People of Lakota Launch Private Bank for Only Silver and Gold Currencies

[jaqeboy]

Here's the American Open Currency Standard site: http://www.opencurrency.com/currencies.php

[dalebert]

Exercise caution.

That seems like a given to me. We all know the nature of the feds.

[KBCraig]

Tread carefully.  The IP address of the server is registered in Canada, making any non encrypted communications subject to NSA interception.

Given the tendency of U.S. feds to seize what ain't theirs, a non-U.S. locale could be in their favor.

[Dave Ridley]

plz digg

http://digg.com/politics/Lakota_warriors_to_protect_new

[John Edward Mercier]

They haven't created a lending institution simply a commodity exchange and reserve. We could do this right in NH without any extreme efforts and not violating any laws or statutes.

[Brandon]

They haven't created a lending institution simply a commodity exchange and reserve. We could do this right in NH without any extreme efforts and not violating any laws or statutes.

Let's do it then. I think a NH or FSP non-fiat bank would be a great idea and a big step forward.

[Bill St. Clair]

They haven't created a lending institution simply a commodity exchange and reserve. We could do this right in NH without any extreme efforts and not violating any laws or statutes.

They say they DO intend to make loans. Not out of the 100% reserve, but from the "General Investment Fund", a combination of bank assets and depositor holdings that depositors have earmarked for the fund and agreed to loan to the bank for a  year. They promise 7.24% earnings on this investment.

http://www.freelakotabank.com/loans&investment.php

[Friday]

Exercise caution.

I'm glad I'm not the only one who has reservations [badda BING!] about this.  A very quick perusal of the website provides no physical location, no office hours, and the management page says only "Comming[sic] soon".  It'll take a little more than a website and an 800# to get me to invest my money.  That said, I hope it's legitimate, and successful.

This is being discussed by the folks at Gold is Money here:

http://www.goldismoney.info/forums/showthread.php?t=325091

They have performed some interesting diligence that you should probably read before jumping in.

Informative.  Thanks for posting.

[John Edward Mercier]

They don't promise that return... they list it as the current return.

If a bank runs a 100% reserve format its like operating a safety deposit box business, then taking the proceeds from the business and loaning them out. They've gone a step further by allowing depositors to 'invest' in these loans by organizing a General Investment Fund.

[Brandon]

After contacting David  Adams of The Rpublic of Lakotah   it should be noted that the RoL has nothing to do with the Free Lakota Bank, but the AOCS is tied with the liberty dollar. Make of that what you will. I do believe that a PM based system is the direction  is the right direction for the RoL.

[jaqeboy]

They haven't created a lending institution simply a commodity exchange and reserve. We could do this right in NH without any extreme efforts and not violating any laws or statutes.

Let's do it then. I think a NH or FSP non-fiat bank would be a great idea and a big step forward.

It's my understanding that the word "bank" has to be used with great caution or probably not at all in these private enterprises, since it has a specific legal meaning (which I'll have to look up - see ref. below). You'll note that no matter how hard you try to get a credit union to call themselves "bank", they'll keep clarifying that they are a "member-owned credit union", not a bank. (The noted exception, of course, is St. Mary's Bank, the first credit union in America.)

Ref.: bank n. 1) an officially chartered institution empowered to receive deposits, make loans, and provide checking and savings account services, all at a profit. In the United States banks must be organized under strict requirements by either the Federal or a state government. Banks receive funds for loans from the Federal Reserve System provided they meet safe standards of operation and have sufficient financial reserves. ... Credit Unions are not banks, but are fairly safe since they are operated by the members of the industry, union or profession of the depositors and borrowers.

[John Edward Mercier]

You need to read further down your reference.

BANK, com. law. 1. A place for the deposit of money.

But modern language has included more than money, such as Blood Bank.

[memenode]

I'm considering buying 20oz bulk from FreeMarketMetals.com (which is linked from FLB currency promotion page ). I asked via email and Ryan says they do ship internationally, I just have to pick and pay the desired shipping method. It's actually still significantly cheaper than anything I found on ebay, and these are hot brand new Lakota coins.

I'm still hesitant though. Do you think it's safe? Anyone bought from them? They ship alright? It looks fairly professional to me and I got an email response pretty quick, but I have to ask just in case. This'd actually be my biggest bulk order so far.

Thanks

[jaqeboy]

You need to read further down your reference.

BANK, com. law. 1. A place for the deposit of money.

But modern language has included more than money, such as Blood Bank.

Read that JEM, what I'm talking about is the legal usage in the US today, ie, what will you get in trouble for if you don't watch out!

[John Edward Mercier]

The word itself wouldn't be the problem...
But technically they've developed a depository, while the Blood Bank would be a repository.

The legal issues come along with the actual transactions that occur...
Some of them are State and others are the when banks enter corporatist arrangements.
Since this silver depository will not be a member of the Federal Reserve System, nor seeking government-insured asset protection... shouldn't be a problem.