The first legitimate and moral bank in an age

In the age of ‘teh inernetz’ it is always a safe bet that someone, somewhere, is thinking the same thing that you are thinking.

It seems that the Lakota Sioux have taken the initiative and are starting a clean, no fractional reserve, no Federal Reserve Note bank. The word about this is spreading like wildfire; this is because everyone is slowly coming to the conclusion that the only real money is Gold, Silver and other precious metals, and that Fractional Reserve Banking is fundamentally immoral and a form of legalize counterfeiting and that the best sort of bank for your savings would be one that only held gold that you deposited.

Consent of the Governed does the hard work:

Remember my blogpost about the Liberty Dollar? Those are still available – but now the People of Lakota are launching a Private Bank for Only Silver and Gold Currencies; and you can convert your US Dollars for their Gold and Silver. You don’t even have to be an honorary Sioux to participate.

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 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; this is similar to the Liberty Dollar.

The announcement about this also mentioned that:

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.

They are using some security software for deposits and withdrawals, and since people have become used to doing banking online even with institutions that don’t have physical “branches” like ING, this is nothing new.

It looks like the Native Americans are flexing their position of sovereignty to create gold and silver backed currency – I sure wish the United States would do the same. Instead the US is just printing up gobs of fiat money that shows signs of eventual collapse. I’ll bet the Lakota’s website and phones will be very busy.

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.”

Let’s hope that the Feds don’t raid them and steal all their Gold and Silver like they did to the Liberty Dollar folks.

“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.” – Ayn Rand – “Atlas Shrugged”

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Consent Of The Governed

If the Lakota Sioux are indeed a sovereign people, then the Feds cannot go there and raid this bank. What they might do however, is order a Gold and Silver confiscation, and make it illegal for you to take your money off of Lakota Sioux land. We shall see.

I do not think that this will be the first bank of this kind. The more people wake up, the greater the demand will be for a no Fractional Reserve bank that keeps your savings in something other than Federal Reserve Notes.

I have to read their privacy page. If they keep your affairs 100% private no matter what, then they have ‘the total package’.

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Posted in Economics, Money, Post Tipping Point, Someone Clever Said
2 comments on “The first legitimate and moral bank in an age
  1. […] better be paying you big interest rates. You and the bank had better be insured against bank runs. As we have seen there are moves afoot to run clean […]

  2. […] better be paying you big interest rates. You and the bank had better be insured against bank runs. As we have seen there are moves afoot to run clean […]

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