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Tuesday, November 25, 2008

Free Lakota Bank: World's first non-reserve, non-fractional, bank dealing only in gold and silver

"The Free Lakota Bank is the world's first non-reserve, non-fractional bank that issues, accepts for deposit, and circulates REAL money...silver and gold. All of our deposits are liquid, meaning they can be withdrawn at any time in minted rounds."

So reads the introductory statement on the Free Lakota Bank website, the newest addition to the continuing sovereignty movement by some members of the Lakota Sioux Nation. We reported on their declaration of unilateral secession from the United States on December 20, 2007. Western Standard assistant editor Terrence Watson wrote a feature story on the similarities between the struggles of the Lakotah-Sioux and those of British Columbia's Nisga'a.

The Free Lakota Bank deals in AOCS approved coins. AOCS stands for American Open Currency Standard, a loose network of currencies (six at the moment, with a seventh "coming soon") that compete with one another and, presumably, with regular-old money that you and I are used to.

In the About section of the AOCS website, it reads:

Let's face it: since the beginning of time, every paper FIAT currency has failed. The Federal Reserve Note, once regarded as the world's "reserve" currency, is dying. While on it's death bed, it robs We The People of our wealth through inflation. No one is going to fix this for you: it's time for you to do something about it. [...] It's now painfully obvious as to why our country is losing our global "super-power" status: we have become a nation of credit. Our financial system is based entirely on debt. Our government is growing at an exponential rate, and the national debt grows right along with it. We spend more than we make; we consume far more than we produce. And the Federal Reserve prints money any time it wants it. There is no accountability; there is no transparency. And for a long time, there was nothing you could do about it.

What they plan to do about it is create a network of merchants, currency issuers, and currency officers that agree to use gold, silver, and copper coins as currency. According to the Mission statement: "The AOCS exists to expedite the implementation of silver as money."

Included in the "AOCS approved" network are seven currencies. The Free Lakota Bank is on the list, but so, too, is the Liberty Dollar, the "NeoCoins," the Dixie Dollar, the Freedom Mint, the Community Dollar, and the "LibreCoins" which are coming soon. You can see a few pics below the fold.

The Freedom Mint produces two different coins, each in gold, silver and bronze. They use Hollywood producer Aaron Russo's image on one (Russo passed away recently, and produced the movie "From Freedom to Fascism"), and Texas Congressman Ron Paul's image on the other. Here's what the Ron Paul coin looks like:

All of the coins share the same flip-side:

Meanwhile, the NeoCoins collection includes depictions of George W. Bush, Dick Cheney, Condoleeza Rice, Donald Rumsfeld, John McCain (they use Juan "Songbird" McCain for the name), and Federal Reserve chairman Ben Bernanke. Here's the Bush coin:

Posted by P.M. Jaworski on November 25, 2008 in Economic freedom | Permalink

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Is someone in Canada minting their own gold and silver coins? If so, then when and where can I get them?

Posted by: Cory D. Schreyer | 2008-11-25 11:40:22 AM

Now you're talking!

This is a very small step but at least, it shows a handful of Americans are willing to take concrete actions to prevent their once great country to fall into fascism.

It gives hope to see a few decent Americans among the sea of neocons and former trotskyites who took full control of the U.S. of A. for their sole benefit.

Vive Ron Paul and long live the AOCS.



Posted by: Marc | 2008-11-25 11:44:26 AM

Unless we are mistaken, it was these same Lakota Sioux who grew cannabis hemp on tribal land three years in a row in the 1990s. The point they wanted to drive home was was " Tribal land, tribal crop, tribal approval therefore the tribal hemp is legal on tribal land "

This was a powerful question begging to be resolved, and resolved it was when the DEA arrived with helicopters to pull it all up, three years in a row just prior to tribal harvest and incinerated it. The point the LS were pushing was to determine, once and for all if Tribal Law was in fact superior to Federal law governing Tribal affairs on tribal land. They learned that Federal law would assert itself to demonstrate that Federal law was indeed, most definately superior to tribal law , at least as far as the controlled drugs & substances act was concerned.

