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Showing posts from May, 2011

Putting North Dakota's Economy in Context...

"Revenge of the Squares"?

Brandishing the values of "yesteryears," some Mayberryish place that exists only in conservatives' minds, North Dakota is the nation's economic hot spot. Although it ironically has become hip to write little fluff pieces on how refreshing it is North Dakota, being so neglected by America's elite, has managed to stave off Capitalism's latest crisis, a few contextual points are in order.

First off, the oil. North Dakota has oil. Now this point is almost certainly mentioned by the glorymongerers, as it is in the above piece, but this key fact has little to do with culture and lots to do with luck and new technology that allows access to oil that was once unprofitable to be refined. A quick look through history tells us oil is, at most, a finite mixed blessing. Oil, unlike the infamous North Dakota weather, tends to keep the "riff-raff" in.

Next, we have the State bank. North Dakota is the only state in the…