I am having fun and games trying to reply to your comment heres my 3rd attempt I hope they do not turn into the preverbial no9 bus and all turn up at once.
North Dakota's system has been given very good coverage by Ellen Brown a writer and critic of the current private fractional reserve debt money system.
The ownership of the bank and its profit belongs to the State and therefore its tax payers and the issue of the money is on a sustainable basis the current system issuing debt without interest ensures the unsustainable growth model which is a bad thing.
Other shortcomings are manifold and are well known see Eddison and Henry ford and their famous Muscle Shoals speeches.
Lots of this information I have found very well covered here at this web site.
Another very full and helpful e book is available free here.
Finally I posted this in another economics discussion in Linked in the other day, I think the regional banking odel and my suggestion regarding llyods and RBS a regionalisation and governemnt credit based rather than private debt money without interest sysstem are perfectly workable and no more complicated than the system we presently endure and somewhat fairer and cheaper to society at large.
The system is far from safe and inherently dishonest.
Until there is a return to Honest Money, which doesn't mean the gold standard
but does mean strict reserve ratios and executive and shareholder accountability for losses, we will continue in the present mad hatters tea party masquerading as an economy.
The agenda of dishonesty and lies is not limited to Government but is also hugely apparent in Corporate attitudes particularly in but not limited too the Large banking conglomerates. Globalisation is a massive cult idea that has gone beyond what could be considered an efficient and sustainable use of resources. The globalisation of Banking particularly money markets and what used to be called Hot money is not serving a useful purpose. The distinction between Main Street and Wall street has never been more stark. The skewing of the relative importance of the two has reached a level of obscenity of nauseous proportions.
This is a link to an Australian Blog that demonstrates an Alternative analysis of the usefulness and safeness of Current levels of Bank Profitability, he argues that they are abusing their role in the creation of money supply through debt to generate inappropriate levels of Super Profits this is both unfair undemocratic and damaging to main street.
Days of action, National Strikes big issues requiring some sort of Public show of dissatisfaction. We are being robbed blind by the Banks and the Coalition without mandate and the biggest show of Public solidarity was Wills and Kates Wedding? Wow maybe we are all just fine? personally I think we are being had over and I'm still one of the much better off but have seen a huge fall in value of my real assets when nothing essentially has changed just that the Banks broke themselves and Billions of pounds was borrowed from them by the government to mend them again net result your houses and other investments are worth between 30% and 60% of what they were in 2003. This in itself is not a bad thing except that if you have a Mortgage payments are basically for thin air that the bank lent you in that only between 1/20th ans 1/40th of the banks loan to you existed in actual bank capital and possibly not even that much.
This year the government will decide what to do to fix the banks.
We have to make sure they make the right choice.
“Of all the ways of organising banking, the worst is the one we have today”
– Mervyn King, Governor of the Bank of England
We can help solve problems like debt, poverty, economic chaos and environmental
breakdown just by fixing the way that money and banking works.
The message is spot on Congratulations.
What is refreshing is to see the issue being aired this misconception about Banks and what they do has allowed a very unfair system to perpetuate itself and the 2007/08 debacle should have brought the fault line running through the whole system into sharp relief.
People if given the facts will get it and they will not like it what is then adopted in place of what we currently have has a political and ideological aspect. It is in this area that the issue could stand or fall especially if debate is polarised into that sphere ahead of dealing with the main problem which is Private Banks create and control the Money Supply underwritten by Taxpayers through Government.
We really need something like the full nationalisation of Llyods and RBS and their constitution to be based on some sort of Public Trust owned by the stake holders in the UK economy with representatives on a board of trustees similar to the BOE monetary policy committee but with wider experience i.e the Public services and community groups should be represented as should unions and trade associations and indeed Banking.
Banking should still be welcome at the table but Bankers should only be allowed to Gamble with their own money or that of their shareholders and giving them control of the money supply is the biggest conflict of interest I have ever come across.
I was reminded recently of the need to keep things simple and really do think that simply stating the facts as this campaign does and standing ready with sensible and practical solutions to the inevitable concerns that people from all sides will properly raise is a very good prospect as this is an obvious solution just waiting to happen.
Well done again I do think this is a brilliant start to doing something about this and can see that a huge amount of effort has already gone into it for which I thank all of the people who have made this happen.