A growing number of cities are moving into the power vacuum left by a dysfunctional Washington and too-cautious state governments to tackle inequality.
Read Whole Story
What has caused the resurgence? It is in large part due to the remarkable success experienced by North Dakota as the rest of the nation suffers through the global financial crisis.
If the state were to deposit its money in its own state-owned bank, it could have enough credit to solve its budget crisis with funds to spare.
California could put its revenues in its own state-owned bank and fan these "reserves" into many times their face value in loans, using the same "fractional reserve" system that private banks use.
The world's eighth largest economy is not going quietly into that pit of debt and devastation that has devoured Third World countries whole.
Get top stories and blog posts emailed to me each day..