In the early twentieth century, agriculture-dominated North Dakota was swept by a populist agrarian movement borne of farmers sick of watching bankers and railroad bosses take advantage of their work and run amok with their savings. That agrarian movement produced two entities that are still flourishing over 100 years later – a state-owned grain mill, which has become the largest grain mill in the United States, and a public bank that ensured North Dakota would be unaffected by the recession of 2008 that rocked the other 49 states and the rest of the world.... The bank didn’t engage in the risky derivatives trading that crashed the rest of the financial sector in the late 2000s, and its executives are state employees that earn a respectable but not excessive salary, and are thus not incentivized to make high-risk bets with deposits to enrich themselves.Jacksonians generally hate state banks, but it's hard to argue with the 115 year record of success by the grain mill. It's the largest in the country, but not a monopoly as you might suspect: it grinds only 10% of the grain in North Dakota.
North Dakota, Socialist Paradise
Well, it's an interesting argument, anyway.
By Grim on Tuesday, April 14, 2015