEST FINANCIAL SURPLUS INHISTORY.NORTH DAKOTA TOPS THE LIST OF STATE ECONOMIES YEARAFTER YEAR.
UNEMPLOYMENT IN 2011 National 9.1% Colorado 8.5% North Dakota 3.3%
REDUCING TAXESIN 2011, NORTH DAKOTANS WILL SEE ALMOST $500MILLION OF THEIR MONEY RETURNED TO THEM IN THEFORM OF INCOME AND PROPERTY TAX CUTS.COMBINING 2009 AND 2011 TAX REDUCTIONS, THEAVERAGE NORTH DAKOTAN WILL ENJOY A 30% TAXLIABILITY DROP.THE LEGISLATURE ALSO FUNDED $342 MILLION INPROPERTY TAX RELIEF. THE OWNER OF A $150,000 HOMEWILL ENJOY A TAX REDUCTION OF $506.
BREAKDOWN, NORTH DAKOTA TAX RELIEF:$341.79 MILLION: PROPERTY TAX RELIEF. The money is provided tothe superintendent of public instruction for grants to school districtsunder 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 19.5percent.$2.125 million: Reduces the financial institutions tax rate from 7percent to 6.5 percent. Only the state general fund share of the taxrevenue is impacted by this change.Ref: The tax reduction bill, House Bill 1047
GOVERNOR OF THE STATE IS THE EQUIVALENT OF CHAIRMAN OR CEO OF BANK ADVISORY BOARD CORRESPONDENTADVISORY BOARD LARGE CREDITS CREDIT AND OTHER ECONOMY W/ (MAJOR LOAN LINE BANKINGSTATE TREASURER COMMITTEE) SERVICES