Alaska State Bank Advocate

08/10/2026

Consider the admonitions, solutions, and alternatives to building a gas line from the North Slope

For over two decades I was part of a conference series discussing international financial reform and economic development. Eventually, I was hired by the State of Alaska as the primary legislative assistant for writing the legislation to create the Alaska State Bank as a development and infrastructure bank.

During my years in the conference series, I witnessed a never-ending parade of economists and political leaders who testified to the injustices and mistakes made in financial systems.

One of the lessons I learned is that financial systems are inherently predatory, unstable and in recent years increasingly less able to make investments in physical production so national and state leaders must be very careful to avoid debt pyramiding traps.

One of these traps is to build infrastructure using excessively large foreign currency originated loans that create extreme exchange rate risk such as in the China agreements signed by former Alaska Governor Bill Walker in his attempt to build a gas line from the North Slope—Walker should have specified the use of foreign owned USD already on account at the United States Treasury and Federal Reserve before signing the agreements.

Another mistake is to build massive private projects that do not have the required contracts that provide the cash flow necessary to make debt service payments such as what is currently being attempted by Alaska Governor Mike Dunleavy with his proposal to build a gas line from the North Slope—without the contracts Dunleavy should have primarily advocated for Congressional support for the project.

There are many other mistakes that are too numerous to detail here but the general principle is to avoid debt pyramiding by focusing on credit guidance in locally assessed loan origination using the credit creation method in private and public banks in combination with the protection and subsidies from the nation’s sovereign issuer of the currency. This is the genius behind the Alaska State Bank.

Alaska is faced with stranded gas that is over 800 miles from an ice-free port that competes worldwide with gas that is at port or near a port—the rate of state taxation cannot change this basic fact. Because of this extreme disadvantage the best non-debt pyramiding solution is for the United States Congress to identify the Alaska gas pipeline from the North Slope as a national security requirement under the protection of Congress.

Without the support of Congress, a gas line from the North Slope can never provide international or statewide competitive pricing because of the excessive overland transportation costs and the decline in our financial system’s ability to create credit for physical production.

Without Congress, one alternative solution is to buy and install LNG modules on the North Slope and contract for ice-breaking LNG carriers. A stronger non-Congressional alternative solution is to install modules on the North Slope for extracting methanol, propane, and hydrogen and produce low sulfur diesel for instate use and export.

The best alternative is to develop the Susitna Basin gas fields so very inexpensive gas can fuel populations and create an LNG export potential while creating an incentive for new industrial productive capacity. Gas fields exist in many locations in Alaska including Cook Inlet that do not require over 800 miles of pipeline—the institutional and political hostility toward small producers should come to an end.

The key to Susitna Basin development is the public and private building of water and hydrogen processing and environmental cleanup facilities in the Susitna Basin and at Port MacKenzie. The gas extraction from the Susitna gas fields and all modern industrial productive capacity requires water and hydrogen processing to maximize profitability so these new facilities will help lay the foundation for Alaska’s long-term employment goal of the primary reduction strategic minerals and strategic materials manufacturing.

There are many exciting opportunities for the future of Alaska but let us consider mistakes that can be made by political leaders who may have the best of intentions but instead open the door to debt pyramiding that destroys the living standards for Alaskans.

The economic fact is that if gas prices continue to rapidly rise and there are no new investments in affordable gas there will be death in Alaskan populations.

If importing LNG is required in a last-ditch emergency attempt to protect Alaskan populations this will be a clear sign that Alaska’s political leadership is a complete failure at economic development and most politicians in Alaska should never be reelected.

Let Alaskans expand the process of demanding federal assistance in building the gas pipeline from the North Slope, and at the same time consider North Slope LNG tanker exports, produce low sulfur diesel, and most important, develop water and hydrogen processing and productive capacity gas facilities in the Susitna Basin that helps bring new manufacturing industries to Alaska using the newly created Alaska State Bank.

Links to documentation on Susitna Valley Natural Gas are available in one of my following comments.

Charles Duncan

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.