Marilyn Writes

Marilyn MacGruder Barnewall began her career as a journalist with the Wyoming Eagle in Cheyenne. During her 20 year banking career, she wrote extensively for The American Banker, Bank Marketing Magazine, Trust Marketing Magazine, and other major industry publications. The American Bankers Association (ABA) published Barnewall’s Profitable Private Banking: the Complete Blueprint, in 1987. She taught private banking at Colorado University for the ABA and trained private bankers in Singapore.

Saturday, January 28, 2012


WHEREAS, the Federal Reserve is a private, joint-stock, for-profit corporation owned by private investors, and though federally chartered, is “federal” in name only; and,

WHEREAS, the United States of America is $15 trillion in debt and counting, with no apparent end in sight and national debt is forcing negative repercussions within the State of Colorado; and,

WHEREAS, the federal government is currently spending $1.50 for every $1.00 of revenue collected which, in essence, renders debt repayment impossible because every dollar that is printed to pay the debt immediately creates 50 cents of more debt; and,

WHEREAS, the Federal Reserve both regulates monetary policy for and profits from the debt of the United States which creates a severe conflict of interest in eliminating the debt because by doing so corporate profits to the Federal Reserve are eliminated; and,

WHEREAS, the current economic model of “debt capitalism” implemented by the Federal Reserve has caused the only downgrade of the credit rating of the United States in history; and,

WHEREAS, as a result of the economic crisis, certain of America’s largest banks with branch locations in Colorado have been deemed “too big to fail”; and,

WHEREAS, to cover their losses certain of America’s largest banks have become dependent upon perpetual bailouts funded by taxes collected from the America people and owed by the posterity of Colorado residents; and,

WHEREAS, banks chartered by the federal system totally dominate finance in Colorado and should the federal banking system fail so, too, will banks in the state of Colorado fail, causing economic chaos which can be avoided if the state of Colorado creates a State Bank; and,

WHEREAS, the cost of funding the bailout of the “too big to fail” banks, coupled with the cost of funding the Uni ted States’ debt obligation, coupled with the cost of funding the operation of both state and federal governments, coupled with a non-payable debt obligation, translate into an unreasonable tax burden on the People of the State of Colorado and their posterity; and,

WHEREAS, the Federal Reserve’s economic model is causing the transfer of the wealth and property of Colorado Citizens and ongoing reduced tax payments to the State thus damaging legislative efforts to effectively and efficiently manage the demands required to provide good governance; and,

WHEREAS, given the complexity of the economic crisis, it appears that the representatives elected by the People of Colorado, may not be serving the interests of the people, but rather the debt obligation to the Federal Reserve; and,

WHEREAS, it appears the labor, property, and wealth of Coloradans is being reduced to provide security for and the servicing of the federal deficit; and,

WHEREAS, America’s founding principles provide for the strict distribution and separation of powers to prevent the tyranny of the consolidation and centralization of power which is proving destructive to the State of Colorado; and,

WHEREAS, the existence and perpetuation of the current, centralized, private-corporate, bank-government relationship is the very definition of fascism in breach of the constitutional guarantee provided in Article IV Section 4 of the Constitution of the United States of a republican form of government; and,

WHEREAS, since 1919 the People of North Dakota have owned and benefited from the successful operation of the Bank of North Dakota, the specific purpose of which has been to provide an in-state repository for the holding, management and distribution of the fees and taxes collected from the operation of the government of North Dakota; and,

WHEREAS, the Bank of North Dakota is limited in its scope and purpose to: administer bank charters and audits, make funds available for state, city and county government operations, to benefit the People and communities of North Dakota, and to provide correspondent banking services for chartered members; and,

WHEREAS, the Bank of North Dakota is prohibited from competing in the private sector with privately-owned banks also operating in North Dakota under state or federal charter; and has specifically created a structure within its State Bank Board which guarantees its Bank will function on behalf of the people and not as a political tool; and,

WHEREAS, the People of North Dakota have significantly benefited from the Bank of North Dakota which has paid the state treasurer more than $325 million from bank profits over the past ten years; and,

WHEREAS, the Bank of North Dakota is attributed with being the cause for the North Dakota economy topping the list of state economies year after year, and with being the only State that has had a continuous budget surplus since before the financial crisis of 2008; and while the rest of America has been enduring a recession, the state of North Dakota has enjoyed the largest budget surplus in its history; and,

WHEREAS, the Bank of North Dakota is attributed with being the cause why in 2011 the People of North Dakota saw almost $500 million returned to them in income and property tax cuts and will enjoy a 30% decrease in tax liability when combining 2009-2011 tax cuts; and,

WHEREAS, the Bank of North Dakota is attributed with being the cause why North Dakota has the lowest foreclosure rate, the lowest credit card default rate, and the lowest unemployment rate of any State (3.3%) in the nation; and,

WHEREAS, banks in the state of Colorado are failing at a rate five times greater than banks in other parts of the United States; and,

WHEREAS, Small businesses in the state of Colorado have experienced great difficulties in obtaining necessary capital as a result of the recession that began in 2008 and which result from the monetary policies of the national banking system under the control of the Federal Reserv e System; and,

WHEREAS, The bank of North Dakota consolidates the handling of all state funds, while in Colorado various economic development and home ownership programs have limited authority, which may be more efficient if consolidated within one agency; and,

WHEREAS, Colorado State Representative Ray Scott recently visited with the President of the Bank of North Dakota and has confirmed that it functions as provided in this resolution; and,

WHEREAS, Colorado Treasurer Walker Stapleton recently attended a National Conference for State Treasurers held in Bismarck, North Dakota and following a thorough presentation about the Bank of North Dakota has expressed his support for a Bank of Colorado following the North Dakota model; and,

WHEREAS, Colorado Representatives Ray Scott and Kathleen Conti are co-sponsoring State Bank Legislation HB 12-032 together with a Resolution to add to the ballot for the next election a constitutional amendment authorizing the formation and establishment of the Bank of Colorado; now, therefore

Be It Resolved by the __________ County Republican Party and its members concurring herein:

That the Republican Party of ___________, Colorado hereby adopts and endorses the following as part of its platform:

That on the November 2012 ballot a proposal be given to Colorado voters to amend the Colorado Constitution by adding a provision authorizing legislation forming and establishing the Bank of Colorado modeled precisely after the Bank of North Dakota, to: a. Hold in trust for the People of Colorado, any and all profits, fees and taxes collected from the operation of state, county and city governments, b. Administer those funds collected in the best interest of and in a manner most suitable and beneficial to the People of Colorado;

c. Grant state banking charters to private banks who apply for membership;

d. Act as a lending partner (correspondent bank) for chartered member banks;

e. Make low-cost loan funds available to cities, counties and other communities within Colorado to stimulate positive business growth, new jobs, and projects required to support both growth and community stability and quality of life.

This _____ day of ________________ , 2012