Socialist bank loved by Conservative state

North Dakota is an aggressively Republican state, full of pro-lifers and gun-toting red-necks – and yet it loves its state-owned Bank of North Dakota (BND), which pays no fat bonuses Why? Because it works. It supports no fat cats. In 2011, its handsome profit of more than $70 million went straight into the state’s coffers.

Banks are supposed to make our savings and deposits available to other businesses and consumers in the form of affordable loans. But that’s what the large British banks are not doing. Hence our high level of unemployment. The BND, on the other hand, provides loans at below-market interest rates to businesses, but only if those businesses create at least one job for every $100,000 loaned. Must be a lesson for Britain in there somewhere.

If you are really keen, have a look at a book called The Looting of America: How Wall Street’s Game of Fantasy Finance Destroyed Our Jobs, Pensions, and Prosperity – and What We Can Do About It. Big mouthful of a title, but the author, Les Leopold is the executive director of the Public Health Institute in New York. He knows what he’s talking about.