A magnetic bearing for supporting a spinning shaft in the radial direction and/or the axial direction includes a rotor formed on the shaft and a stator positioned around the rotor. Poles in the stator creates a magnetic field that supports the rotor. The number of poles is at least sufficient to produce a selected control force if there is an at least partial loss of current to one or more of the poles. The bearing also includes a set of permanent magnetic elements associated with the poles that create a homopolar, bias magnetic field. A controller connected to the poles is programmed with instructions to change the current to each pole in response to at least a partial loss of current to one or more of the poles and can include a current distribution matrix for determining a current value for each pole in such instances.