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The Real Government Debt Fraud
The problem isn't the debt,
it's how the debt is created
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Wall Street banks borrow from each other at 0.2%
Government infrastructure projects (roads, bridges, mass transit etc.) have to borrow at 5% or more.
Businesses - assuming they can borrow at all - have to borrow at 10%, 15% and more.
Guess who wins that game - and guess who loses.
Fourteen US states are currently looking to adopt the model that has been quietly practiced by North Dakota for nearly 100 years.
Instead of giving its money to privately owned banks, state and local governments and agencies in North Dakota keep their accounts at a state-owned bank.
Guess which state avoided the 2008 credit collapse crisis?
It has the lowest unemployment rate, the lowest loan default rate and the most locally owned banks per capita of any state in the union.
Food for thought.
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