Anyone been streaming the Global Freedom Summit this week? The third lecture last night was by Ellen Brown, a proponent of “public banks”. She frequently cited North Dakota’s public bank and proceeded to attribute ND’s economic success to it (making no mention whatsoever of the oil boom there that’s really responsible).
I just found it odd that a speaker advocating for greater gov’t control over a major facet of the economy was speaking at a freedom summit. I haven’t heard much at all about public banks, is this because it’s kind of a fringe topic? I tried to do a YouTube search in order to hear a liberty-minded take on public banks but nothing came up. To me, it seems that a public bank would simply be a moral hazard that would instititionalize all the bad things that the gov’t did in 2008 like bailouts and guarantees.
As Tom Sowell once said:
“It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong”