I'm a bankster by trade, so this topic is of great interest to me. Banking doesn't have much of a public-private distinction. There is a nascent state banking movement, drawing inspiration from the Bank of North Dakota. The idea behind it seems to be that financial capitalism does a poor job of financing actual businesses, especially small ones. The Bank of North Dakota has certainly been a success. OTOH, the Government Development Bank of Puerto Rico failed. It's also worth noting that the Federal Reserve competes in the wholesale payment space with an entity that it oversees: the New York Clearing House. Believe it or not, all parties involved are reasonably content with this strange relationship. Anything that can happen probably does happen, somewhere.
Hi Ziggy. You remind me of something I learned years ago about local economic development. Whether it works or doesn't work depends on factors outside the basic form of the program, especially the specifics of the locals running their programs.
I'm a bankster by trade, so this topic is of great interest to me. Banking doesn't have much of a public-private distinction. There is a nascent state banking movement, drawing inspiration from the Bank of North Dakota. The idea behind it seems to be that financial capitalism does a poor job of financing actual businesses, especially small ones. The Bank of North Dakota has certainly been a success. OTOH, the Government Development Bank of Puerto Rico failed. It's also worth noting that the Federal Reserve competes in the wholesale payment space with an entity that it oversees: the New York Clearing House. Believe it or not, all parties involved are reasonably content with this strange relationship. Anything that can happen probably does happen, somewhere.
Hi Ziggy. You remind me of something I learned years ago about local economic development. Whether it works or doesn't work depends on factors outside the basic form of the program, especially the specifics of the locals running their programs.