Congratulations to the Bank of North Dakota for benefiting all North Dakotans for 100 years!
This example of successful socialism is reflected on the international scene. President Trump maintains China is a currency manipulator. The IMF, the soul of Neoliberalism, denies it. China maintains it is a matter of ideology. (Communism, socialism, capitalism)
Beginning with the Reagan/Thatcher era, America has adopted Neoliberalism, an extension of capitalism that caused the Financial Meltdown of 2007-08. It is total laissez-faire economics, a system that allows the destruction of unions, cutting social services, promoting privatization, where rich Wall St. investors and trans-national corporations make economic decisions to make short term investments that benefit the 2%, leading to conflict and strife. China, on the other hand, allows the government to determine priorities and mainly private enterprise carries them out. It is state capitalism. China has a history of millions of people starving to death in the late fifties, to a current emerging nation that is the only country that can block America, backed with our military might, plus the World Bank, from pressing Neoliberalism on every nation throughout the world. Woe to smaller countries, such as Venezuela and Iran, who do not bend to America’s interests.
China has private banks, but 80% are state banks. Instead of the profits going into the hands of the wealthy, they have gone into building their infrastructure, manufacturing, technology, etc., which has raised the standards of all the people. Their country isn’t perfect, but it is proving that capitalism is not always the best economic engine because it eventually leads to, as now, an Oligarchy and Fascism.
While there are those that applaud the success of our state bank, don’t expect congratulatory messages from Fox News, the Christian Right, or the Republican Party. They are the heart and soul of Neoliberalism.
Lillian Bachmeier, Mandan