Alaska State Bank Advocate

01/14/2026

An article about the Alaska State Bank proposal appeared in the European press and was published in six languages on January 14, 2026. See my comment below for the link to the article.

Maybe with this international recognition Alaska’s political leadership will now return my emails and phone calls. Give Alaska State Bank a click “like” if you want to show your support.

06/09/2025

Do you want to learn the American System?

This 41st year issue of the United Alaska Campaigner economics newsletter contains an academic overview of the historical, theoretical, legislative, and operational details of the American System of political economy.

Those people who read this issue, that is linked in the first comment below, will gain the knowledge necessary to help create the Alaska State Bank that is one of the solutions necessary to help reverse the economic decline of the United States.

05/04/2024

I am here at the Alaska State Capital passing out my 40th year edition of my economics newsletter. I have never been paid to write or distribute my newsletter and only say what I believe to be true about what is necessary to help Alaska be a better place to live.

Billions of dollars of Treasury and Federal Reserve subsidies continue to be available for originating bank loans while our legislature continues to fail at even attempting to create the legal mechanisms to access these subsidies.

The tragedy is that the only rhetoric I hear at the Capital is for punishing Alaskans with many different types of taxes while there is no action for accessing the monetary subsidies.

The link below is to Part 3 of my series on establishing the Alaska State Bank and is not as easy to read as the first two parts—but is required reading for anyone who will stand up and learn what is necessary to avoid the tax punishment.

03/20/2023

Folding my 39th year edition of the United Alaska Campaigner economics newsletter.

I am convinced that without the new revenue sources from creating a public state bank there will be high taxation, destructive budget cuts, and confiscation of the Alaska Permanent Fund Dividend.

For Alaska, the best solution is to create a public state bank that accesses the same bailout process that continues to massively subsidize Wall Street asset prices.

Read my current newsletter that is linked in the comments below and learn the historical context and banking mechanisms necessary to create the Alaska State Bank.

If you want to help, either join with me in Juneau, print and distribute my newsletter, or give me a few “likes”.

01/23/2023

This issue of the United Alaska Campaigner provides the knowledge necessary to access federal and Federal Reserve monetary policy subsidies as a new state revenue source.

Cutting budgets, increasing personal taxes, or confiscating the Permeant Fund Dividend are not necessary if we create the Alaska State Bank in defiance of those oligarchic interests who are desperately trying to stop all honest discussions about money and banking.

For anyone who considers themselves to be a political leader in Alaska, or is currently holding public office in Alaska, this issue of the United Alaska Campaigner is required reading.

Follow the link below, remember this newsletter is always printed on legal size paper, and learn what is necessary to become a master of macroeconomics who votes for a better future for Alaska.

10/27/2022

David Schaff, as a candidate for Alaska State House District 9, understands the importance of creating additional access to federal and Federal Reserve subsidies for originated loans.

The simplest and most straightforward method of accessing these subsidies is to create a state public bank.

Billions of dollars in capital and reserves are available from our federal government if our state creates a state public bank that originates and leverages loans for infrastructure, productive capacity, technology, small business, and other Alaskan priorities.

A state public bank will leverage with our local financial institutions, and state and federal agencies to help create a more prosperous future for Alaskans.

Vote for David Schaff to help secure new employment opportunities—and create the state revenues necessary to guarantee the largest possible Permanent Fund Dividend.

Advertisement paid for by Charles Eben Duncan.

07/02/2022

Open public letter to Bill Walker

It is an Alaskan and national human tragedy that the lies and deceptions contained in two of the three major theories of banking persist in misdirecting the continuing bailout of Wall Street asset prices.

Think of the billions of investment dollars that have been lost by our state and other states that could have improved the lives, living standards, and employment of our citizens if the correct understanding of bank accounting systems were understood by our political leadership.

In response to the ongoing false banking bailout narrative, I outlined the three major theories of banking in a presentation to the Alaska Legislature and explained in detail why two of the banking theories are false to how our economic system currently functions when loans are originated—thus identifying a key element of how the Federal Reserve bailout process is operating in accounting systems.

Many activists in other states also understand this process and that is why the public banking movement has become popular across our nation.

