We, the People, of the State of Florida, do hereby petition our State government to charter a sovereign STATE OWNED BANK (Bank of Florida) funded and capitalized by the taxpayers of Florida, to be used for the purposes of funding infrastructure improvements and social services for its citizens, and to fund existing state budget shortfalls and commitments.
The means by which such funding will take place is the customary FRACTIONAL RESERVE SYSTEM OF LENDING, used by private banking institutions around the world, to loan to THE STATE funds necessary to accomplish the above. This system of self-lending will replace the system of bonding out to privately-owned banks.
The Bank of Florida will observe the rules of GLASS STEAGALL, such that investment of its capital into speculative ventures, including derivatives trading, will be strictly prohibited, thereby eliminating the risks associated with such leveraging and speculation that has ultimately caused the present economic crisis among privately owned banks worldwide.
We, the Taxpayers of the State of Florida, firmly believe that tax revenues and existing state-owned assets allocated to fund the creation and capitalization of a sovereign Bank of Florida can more effectively be used to create jobs, fund infrastructure improvements and provide social services here in Florida than programs funded at the Federal level through a system of debt repayment to privately-owned central banks, including those associated with Wall Street and elsewhere, whose involvement in reckless speculation and leveraging has created the present economic crisis among privately owned banks worldwide.
Oversight
Modeled after the successful example of the State Bank of North Dakota (North Dakota being one of only three States in the United States which is not facing a budget deficit for fiscal year 2010) a State Commission will be formed by legislative mandate to oversee Bank of Florida operations, to be chaired by the Governor of Florida and to include the Attorney General and Commissioner of Agriculture.
Deposit Base
The Bank of Florida WILL NOT be a member of the Federal Depository Insurance Corporation and its primary deposit base will be the State of Florida. All State funds and funds of State institutions are to be deposited with the Bank of Florida, by law.
We, the People, of the State of Florida, do hereby petition our State government to charter a sovereign STATE OWNED BANK (Bank of Florida) funded and capitalized by the taxpayers of Florida, to be used for the purposes of funding infrastructure improvements and social services for its citizens, and to fund existing state budget shortfalls and commitments.
The means by which such funding will take place is the customary FRACTIONAL RESERVE SYSTEM OF LENDING, used by private banking institutions around the world, to loan to THE STATE funds necessary to accomplish the above. This system of self-lending will replace the system of bonding out to privately-owned banks.
The Bank of Florida will observe the rules of GLASS STEAGALL, such that investment of its capital into speculative ventures, including derivatives trading, will be strictly prohibited, thereby eliminating the risks associated with such leveraging and speculation that has ultimately caused the present economic crisis among privately owned banks worldwide.
We, the Taxpayers of the State of Florida, firmly believe that tax revenues and existing state-owned assets allocated to fund the creation and capitalization of a sovereign Bank of Florida can more effectively be used to create jobs, fund infrastructure improvements and provide social services here in Florida than programs funded at the Federal level through a system of debt repayment to privately-owned central banks, including those associated with Wall Street and elsewhere, whose involvement in reckless speculation and leveraging has created the present economic crisis among privately owned banks worldwide.
Oversight
Modeled after the successful example of the State Bank of North Dakota (North Dakota being one of only three States in the United States which is not facing a budget deficit for fiscal year 2010) a State Commission will be formed by legislative mandate to oversee Bank of Florida operations, to be chaired by the Governor of Florida and to include the Attorney General and Commissioner of Agriculture.
Deposit Base
The Bank of Florida WILL NOT be a member of the Federal Depository Insurance Corporation and its primary deposit base will be the State of Florida. All State funds and funds of State institutions are to be deposited with the Bank of Florida, by law.
Dear Elected Official,
We the undersigned would like to take this opportunity to present an idea for your consideration. Namely, creating a state bank in Florida. This proposal has been fleshed out in an article by Ellen Brown, noted author and expert on banking and the causes of our national financial collapse, available here: Cash-starved States Need to Play the Banking Game: North Dakota Leads the Way.
http://www.webofdebt.com/articles/state_bank_option.php
The reason for a state owned bank is simple. We have lost control of our finances. Our municipalities are burdened with legacy debt and aging infrastructure and the only current way to fix the infrastructure is to bond through Wall Street. We can not take any more taxes, but indebting us to Wall Street has cost us dearly and the costs will only increase as the national credit crunch continues to squeeze us at home and in our neighborhoods.
Our businesses are also suffering from the credit crunch. National banks are canceling lines of credit for businesses with excellent credit ratings. Shopping centers are emptying out, and it seems like another friend loses his or her job every week. As for the future, it is bleak. Credit is all but drying up as scare resources get diverted to bail out Wall Street and repay the national debt.
A publicly-owned state bank, capitalized by our own taxpayers, would allow us to fund roads, bridges, schools, and other statewide infrastructure, commercial development, mortgages, municipal debt, and student loans.
Fortunately, we have a successful model. North Dakota has had a state bank since 1919 and this year the state has a $1 billion plus surplus!
I urge you to enact or support legislation to create a state bank today.
