So many banks have gone bankrupt in the last year or two that the FDIC ran out of money. In an attempt to fund the FDIC, banks have been required to pay three years worth of contributions to the FDIC in advance. What happens if banks keep going out of business isn't explained. Banks, in turn, have cut interest rates paid to lenders which explains part of the miserably low interest rates. Retirees, and other savers, have taken a hit. While the federal government is having problems with banks, North Dakota is thriving with it's banking system and has it's own State version of FDIC. It is working spendidly for North Dakota. I brought it up thinking that we do not have to just look at Canada. We have our own success story. North Dakota's bank is socialist but totally Constitutional. The FDIC, which normally works pretty good when not under pressure, could also be looked at as socialist. That part is a draw. The Federal Reserve, on the other hand, is more a corporatist tool than anything found in North Dakota.
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