How apropos...

http://press.freelakotabank.com/

Quote:

Hill City, Lakota - November 24, 2008 - In a stunning development, the Free & Independent People of Lakota announced today the introduction of the world's first non-reserve, non-fractional bank that accepts only silver and gold currencies for deposit.

"Today is a great day for us, a day that we begin to exercise our rights as a sovereign people with strength and pride," comments Canupa Gluha Mani, Tetuwan Council Judicial Member of the Cante Tenza "Strong Heart" Warrior Society. Mani's 2500 member warrior society has contracted to provide private security services for the Free Lakota Bank.

"We invite people of any creed, faith or heritage to unite in an effort to reclaim control of wealth. It is our hope that other tribal nations and American citizens recognize the importance of silver and gold as currency and decide to mirror our system of honest trade." Mani, also known as Duane Martin Sr, is a member of the delegation that declared Lakota independence on December 17th, 2007.

The launch of the Free Lakota Bank is also an incredible victory for StrikeForce Technologies, the access control experts providing depositor Out-of-Band Authentication. As the Free Lakota Bank does not require a name, photo identification or social security number to transact, StrikeForce's technology met the challenge of limiting fraud without requiring controversial biometric technology.

The People of Lakota invite depositors to establish accounts and invest in the Free Lakota Bank's General Investment Fund, the fund it uses to develop profitable free-market enterprise inside Lakota territory. Mani comments that the nation despises donations and charity, and instead insists instead on "earning our wealth by creating value for those that place their faith and trust in our system."

The Free Lakota Bank issues an American Open Currency Standard Approved currency, making it readily accepted for trade by over 10,000 merchants and businesses across the continent.

For more information, visit the Free Lakota Bank website at http://press.freelakotabank.com

Anyone want to take bets on how long this lasts before the US finds a way to cut it off at the knees?

" Anyone want to take bets on how long this lasts before the US finds a way to cut it off at the knees? "

Well if it was on Indian land that could be difficult.

Look for them to be added to the Axis of Evil. I hear they're harboring terr'ists.

So will they eventually issue their own currency? Lakota dollars anyone?

In the movie Americathon, President Chet is appealing to Chief Sam Birdwater, the richest man in America:

"I loaned the government $400 billion. Now I want the $400 billion back. Does that make me a bad guy? I've got to eat, too."

I'd like some of their coins.

This is Part of the "Republic of Lakotah" movement..
read here-> http://en.wikipedia.org/wiki/Republic_of....

Wish'em Luck..

that is brilliant. this should have happened long ago. hats off to them. will be interesting to see if others in the world support this plan /protest against fractional reserve banking and fiat currency. Im a bit worried that, as others intimated, the US might try to sabotage it somehow.

love this quote from their website:
"Money is the barometer of a society's virtue. When you see that trading is done, not by consent, but by compulsion...when you see that in order to produce, you need to obtain permission from men who produce nothing...when you see your laws don't protect you against them, but protect them against you...when you see corruption being rewarded and honesty becoming a self-sacrifice...you may know that your society is doomed." "Atlas Shrugged"


http://www.freelakotabank.com/aboutfreel....

Anything that's a poke in the eye to fed.gov, I'm all for.

Quote:

" Anyone want to take bets on how long this lasts before the US finds a way to cut it off at the knees? "

Well if it was on Indian land that could be difficult.

It's not like it hasn't been done before.

I would be worried about getting my money back. But I wish them luck.

I have to go to indian reservations for gambling, now I guess I have to go there for honest banking too. What a combination.

well we may as well open an account?

I hope this works out better for them than the "Ghost Dance" did.

i guess xmas vacation now is set for Lakota. checking airfares...

I think its great, but Just remember what happened to the Liberty Dollar guy. Indictment and confiscation of all gold and silver bullion assets.

Great idea but w/o the blessing of the gov you are no safer than putting your metal in a hole in the ground. And heaven forbid the US confiscates gold which I see as possibility as the gov attempts to prevent hoarding.

liberty dollar guy was under US jurisdiction. Lakota is a sovereign nation.
technically the US cant do ****. that would be like them going into Cuba and saying they cant own gold

Sure Macfly, and it would be safe buried in the forest also but try to trade it in for something off the reservation and see how far you get. "Money" is based on its purchasing power.

a friend forwarded me a link to this site earlier, but i still need to do more research.

i really hope these guys are able to survive and thrive going forward. world definately needs some alternatives. but, i didn't see a workable fee structure that supports any kind of credible operation at first glance. maybe i missed something (?) 1 oz per 20k ozs on deposit per year?

i'd been pondering if this would be possible for a couple of years now (specifically within an indian reservation as well).

the "challenge" that the non-fractional reserve model faces is that it's "expensive" to run an honest, straight up, 100% liquidity bank, and the only way i'm aware of overcoming this is through fees.

lots of people don't like the idea of fractional reserve banking but still want no fees, interest on deposits, (and government guarantees).

"traditional" bankers are forced to look for a "return" while maintaining liquidity...and, of course, as we all know this works really well until it doesn't and then "cheap" banking is really just "subsidized" banking as our tax money goes to pay for everyone's mistakes lending long.

while it was my dream to create something like the lakota, i found that (so far) the only way to stimulate demand in "non-fractional reserve banking) was by offering something "else" -- world class bank secrecy -- (and i had to leave the US to do that).

i wonder if they've got the stones to try and become an "offshore" centre. now THAT could get interesting.

r8r

I wonder who is providing security for their inventories and deposits. I don't think the Lakota nation has a standing Army like Ft. Knox.
Do they even have a Penal Code for prosecution?

I wonder who's insuring the deposits?

Natives Americans are not to be ****ed with.

I don't know about the Lakotas specifically, but most Nations/Tribes have tribal courts for misdemeanor-type offenses. Felonies are generally handled by the Feds. For instance, if you murder someone on a reservation, you'll be tried in a Federal court, sentenced by a Federal judge, and end up as a Federal Bureau of Prisons inmate.

That would be really funny if crimes committed against a Lakota bank had to be handled by the Feds. I'm sure they'd find ways to interfere, though.

Nomullet is right about Native Americans. Some of the fiercest soldiers our army has ever had were/are members of a tribe/Nation. Providing security for a bank would be a positive alternative for Native vets. I wish them well. It would be nice to see them venture beyond gambling.

What is the legal basis of the government taking gold to begin with? Was it just that the government had the guns and therefore made the rules?

The Constitution says that the states must pay for all debts in gold and silver. In order for a state to pay in gold, the person being paid must be able to own gold. It seems to me that the Constitution requires people to be able to own gold.

Also the fourth amendment says nothing can be taken without compensation of value. Federal Reserve notes that are no longer exchangable directly for gold do not have the same value as gold, so how did the government get around the fourth amendment when it confiscated gold?

Posting to follow thread

Do they accept deposits in wampum?