The nation’s only state bank was created to empower small farmers and local economies, but now it’s being used to silence indigenous people with militarized force. How did this happen?
In 1918 in Bismarck, North Dakota, populist socialism won big: The Nonpartisan League, a political party founded by poor farmers and former labor organizers, captured both houses of the North Dakota Legislature. Farmers had been badly hurt by big banks charging double-digit interest rates and by grain companies that operated every elevator along the railroad route, underpaying and cheating the farmers. In response, the new government created the publicly owned Bank of North Dakota (BND) and the North Dakota Mill and Elevator. Both institutions epitomize American public cooperativism, creating democratic checks on private interests’ ability to manipulate financial and agricultural markets. The Bank of North Dakota, in particular, created a firewall against the destructive practices of Wall Street banks, a firewall that went on to protect the state from the worst effects of the financial downturns of the next hundred years. Continue reading