What is Digg?32 Comments
- Jeezopete, on 11/24/2008, -1/+33"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"
At the Free Lakota Bank, we issue, circulate and accept for deposit only AOCS-Approved silver and gold currencies. Silver & gold are a store of value, an equivalent of wealth produced. Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Since we deal only in real money, we do not participate in any central bank looting schemes.
Money is made possible only by those who produce. Paper is not money, instead merely a promise to pay. We hope that some day the rest of the world will awaken from the American Dream: the dream that a person can sustain life by consuming more than producing. We call it the American Dream because you must be asleep to believe it. Well, that dream now has a silver lining; as people discover the dream is really a nightmare, the only solution is a return to value: value that comes from production and honest trade. - ladyattis, on 11/24/2008, -1/+23Awesome development in these dark days. Dugg it!
- alamedaman, on 11/24/2008, -1/+23cool, hopefully they keep it up!
- 86thefed, on 11/24/2008, -2/+22"Banking was conceived in iniquity, and born in sin. Bankers own the earth. Take it away from them, but leave them the power to create money, and with the flick of a pen, they will create enough money to buy it back again. Take this great power away from them, and all great fortunes like mine will disappear. And, they ought to disappear, for then this would be a better and happier world to live in. But if you want to continue to be the slaves of the bankers, and pay the cost of your own slavery, then let bankers continue to create money, and control credit."
SIR JOSIAH STAMP, FORMER PRESIDENT OF THE BANK OF ENGLAND - MoRtiSNoCTu, on 11/24/2008, -1/+19I'm an AOCS (American Open Currency Standard www.opencurrency.com) approved Currency Officer, and can put together orders for 1oz Lakota Dollars for good prices.
If anyone is interested in participating in a bulk order (I'm trying to put together an order of at least 500oz), feel free to contact me at mortis.noctu@gmail.com. - wasaka, on 11/25/2008, -1/+17"Gentlemen, I have had men watching you for a long time, and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out." (President Andrew Jackson 1832)
I support the FREE Lakota Bank 100% - LeepII, on 11/25/2008, -1/+14How long till the government shuts them down and steals, errr confiscates all the deposits? It has been done before.
- voicce, on 11/25/2008, -0/+11Seeing the wisdom and courage of the Lakota Nation is awesome. This may begin the rebirth of freedom in our country.
- kemp34, on 11/25/2008, -0/+10I support the Lakota folks 100% in this endeavor.
- chirhonius, on 11/25/2008, -0/+9THIS IS AWESOME. Great work Lakota.
- sorrrycharlie, on 11/24/2008, -1/+10Free Lakota Bank is a non-reserve, non-fractional bank that issues, accepts for deposit, and circulates silver and gold.
A bank by it's very existence doesn't need to be evil. Only protected bad banking practices are.
Bad banking practices are only tolerated in a world where there is a monopolistic state protecting them, allowing the cartelized banks to loan out more money than they have, and still remain in business. With the abolition of the state, there would exist true competition in banking, legalizing the demand for better banking practices. - RobertTaft, on 11/25/2008, -1/+10That is a step in the right direction from a group ever so deserving of free trade with the currency of their own chusing. The question is whether the States of the union will follow suit and issue bank notes from their deposits.
A silver and gold standard is the most sound way to keep a currency stable. This is what encourages savings and growth. That is how a bank is shown to be sound - when it actually HAS lawful reserves.
I wish the Lakotas success in their move toward a free currency. We really must get back to a sensible means of exchange and if the so-called "amero" is what is proposed then let it compete with other currencies with a standard. We can use the current standard of one ounce of silver equals one dollar and an ounce of gold equals fifty, so long as our congrefs doesn't see fit to exercise its regulatory authority over weights and measures.
If the federal congrefs is going to be so derelict in its duty to regulate the weights and measures which would imply a stabilized medium of exchange then the States really should step up to the plate. Decentralizing banking to state and local levels, the more local the better, ensures that the capital is invested in the best interests of the inhabitants of those localities and not squandered on policies of big government.
A competition in currency Act was introduced by a congrefsman from Texas which would open all kinds of doors to the free market. It starts with free market currencies. The FED is done. They are in the process of looting what they can in the last days of FRN hegemony. Since the congrefs is content to let the international bankers have their way then the only option for our States is to issue their own currencies or be absorbed into the New World Order scheme and cease to have any sovereign relevance.
State issued notes would be worth way more than FRNs from the get-go at this standard! State banks would be more easily audited by the People and much more open to scrutiny than a worldwide institution. The question is are any of our states bold enough to get off the federal teat long enough to stabilize the economic plight of its people and issue a bona fide gold and silver backed lawful money ?
