As I researched the banking system in Vermont for the public bank report I'm working on some interesting things emerged. What you mainly hear from people in power is "Don't change anything! Everything is fine!" But a pattern emerges about sovereignty that I find very interesting. Liberals (democrats) have always been ok with big government and centralized power, so it's not surprising that they don't support Vermont sovereignty. They can't attack big business because then they will be called the dreaded socialist word. Conservatives have always espoused local control, ie: states rights. So what's more interesting is how "conservatives" have sold out Vermont to (mostly foreign) big business under the ideology that "the market knows best". Conservatives hate big government, but they seem to love big business, regardless of where it is. Big business (market) trumps states rights in their minds. I'll prove it. Market power allows big corporations to outbid others for ownership of Vermont in the absence of any movement for sovereignty, ie: local control and local ownership, including banking.
Gaz Metro(Quebec) owns 100% of VT natural gas company-Vt Gas
Gaz Metro(Quebec) owns GMP and CVPS-70% of VT electrical utilities, which gives
Gaz Metro(Quebec) majority control of VELCO-transmission lines
Trans Canada (Ontario) owns the vast majority of Vt hydro power-580MW-all the dams on the CT and Deerfield Rivers. Both Howard Dean and Jim Douglas allowed foreign corporations to buy them.
OMYA (Swiss) owns most of the mineral rights in VT
Ice River (Ontario) bottles over 90% of Vermont's bottled water in Pittsfield, MA
$1 billion dollars leaves the state annually to pay for energy like motor fuel and heating oil
Out of state banks have 64% of Vermont deposits especially TD Banknorth(21%-Ontario) and People's (23%-Connecticut)-see attached file
TD Banknorth (Ontario) also receives 2/3 of Vermont state cash funds as deposits ($236 million) which it can use to leverage credit globally.
Hear that giant sucking sound? It's your money being sucked out of state by foreign corporations that own Vermont. I'm sure I left out a few. Please add to the list if you can. That's why I call Vermont a banana republic. We are an economic colony owned mostly by Canada. Like the British Empire we certainly have our Political Agents, Warrant Chiefs, clerks, messengers and constables, but they maintain the Governor General, High Commissioner and the Resident, Divisional and District Officers, and we know where the money goes.
Regarding banking, what you hear from the banking crowd is leave state funds in TD Bank and People's bank. They are doing all the lending we need in Vermont. "The market knows best". Don't form a public bank that could lend $236 million for infrastructure or economic development in Vermont and return the interest to Vermont instead of Ontario.
What happened to states rights and sovereignty?