An important feature of the public banking movement plan is to create the legal ability to access the Federal Reserve bailout process and direct investments into physical production and infrastructure instead of the current priority of subsidizing asset prices.

After much consideration, it became evident that the easiest and most direct method of accessing that process in Alaska’s unique circumstances was to create the Alaska State Bank—where originated loans would have their capital and reserve requirements fulfilled through the help of the Federal Reserve and United States Treasury.

The Alaska State Bank would become an infrastructure, development, and technology bank that was a special depository bank for the United States Treasury and acquire its capital requirements through the securitization of Alaska public and private bonds and securities.

Having passed the Alaska House Labor and Commerce Committee, the Alaska State Bank legislation was still flawed and incomplete yet ready for discussion by our Governor at the time Bill Walker. These errors and omissions are known by the primary author and can be easily rectified working with state lawyers.

The problem is that our former Governor Walker never responded to the inquires of Representative Chris Tuck and Researcher Charles Duncan on the issue of creating the Alaska State Bank.

The governor must be included in the creation of the Alaska State Bank because it will be his responsibility to assemble a securitization team, a credit assessment team, and an industrial technology team. These teams will become the foundation of the Alaska State Bank that coordinates investments with the Alaska Industrial Development and Export Authority.

So here we are years later and still to this day not one word has been received from our current or former governors about creating legal access to the continuing Wall Steet bailout process.

Here lies the human tragedy of not understanding the three major theories of banking. The power of that knowledge remains lost in the minds of our political leadership even though that knowledge is readily available with a simple Google search, including my YouTube presentation to the Alaska Legislature and Alaska State Bank Advocate page.

The question is if former Governor Bill Walker, who is attempting to return to his position, will continue to ignore the public banking movement in Alaska and fail as a future Governor to create the legal ability to fully access federal and Federal Reserve monetary policy.

After all these years, I once again request that Bill Walker learn more about the Alaska State Bank and respond to the public banking movement in Alaska.

Charles Duncan
July 1, 2022

Our Mission Statement Charles E. Duncan as the primary author of the legislation to create the Alaska State Bank as a development bank is using this page to promote the financial instruments in Alaska necessary to access the United States Treasury and Federal Reserve discount windows and special len...

04/09/2022

Charles Eben Duncan Senate Finance Committee written testimony on the budget.

Green Bank or Alaska State Bank?

I began publishing the United Alaska Campaigner economics newsletter in 1984 and have seen many years of political life in Alaska since that time. Today, I continue with my Alaska Emergency Employment Mobilization series on the alaskastatebank.net website and Alaska State Bank Advocate page.

The focus of my writing has always been financial reform and economic development using modern infrastructure and advanced technology in cooperation with the United States federal government.

I remember the tragic failure of the Alaska Science and Technology Foundation and the Alaska Science and Engineering Commission that is now a case study on how not to develop Alaska’s economy. Many lessons were learned by these failures, yet our state is preparing to repeat the same errors.

As the primary author of the Alaska State Bank legislation that is designed to promote advanced technology and access federal and Federal Reserve monetary policy funds, I can clearly see the errors of the proposal to create the Energy Independence Fund (i.e., Green Bank).

As was the case with the Alaska Science and Technology Foundation, the Green Bank (not lawfully a bank only a fund) has many problems including not having a clearly defined criteria for determining investment into technological advancement based on known principles of industrial science.

This basic lack of science and engineering criteria is substituted by the nebulous to “reduce greenhouse gas emissions” or “sustainable energy development” as the Green Bank’s primary measurements for determining success—and as such will predetermine the eventual failure of the institution as a driver of economic development.

In fact, many of the promoters of the Green Bank proposal prefer to not have economic development as a measure as evidenced by their continuing attempts to extract the Green Bank proposal from the Alaska Industrial Development and Export Authority’s (AIDEA) management.

What some of the promoters of the Green Bank fear is that under the direction of AIDEA the Green Bank may have competent economic development administration even if the original mandate of the Green Bank is inherently anti-development through the denial of proven principles of industrial science—such as energy flux density as an industrial physical principle and the multiple mathematical formulas that derive from that principle.

Promoting and developing technologies that are already known to be inefficient and or obsolete through understanding proven engineering principles is not the path to a more prosperous future for Alaska.

