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North Dakota’s Economic “Miracle” – It’s Not Oil

BND

Image by rebuildingdemocracy via Flickr

If its secret isn’t oil, what is so unique about the state? North Dakota has one thing that no other state has: its own state-owned bank.

Access to credit is the enabling factor that has fostered both a boom in oil and record profits from agriculture in North Dakota. The Bank of North Dakota (BND) does not compete with local banks but partners with them, helping with capital and liquidity requirements. It participates in loans, provides guarantees, and acts as a sort of mini-Fed for the state.

via North Dakota’s Economic “Miracle” – It’s Not Oil | Truthout.

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  1. […] North Dakota’s Economic “Miracle” – It’s Not Oil (www.onthewilderside.com) […]

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