- kemp34, on 11/25/2008, -0/+6cle2105 check out the chart of the US$ since the Federal Reserve took over in 1913.
I do own quite a bit of FRNs, but I am diversifying out. I think all sane people ought to. - kemp34, on 11/25/2008, -0/+6Yep, fraud is the evil.
- PeaceChicken, on 11/25/2008, -0/+6I'm in the process of seeing how many people in Ohio want to move there with me -- they are the true example of being the change we wish to see! And I mean REAL change.
- PeppermintPig, on 11/25/2008, -0/+6Some people are under the false impression that banks can't profit without engaging in fractional reserve practices. Thing is, fractional reserve is a dilution of the value of money, and when you don't tell your clients that you do this, it IS fraud.
Further, it is extremely hazardous, as it displaces risk: When you give a business a loan via fractional reserve, you are putting the value of all assets tied to the diluted currency on the line, harming those who did not choose that risk. That said, there WOULD be a market interest in such investment pools and they would have an insulated risk quality if tied to hard money. Most people, given the choice, would not put their money into a 'bank' which did this and would keep savings and investment strategies separate.
In essence, Banks can continue to profit through fees and setting of interest rates, and a bank in the free market would determine for itself what its rates should be, balancing profit between customer interest. Competition would encourage greater value and honesty between banks.
Still, none of this is viable so long as you have state backed sponsorship of a fiat currency. Competing currency and third party auditing is needed. There's a reason why the Fed is never audited: It's one gigantic fraudulent organization, and the government turns a blind eye to that while regulating all other financial institutions to some degree. - inactive, on 11/25/2008, -1/+6Gold's price volatility is due to the fluctuating levels of global confidence in the USD's strength, to which many other commodities and other countries' currencies are pegged. Thus, any fluctuation in the USD's strength has a profound global multiplier effect, resulting in an increased demand to maintain holdings in a universally accepted medium of exchange (gold), resulting in increased prices.
The premise behind pegging the USD to gold is based on the relatively static quantity of gold. If the USD's value was determined by the value of gold, the USD's strength would also be relatively static and we would avoid the boom-bust "business cycle".
Admittedly, this does not come without consequence, as is becomes more difficult to react to economic changes. Perhaps then, it would be best to *index* the dollar to several commodities which are both dynamic and static in quantity. At least then, the control of the economy would be dynamically market driven and would prevent a self-serving government from colluding with private corporations. - vault, on 11/25/2008, -2/+6It's probably just a scam to steal gold. That's actually a clever idea come to think of it.
PS I like how the "about the management" is "comming soon" http://press.freelakotabank.com/aboutfreelakotaban ... - thoughtsonthis, on 11/26/2008, -0/+3Among other things when customers ask for a loan, Lakota Bank explains that loans are based on merit not need. They ask the customers why investing in them is in the bank's best interest, and what commitments the person or persons seeking the loan would make to ensure the success of their investment.
I'd say they have a sound institution there. - PeppermintPig, on 11/25/2008, -0/+3Credit, or printed USD is clearly less stable than Gold because it is not bound by value as established by scarcity (paper is easy to come by). Or rather, because it is fiat, it is bound by the selfish interests of those who claim a monopoly over its production. And I say selfish as opposed to self interest to distinguish that they place personal gain above ethical behavior, as self interest is inherent in human action.
All commodities fluctuate in value, and are ultimately subjective, as only individuals can make value judgments on the worth of services or commodities in time. People want stability, of course. People can find some stability when a critical mass of individuals share support for a currency. You're even better off when people share support for money (commodities with integrity, not based on fiat).
With any commodity, including gold, stability is based on its scarcity, which is determined by how much is mined/processed/harvested/etc and available, and within gold there are many different uses with different values. In other words, raw commodities may have new /different values based on their state.
People should be free to choose which commodities they invest in, as not everyone wants gold or benefits from it depending on their investment schema. That said, buy low/sell high is still a foundation of financing, so there's no reason to dismiss gold altogether as its value will be determined via market choices, as it should be.
