By Richard A. Werner
I. Executive Summary
This document presents to state legislators in Tennessee the case for setting up a State Bank of Tennessee (SBT). SBT would act as a second-tier bank, interposed between the Federal Reserve Bank of Atlanta (FRBA) and the Tennessee State Government (TSG) on the one hand, and local banks (community banks, credit unions, savings banks, locally-headquartered commercial banks) operating in Tennessee on the other. The goal of SBT is to ensure that the State of Tennessee can better act in the interests of its citizens, better fulfill its constitutional duties, and provide for a resilient and strong economy and financial system. SBT will not compete with smaller local banks for loan and deposit market shares, but will act to support them in a number of ways, including loan participations and purchases, while mutually benefiting from expanded liquidity in state-level short-term money markets.
Small and medium-sized enterprises account for the vast majority of jobs in Tennessee (as elsewhere) and research has demonstrated that their prosperity and capacity for job creation, innovation, and expansion depends to a significant extent on the availability and capacity of small local banks. Small firms and small banks depend on each other in a symbiotic relationship.
The establishment of SBT would help support small and medium-sized enterprises in Tennessee to gain access to funding and deposit markets, significantly strengthening the economy of Tennessee and also increasing tax revenues without any tax increases.
Related Reading:
From The Moneychanger: Senator Frank Niceley – Restoring Freedom in Tennessee
Special Solari Report: Free in Tennessee: Kicking Tyranny to the Curb
From substack 2ndsmartestguyintheworld@substack.com
today March 16, 2023:
Recently, well-meaning but misguided lawmakers in Tennessee held a talk on making gold and silver legal tender in their state, and as such not subject to taxation. They warned of the CBDC and how it could be used to lock people out of their bank accounts which would result in them being unable to pay their property taxes and thus they would lose their homes (stripping private property from people is the main goal of Agenda 2030). They proposed an escrow service such that home “owners” could prepay their property taxes. Of course, these lawmakers were ignorant of the intentions of the Founding Fathers who wanted We the People to have Allodial Property Title which means that no taxes nor debts may ever be levied on homes; that is, true private property ownership.
These lawmakers then surmised that if there were to be another civil war, then the succession of states would allow for Tennessee to become its own nation. What they failed to appreciate is that as per the Constitution, Tennessee is currently a sovereign nation within the collection of states comprising the united States. This is what State’s Rights actually means. They also did not appreciate that Washington, D.C. is a foreign nation with extremely limited functions as per the 10th Amendment, or the “rule of construction.” In other words, the Federal government is defined by the most strict construction as per the Constitution, while most power and authority remains with the states or with the people themselves as they determine in each state.
Thank you so much. What a shame Cable executed poorly for the UK. Two Qs:
1) Is there anything Richard could use cohorts for in the UK? Would be marvellous to revive local banking and thr SME sector here, and would be pleased to confer / help however I can
2) Does Richard know Douglas Carswell (ex MP, currently CEO of the Mississippi Center for Public Policy). From his online interviews would have thought this would be right up his street, should Solari be content to share it.
The memo is public. Share away!
Thank you, Professor Werner and Solari! I’m sharing this far and wide.
Let’s do this for Texas too.