The only State in the Union chartered to be the primary depositor and guarantor of the deposits of its own Bank is North Dakota. All state funds are deposited into this bank (by law) and its deposit base becomes the capital reserve from which to create credit.

Our system of hopelessly insolvent mega banks across the nation has leveraged, gambled and lost it all in the insane derivatives casino. Despite more than six months of massive taxpayer bailouts, credit markets are still frozen, the economy continues to collapse and 2.3 million more Americans have lost their jobs since Obama took office.

But North Dakota’s GNP has grown 56%, personal income has grown 43%, and wages have grown 34%. The state not only has no funding issues, but this year it actually has a budget surplus of $1.2 billion, the largest it has ever had.