May 7, 2012
Robert interviews Marc Armstrong. Topics include:
- The public Bank of North Dakota and how North Dakota has kept corporations out of the agriculture industry;
- Whether publicly owned banks provide unfair competition to local privately owned banks;
- How a publicly owned bank be different from a privately owned one;
- Whether public banks are an end in themselves, and whether monetary reform, toward publicly issued interest-free money, is also needed;
- Whether the Federal Reserve would be ended;
- How public banking would lead to economic decentralization;
- Bill in California State Assembly that would implement public banking.
Marc Armstrong is the executive director of the Public Banking Institute which advocates for the concept of state-owned banks, as was started nearly 100 years ago by the Bank of North Dakota. With the PBI’s first-ever public banking conference planned for late April, and as more states look at this idea, are state-owned banks only part of the answer toward rescuing the economy?