Having a central organization dictate the money supply or determine the value of things is all kinds of wrong. - libervisco, on 11/26/2008, -0/+3I wish you were right and everything truly was so rosy about the dollar. And I wouldn't exactly advise against buying stocks either, I just wouldn't advise banking on it exclusively. Take it from Harry Brown on investments, diversify between stocks, bonds, gold and cash when investing long term. That'll cover you for all major economic situations; prosperity, deflation, inflation and recession. I personally brought it down to only silver and cash since I think that about covers it since recession and prosperity usually are tied to inflation or deflation at the same time. And gold is going up during inflation while cash is going up during deflation. :)
That said, I'm fairly convinced that the fractional reserve system is unsustainable. A monetary system we have is dependent on perpetual and slowly increasing debt. And when money is debt this means an a forever increasing amount of consumption of resources even without new inventions that actually allow for such increases. This means that our economy is literally taking the wealth that doesn't actually exist. Such a thing is obviously bound to collapse sooner or later.
Silver, gold or hell even those barrels and bushels you're talking about are a real resource, not just some abstractness you can literally imagine into "existence" like numbers backed by nothing except someone's promise of debt. It doesn't even matter whether gold or silver is used for anything as significant as barrels of oil and bushels of wheat. That's not the point. The point is that it's REAL, that you have to dig it out, that it is scarce, it is not something that you just imagine into existence. THAT is what makes it a valid measure of value.
Besides, what use is there for your paper dollars? Wiping asses? Starting a very short lived fire? What about numbers? Keeping you entertained with rudimentary math? You say gold and silver isn't even being used for anything yet you rely on something even less usable. - PeppermintPig, on 11/25/2008, -1/+4"Have you ever seen a chart for the price of gold?"
Relative to what? USD?
I think you'd have a better idea of what's going on if you compared commodity values against one another as well. Gold, silver, wheat, corn, coal, oil. Compare the relative fluctuations between the commodities, taking into consideration historical events effecting commodities, and look at what the fiat currency is doing. Then you could compare fiat currencies against one another and look for common trends such as inflation, and then you should be able to get the picture about the actual value of commodities. - Bilabrin, on 11/25/2008, -0/+2Yeah but Von Nauthaus walked on those charges and is working on getting the loot back too.
- inactive, on 11/25/2008, -0/+2I wonder how many people trust that GLD and SLV is really there? Or the bars supposedly in COMEX? Or Fort Knox (which hasn't been audited since Ike's administration)? Don't trust or distrust anything about precious metals without a good hard look for yourself.
- inactive, on 11/25/2008, -0/+2And done recently...And repeatedly.
- kemp34, on 11/25/2008, -0/+2If you feel that way, you definitely should stay away.
If the Lakota Tribe has any wisdom whatsoever, they would stay a million miles from the situation you propose as a probability.
Anyone investing should perform their due diligence. This includes dealing with ANY bank or financial institution. - citizenBNW, on 11/25/2008, -0/+2I wonder if they aren't seeking this type of confrontation to get publicity for their claims of Independence after formally revoking the treaties last year.
- sigg14, on 11/25/2008, -1/+2you are an idiot
- kemp34, on 11/25/2008, -2/+3Yeah, we should probably stick with this debt-based fiat paper that is doing oh so well!
- cle2105, on 11/25/2008, -4/+2The boom bust business cycle really doesn't have much to do with the stability of gold. It might affect imports and exports a little, but not to the degree of initiating a boom or a bust. I disagree that gold is the more stable of the two and its dynamic price is actually just the dollar rapidly changing in values. If this were the case, the dollar would be making the smae movements against other currencies, which is not the case. But if you really believe so strongly in the everlasting architypal value of gold, I know of some British ladies on TV who will gladly sell you some
- cle2105, on 11/25/2008, -6/+2Yes we should, the dollar is doing well you idiots. You just watch Youtube videos of Ron Paul and Fed conspiracy theorists and suddenly think you know everything about economics. Who ***** cares if it is based on debt? Right now the interest rate is at 3%, that's practically free money. Every other country in the world sells bonds too, and guess what, American investors own a ***** ton of them. Like gold is any more reliable? It's not like we use it for anything. The hope that people will forever think gold is "precious" is as sound as people thinking the dollar is valuable. In fact, your arguments would be much more sound if you used barrels of oil or bushels of wheat instead of gold. But whatever, go ahead, keep watching your conspiracy theory Youtube videos and ***** on America while it's still in style. I'm going to go buy stock and we'll see who's laughing in 5 years. ***** idiots
- cle2105, on 11/25/2008, -8/+2Because gold is tangible and easy to understand, people assume it is more stable. Have you ever seen a chart for the price of gold? It's as volatile as any other commodity. You might as well open a bank that only accepts and issues bushels of wheat or heads of cattle.
Digg is coming to a city (and computer) near you! Check out all the details on our 
© Digg Inc. 2009
— Content created and posted by Digg users is