Even worse, the Green Bank proposal intentionally negates investments into the technological upgrades for our oil, gas, and mining industries that are necessary for future competitiveness. The Alaska State Bank proposal fully supports Alaska’s current industries and promotes the addition of advanced industrial technologies into existing and new productive capacity.

Creating the Energy Independence Fund that is not legally a bank and therefore cannot have direct access to federal and Federal Reserve monetary policy is a waste of time and effort when our priority must be to immediately access those funds using methods that promote modern infrastructure and qualitatively transform existing technology.

Let us study the criteria of technological advancement as defined in the Alaska State Bank legislation and reject the Green Bank proposal.

Even though a few worthwhile parts of the Green Bank legislation can be incorporated into the Alaska State Bank there should be a no vote on the Energy Independence Fund proposal—so our state does not make the same mistakes over again.

The following incomplete alphabetically ordered list of physical and engineering principles and technological measuring terms must be understood to prioritize modern technological investment: amperage, automation, brightness, British thermal units, capital intensity, clarity, clustering, compaction, complexity, compression, conductivity, durability, dynamics, electrification, energy coherence, energy conversion, energy efficiency, energy flux density, energy intensity, frequency, horsepower, intelligence, intensity, joules, luminosity, machine tool principle, machining, miniaturizing, modularizing, newtons, performance, plasma coherence, potential population density, principle of least action, productivity, progression, prototyping, qualitative transformation, radiancy, readiness, reliability, renewability, resilience, safety, scaling, science driver, self-organization, speed, sustainability, standardizing, symmetry, synchronizing, thermal efficiency, throughput, torque, transparency, velocity, viscosity, volumetric energy density, volumetric energy efficiency, validating, voltage, wattage, and work flux density.

03/19/2022

Ukraine War

The Alaska Legislature in debating a resolution on the Ukraine war should consider the point of view of someone who studies international monetary policy in the context of anti-imperialism and sovereignty in banking systems.

Today we are seeing a clash between a new type and old style of imperialism, and I must insist that both sides in this conflict are wrong, destructive, and deadly to humanity.

The story of imperialism is uncomfortable for those who only rely on mass media for their news but there are historians and economists who understand this problem as it unfolds today.

My first suggestion is to not call Ukraine a sovereign nation. Monetary policy defines sovereignty and the 14 nations that were once part of the Soviet Union are not sovereign in their banking systems after being taken over by NATO and the financial institutions of the European Union.

The new imperialism of NATO depends on a multibillion-dollar propaganda war that uses “color revolutions” to promote “democracy” but the truth is that the result is a loss of sovereignty in the form of requiring that foreign external debt be created when a national government spends money.

If a nation is sovereign in the issuing of its currency no external debt is created but if the nation is not sovereign, then the bonds that are sold from the treasury to the reserve bank are required to be tied to the foreign exchange market and an external debt is created as the nation spends.

This external debt then gives the conquering foreign power the leverage to purchase export goods cheaply and dictate economic policy to the subjugated nation. The result is that a few oligarchs at the top of the economic system benefit greatly while the nation suffers from a lack of development and the conquered population is forced into lower living standards to insure debt repayment.

The NATO expansion leading up to this current conflict in Ukraine primarily benefits the predatory gambling debts of the Inter-Alpha Group of Banks and the Eurodollar Market using this new type of imperialism.

In contrast, old style economic imperialism is based on the military defeat of a nation that is looted directly through the forced export of national product.

The current conflict in Ukraine is a clash between these two types of imperialism. Today, imperialist Russian military aggression in Ukraine is a reaction to NATO’s use of “color revolutions” that seized power in the 14 former states of the Soviet Union.

Understanding imperialism and traditional balance of power “realpolitik” indicates that the Russian Federation will not allow foreign military operations on their immediate border and therefore military intervention by Russia was inevitable. The problem is that escalation or miscalculation in response to Russian military aggression could result in global nuclear war.

Both the old and new types of imperialism are wrong, destructive, and deadly to humanity. Today, the issues of honest reciprocal mutually beneficial trade and truly sovereign national banking that raises living standards are ignored in favor of rhetoric that directs all discussions exclusively between “democracy” and military aggression.

What policy would an honest, historical appraisal indicate? The answer is that no nonmilitary solutions exist within the current constraints of present prevailing discussions. Only through expanding the conversation to include monetary policy will solutions become evident.

The efforts to disinvest in Russian assets that is being globally debated, including in the Alaska Legislature, has the problem of providing “aid and comfort” to NATO’s effort to take over Russia in the future through the financial mechanisms of debt pyramiding, asset stripping, and debt for equity.

Understanding these mechanisms clearly indicates that the disinvestment policy that is supported by some members of the Alaska Legislature will directly benefit the continued new imperialism of NATO that sparked the current military reaction of the Russian Federation.

Disinvestment and the military defense of the NATO coup installed government in Ukraine as policies to counteract Russian military aggression directly lays the groundwork for future NATO military and financial aggression against Russia—thus potentially further escalating the current military miscalculation and violence.

Disinvestment and military aid that directly benefits a financial oligarchy is not worth risking the safety and peace of humanity.

The position of someone who understands the imperialist financial dynamic is to advocate for de-escalation and de-militarization in Ukraine in the hope for justice, equity, and reciprocal sovereign monetary agreements in the future.

Breaking through the current constraints of controlled rhetoric identifies a whole new direction in policy.

A true defense of the people of Ukraine would be resolutions across the globe for all bonds issued by the Ukraine treasury to be purchased by their reserve bank without the interference of foreign interest payments. Giving Ukraine true sovereignty in banking would create the example that could lay the foundation for a more just, equitable and peaceful future for the entire world.

Considering that the United States is also battling financial oligarchy in its banking system the resolution to give financial sovereignty to Ukraine will act as a battle cry for justice in finance in our nation—including the efforts to reform our nation’s banking through creating state public banks.

Here in Alaska, we must continue our efforts to assert our federal constitutional guarantee for sovereignty over banking systems through creating the Alaska State Bank while helping the people of Ukraine through our public resolutions.

01/09/2022

Alaska State Bank Advocate promotes and criticizes “Macroeconomics”

Reading the Modern Monetary Theory (MMT) economics textbook, “Macroeconomics” written by William Mitchell, L. Randall Wray, and Martin Watts reminds me of a young boy who has been abused and sheltered in his home with his brothers and sisters for his whole life and one day figures out the keys to the inner door for gaining access to the outside world.

After passing through the inside door, the child sees the outside world through the screen of the locked outer door and comes back to his siblings to excitedly describe the pleasure, happiness, sadness, ignorance, and tragedy of the outside world.

Yet, the child has not actually experienced the outside physical world. The excitement of finally passing through the locks of the inner door makes the child want to tell all the children how the world functions even though the outside door remains firmly locked.

For the incorrectly named book “Macroeconomics,” understanding money and banking is the inside door and the outside door is the study of physical economy and industrial science.

The more descriptive name for this book should have been “Monetary Macroeconomics” because the authors have completely missed the known principles of the physical world that remain in the domain of engineering studies and military secrecy.

What is good about the book “Macroeconomics” is that it makes a major effort to explain the institutional functions of money and banking in defiance of mainstream (British System) macroeconomics that ignores or confuses these issues.

And this book challenges the mainstream study of macroeconomics that continues to be dominated by methods and policy proposals that predetermine benefits to an oligarchic social structure through the misdirection of mathematical modeling and the promotion of Malthusian and Monetarist ideology.

The fact is that all mathematical representations of complex economic processes fail in some way and one of the values of the book “Macroeconomics” is that it identifies several of the worst economic modeling methods common in university programs.

The primary benefit of the book “Macroeconomics” is that it challenges mainstream macroeconomics using accounting, narrative, algebraic, and statistical approaches to reject budget cutting austerity as a method of economic development and begin the rejection of general equilibrium analysis.

Civilizations and financial systems rise and collapse throughout history and therefore macroeconomic modeling based on any presupposed general equilibrium is obviously nonsense to the physical process of reality. Financial and physical economic policy reforms require understanding actual causal effects in macroeconomics.

Most important, the authors of “Macroeconomics” teach the principles of sovereign currencies that are necessary to know for an international challenge to a world economic structure that is dominated by oligarchic ideas and speculative predatory financial systems that suppress living standards and crush the creative potential and posterity of humanity.

One of the key principles taught by MMT is that a sovereign government that issues its own currency must provide sufficient spending to maintain savings and employment in the private sector. Once this principle is understood then budget cutting austerity can no longer be accepted as a solution for economic development.

The problem with “Macroeconomics” is that the modeling approach of accounting and statistics can partially open the door for analyzing money, inflation, markets, interest rates, employment, and banking but cannot be used to know the experimentally validatable universal physical principles necessary for the study of physical economy.

This problem exposes the central flaw of the book “Macroeconomics” as a dogmatic adherence to the “monetary theory of production,” that excludes physics and engineering as the foundation for modeling physical economy.

The primary source for learning physical economy unfortunately continues to be the study of the theoretical and institutional practices during war mobilizations.

The problem with the study of military macroeconomics is the continuing corruption of that scholarship by the oligarchic perpetual warfare doctrine and a lack of love for the human creative potential exasperated through the secrecy of restricting access to ideas and technologies necessary for the physical health and prosperity of populations.

My hope is for a future world where educational institutions lift the oligarchic veil of ignorance and help begin a new era in macroeconomics where the science driver methods of war and death are turned into mission assignments and consensus programs for peace and life.

My mission is to take the best parts of divergent schools of thought into one unified macroeconomics to create new non-oligarchic financial institutions where the priority is to develop the love, freedom, aspirations, peace, technology, and prosperity for all humanity and health of our natural world.

A true development bank promotes the growth of the creative spirit of humanity and the physical requirements for survival and prosperity.

I urge the authors of “Macroeconomics” to consider that they have only passed though the locks of the first matrix door for understanding how the world of humanity physically functions.

Using an empirical accounting and statistical approach can be useful for analyzing financial crises, but physics and industrial science must be included for designing long-term successful physical economic development—and the false capitalism versus socialism epistemology of Karl Marx must be rejected as a childish framing of the primary conflict in civilization.

Research into physical economy and industrial science begins with the historical study of Leonardo da Vinci, and the founders of the Ecole Polytechnique in France, as projected into North America through what became the United States Military Academy West Point—and subsequent use in the military mobilizations for the American Revolution, American Civil War, WWI, and WWII.

The United States became the world’s most powerful agricultural industrial superpower using the Hamiltonian American System of political economy. Excluding this historical fact and excluding all mention of American System economists in the textbook “Macroeconomics” is as ludicrous as its ignorance in framing the primary conflict in macroeconomics as the battle between capitalism and socialism.

The founding purpose of the American System was to develop and protect citizens of the nation state system of democratic republics, whereas the founding purpose of the British System of political economy was to indoctrinate employees and subjects of the predatory British East India Company and the imperialist British Empire.

Even though the authors of “Macroeconomics” have partially evolved Keynesianism into the realm of Hamiltonian economics, they must still be reprimanded for being either uninformed or pedagogically disingenuous for restricting the economic debate to the major branches of the British System—while excluding all references to the American System and principles of physical economy.

It is unfortunate that the book “Macroeconomics” excludes war proven hypotheses of physical economy and potential population density where today macroeconomic demographics is based on a closed continuous nonlinear hydro thermodynamic function with many phase-shift discontinuities and singularities modeled in its most primitive form as a self-similar spiral on a cone where a slice through the cone at some point in time identifies a quantifiable surface area that determines whether the function is entropic or negentropic.

Thus, the rise and fall of civilizations or the winning of military conflicts is modeled on understanding Gaussian/Riemannian geometry and physics.

Additionally, macroeconomics must include an understanding of how the machine tool principle identifies the cognitive creative process of solving a paradox through an experimental apparatus that proves a hypothesis that becomes a technology that increases the complexity of the productive divisions of labor and creates new employment—and creates the cognitive and manufacturing platform necessary for solving new paradoxes using new experimental apparatus based on improving or qualitatively transforming previous generations of technology.

Thus, the machine tool principle establishes one of the foundations for long term noninflationary jobs creation, productivity growth, and economic development.

These and other important issues of physical economy are missed by the authors of “Macroeconomics” and so this book must be considered only an unlocking of one of the first matrix doors for rejecting the British System.

As I have explained in personal correspondence to L. Randall Wray, one of the authors of “Macroeconomics,” that I stand corrected on several Modern Monetary Theory money and banking issues, but what is missing from MMT are basic principles of industrial science.

To become a true master of macroeconomics, experimentally validatable universal physical principles associated with the science of technology must be learned. To reform macroeconomic processes requires an understanding of both financial and physical principles.

To think that macroeconomics can be understood exclusively through the study of money, markets, taxation, and banking is to deny the physical reality of how societies survive and prosper—in much the same way as denying the application of physical principles guarantees military defeat.

The problem is that factions of the MMT political movement, who suffer from basic misunderstandings of industrial science, are using what they have learned about monetary macroeconomics to promote backward technologies that do not have the physical ability to achieve the goals stated by their advocacy. Either ignorance or Malthusian ideology is causing MMT political activists to reject modern technology.

Promoting backward technologies does have the dubious short-term ability to help protect the vested interests of currently installed productive capacity but is not the long-term solution for increasing employment complexity or protecting our natural world.

My suggestion for MMT political activists, or the readers of “Macroeconomics,” is to begin with the study of energy flux density which exists as a physical principle and as multiple mathematical formulas that derive from that principle. Understanding the increase in the energy flux density of industrial productive capacity and power production systems over time will reveal the error in reasoning.

Basic misunderstandings of industrial science cannot inform successful long-term development. This is the reason why as the primary author of the Alaska State Bank I included a necessary yet incomplete list of industrial science principles and technological measuring tools directly in the Alaska State Bank legislation. This list is available in multiple locations on my websites and must be studied to gain a competent understanding of the industrial science necessary for long-term investment profit and macroeconomic prosperity.

Without the foundation of physics, a development bank will have a more difficult time helping in the commercialization of modern technology and the long-term success of infrastructure. Without the foundation of physics, human civilization will fail to provide the necessary requirements for survival and prosperity.

The following incomplete alphabetically ordered list of physical and engineering principles and technological measuring terms must be understood to know what is a modern technology: amperage, automation, brightness, British thermal units, capital intensity, clarity, clustering, compaction, complexity, compression, conductivity, durability, dynamics, electrification, energy coherence, energy conversion, energy flux density, energy intensity, frequency, horsepower, intelligence, intensity, joules, luminosity, machine tool principle, machining, miniaturizing, modularizing, newtons, performance, plasma coherence, potential population density, principle of least action, productivity, progression, prototyping, qualitative transformation, radiancy, readiness, reliability, renewability, resilience, safety, scaling, science driver, self-organization, speed, sustainability, standardizing, symmetry, synchronizing, thermal efficiency, throughput, torque, transparency, velocity, viscosity, volumetric energy density, volumetric energy efficiency, validating, voltage, wattage, and work flux density.

I hope the authors of “Macroeconomics” have learned from reading this essay because I have learned from reading their books and watching their educational videos. My hope is that the authors of “Macroeconomics” will fully break their minds free of the oligarchic constraints of the British System through unlocking the door to the physical world—and someday become a historical faction within the American System.

My thanks go out to the authors of “Macroeconomics” for their help in establishing the platform for designing the ability of the Alaska State Bank to select, develop, direct, and service entrepreneurial and government agency “credit-worthy borrowers,” and access federal and Federal Reserve monetary policy.

Yet, the authors must consider that the outer door to macroeconomics remains locked if they continue to exclude American System principles of physics and industrial science from their study.

Combining the knowledge of the American System with the MMT of the textbook “Macroeconomics” will teach that the best development practice is to combine principles of money, banking and physical economy using sovereign government spending, directed credit assessment, mission assignments and consensus to advance science, technology, and infrastructure in both the public and private economic decision-making process.

As I previously stated, “all mathematical representations of complex economic processes fail in some way,” including the use of modeling based on physical principles, but scholarship of macroeconomics must always move forward in understanding how financial and physical processes unfold and are directed—if all humanity and our natural world are to survive and prosper in peace.

Revisions to the Alaska State Bank legislation are forthcoming depending on issues of funding and sponsorship.

My websites are the Alaska State Bank Advocate on Facebook and alaskastatebank.net.

Click “like” to show your support for the Alaska State Bank.

Charles E. Duncan