The Democratic candidate for state treasurer wants the state to create, yes, its own bank:

Madison attorney and former Green County District Attorney, Dave Leeper, registered his campaign for the office of Wisconsin State Treasurer on January 21, 2014. Leeper is the son of former State Representative Midge Miller, and the brother of State Senator Mark Miller. …

Leeper points out North Dakota has had a state bank since 1919. The North Dakota Bank makes use of the credit and the resources of the state to provide banking services for banks, communities, businesses, and North Dakota residents. “I will work with the legislature and the governor to create a State of Wisconsin Bank that meets the needs of Wisconsin communities, businesses, and individuals,” Leeper explained.

“I’ve been working to improve our communities for over 30 years, yet the problems we face seem to grow larger and more urgent,” said Leeper. “Income and wealth inequality are growing.  I know we can’t solve the problems we face until we regain control over our own resources. The time is right for Wisconsin to take control of its financial future.”

Yes, the problems of the state require state government to compete with business, specifically banks and credit unions. (Given the animus banks have toward credit unions because the former pays corporate income taxes and latter doesn’t, on this issue they might actually be in agreement.) That approach has worked so well in the Obama administration and was just swell during the Doyle administration.

(Here’s some irony for you: Leeper apparently was a district attorney. So was Doyle, who couldn’t be bothered to prosecute bad checks when he was Dane County district attorney. No media apparently reported this when he was running for attorney general, and then he became governor Deficit Doyle, the very model of bad government finance.)

It’s one thing to have the Federal Reserve Bank. I’m not a fan, though I’m not sure what should replace it. It is another thing entirely to have politicians and bureaucrats controlling a state bank, competing against investor-owned banks (most of which are nowhere near the size of, say, Chase) or member-owned credit unions, which are also businesses required to make a profit. The Soviet Union and its captive countries controlled their own “banking system” too.

Given that the chances of the Democratic Party getting control of even one house of the Legislature aren’t very good, I suppose this is a freebie for Leeper. He can channel his inner Fighting Bob, and Democrats who get elected and reelected in 2014, many of whom get campaign contributions from banking-related political action committees, can worry about having to actually vote on this turkey.