As the states sometimes serve as test laboratories for the nation, so Santa Fe has an opportunity to serve as a test laboratory for New Mexico, in this instance to test the potential of a public bank to serve (as stated by the Bank of North Dakota) as “an agile partner that creates financial solutions for current and emerging economic needs.” Since I live outside the city limits, having a public bank for the city will not provide an immediate benefit for me. But if it could serve as a model for the state to follow, it could provide long-term benefits for all New Mexicans.
This is especially significant in light of Moody’s downgrade of New Mexico’s bond rating (“Moody’s lowers New Mexico’s credit rating,” Oct. 26). Each such downgrade is seized upon by Wells Fargo and other major banksters to impose more severe terms on state borrowing. A public bank would be a strong defense against such actions.
Kenneth E. Mayers – Santa Fe
