Opinion

No, Emily, Vermont does NOT need a state bank

To the editor:

Re: July 31 letter by aide to GOP gubernatorial candidate Emily Peyton supporting a Vermont state bank:

I looked up the Bank of North Dakota (BND) and with interest their history. They are the only state owned bank that Emily Peyton named in a governor’s debate. A politician named A. C. Townley (a politician who was fired from the Socialist Party) was the spearhead on setting up the Non-Partisan League which eventually gained control of the Governor’s office and the legislature in 1918. In 1919, the state legislature established BND which opened July 28, 1919 with $2 million of capital. I won’t bore anyone with the rest of the history but is available to read on bnd.nd.gov’s website.

It boils down to another government run institution, just what the doctor ordered. They have seven (7) Executive Committee people, no doubt paid well by the state.

We do not need another state run organization. We need to pare down the state government we have now. Emily, thank you for running, but we do not need any more socialist agendas in the foreseeable future. The need to return to government by the people and for the people is needed more now than ever.

Thanks to Mr. Page for running the Vermont Daily Chronicle and keeping the comments open. Freedom of the press!!

Madeline Kerstetter

Ira, VT

Photo credit Vermont4evolution.wordpress.com

Categories: Opinion

3 replies »

  1. Another truth is that there is no Santa Clause The Legislature need to realize that much of their proposed programs will not be funded by St. Nick either!
    Amen to the praise for Guy Page.

  2. The state bank is not socialism dear Madeline. It is a wiser use of our money, left or right. It has nothing to do with socialism!!! Why would you rather the interest go to to Too Big to fail Banks and not to the State Public Bank doing business as The State of Vermont? So silly, your assessment. It never ceases to amaze me how uniformed people are. Its prudent, we will have more control over our own money! Madeline, if you bothered to look deeper you would have discovered the following, that with the same number of people, ND now has the most small banks, while ours are almost extinct. ND sailed through 2008 with job and income growth, the only state to do so- guess why!? That’s right, the State Bank supports the loan guarantees through small local banks and they lend counter-cyclically. Lastly historically, the farmers in 195 got together because they were smart enough to notice that the FED reserve act, and the IRS act, both of which were never properly ratified and the elimination of house election of US Senators- subjecting them to bribes, would eventually make the state suffer. They got together to run as the nonpartisan league just to get the power the state bank gave them. They were not socialists they were smart, wise, generous farmers. That bank was founded in 2019. And if you care to look, all other states HAVE suffered, simply because Politicians are so full of treason to begin (covid protocols unconstitutional anyone?) with that no one thinks they are to be trusted more with banking or finance. well, Big Finance is even worse. Its the banking lobbyist that doesn’t want it. he’s a beloved figure at the Statehouse. With a State Bank, we, the People will a modicum of oversight, and our money will be circulated to our advantage. Do more homework Madeline. I have done mine. As well, I am an independent for Governor to enact Article 7 and manage a return of political power to the people. Having the power to fund what the PEOPLE want is the truest source sovereignty. if you know about the crooked political system, the independents are censored from the race if you start as an indie.

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