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Old 03-02-2014, 10:03 PM
aljhoa aljhoa is offline
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Join Date: Aug 2007
Posts: 2,212
Originally Posted by Danny B View Post

This kind of price for crude would cause an instant freeze in commerce. The cure for high prices is,,, high prices.
While this is true for discretionary items, what happens when the price of the master resource shoots up?
FOFOA: Think like a Giant 3

Working backwards, this would explain the fanatical dishoarding of gold,,, the breakneck conversion to a police state,,,the ill-fated and temporary sojourn into fracking,,, the NAU for Canada's oil
Not all states have oil, of course (and itís hardly a sustainable basis for an economy), but all could learn from the state-owned bank that allows North Dakota to capitalize on its resources to full advantage. States that deposit their revenues and invest their capital in large Wall Street banks are giving this economic opportunity away.

A number of other mineral-rich states were initially not affected by the economic downturn, but they lost revenues with the later decline in oil prices. North Dakota is the only state to be in continuous budget surplus since the banking crisis of 2008. Its balance sheet is so strong that it recently reduced individual income taxes and property taxes by a combined $400 million, and is debating further cuts. It also has the lowest foreclosure rate and lowest credit card default rate in the country, and it has had NO bank failures in at least the last decade.

If its secret isnít oil, what is so unique about the state?
North Dakota has one thing that no other state has:
its own state-owned bank.

North Dakota's Economic Miracle It's Not Oil by Ellen Brown — YES! Magazine

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