BTW there were no arrests during any of the three annual hemp burns..Since Burning hemp festival # oo3, the Lakota Sioux have not resoewn cannabis hemp, and therefore the DEA helicopters have not returned.

We fondly recall that the 6 Nations Iroquois issued their own tribal passports for international travel of members , and these documents were accepted as valid in some South American nation border crossings .We reflect on the success of 100 years ago in their securing accomodation to Amerindian values concerning use of the halucinognic cactus peyote:what we ended up with with an understanding that Redmen could eat Peyote and talk with GOD but Whitemen could not eat peyote because they would only be able to reach Satans answering machine.

Now here are Native Persons issuing their own precious metal specie- and just when the precious metal collector coin market is exploding worldwide.. how long before this funny money is offered in handsome collector display giftboxes?

- And just in time for Christmas.. Dear Lord, deliver them from counterfeiterers



Posted by: 419 | 2008-11-25 1:13:36 PM

All of our deposits are liquid, meaning they can be withdrawn at any time in minted rounds."

Posted by P.M. Jaworski on November 25, 2008

Bwahahahahahahahaha. So they are willing to take "worthless" dollars and give you gold and silver in return. Bwahahahahahahaha

Posted by: The Stig | 2008-11-25 1:50:51 PM

Nonsense. The risk now is deflation. And the US dollar is now more than ever the fiat currency of the world. Have you not being paying attention to exchange rates and the price of gold?

If your theory was correct, then the worst economic crisis since the Depression would have seen a collapse in the US dollar and a huge appreciation in gold.

It has not.

Therefore you are wrong.

The bank will attract nothing but economic fringe dwellers who will not be taken seriously by anyone.

Epsi

Posted by: epsilon | 2008-11-25 2:45:29 PM

Is anyone really taking this seriously? I feel bad for anyone that buys an $11 coin for $40 and then allows the Lakota Bank to store it in their vault, which may or may not be in the juristiction of the US.

I'll offer the same deal as them, except better. I'll sell anyone here an $11 ounce of silver for $20 and store it in a safe.

Posted by: Chief Scams A Lot | 2008-11-25 8:22:31 PM

Sorry Guys but im almost positive it is a SCAM. I and everyone else should at least see a minted coin first that picture is just a rendering i will need to see the real thing first.

Posted by: Bryan | 2008-11-25 11:58:05 PM

I'm with you 'Chief Scams A Lot....There are no 'deals' being offered here....however.....

Epsi....you are waaaaaay behind the curve. Although we are having a deflationary episode it is a temporary condition I can assure you. Your logic does not include the pertinent facts. Gold is down because gold and silver prices are being viciously manipulated in order to fool the public and investors. This is how the suckers are manipulated back into the "paper" markets; cash, stocks, bonds et al, so they can be robbed of every last possible dime before they figure out what is really going on and run for their lives.

Even as we speak COMEX is "investigating" the fact that one of the crimes committed during the Bear Stearns, J.P. Morgan Chase fiasco included about 25% of the annual silver production (on paper) being dumped into the market in a single day.

It drove the price of silver down by 50% at which time these thugs made $900,000 million dollars AND bought back about half the contracts they dumped. In case you are wondering, this is as illegal as the day is long and COMEX just looked the other way. That's why I put the word "investigation" in quotes; we all know how things end up when people investigate themselves especially with a crime as blatant as this one.

The actual credit crunch and the first tsunami of trillions and trillions of newly created "money" will hit the real economy about mid 2009. Inflation in currency always leads to inflation in prices and our current trajectory is toward Weimar hyperinflation (hyperinflatonary depression deeper then the world has ever seen) which could get rolling as early as 2010. The dollar is already dead; they just haven't buried it yet and IF we had a "free" market gold would already be at $2500-3000 per ounce. The only good news is at some point the People WILL figure out how bad the situation really is and, at that point, there won't be enough leverage in the world to suppress gold and silver and they will take a trip into the stratosphere.

The criminals at COMEX have allowed about 100% more silver to be sold on paper then physically exists. Imagine what would happen if everyone demanded delivery of physical metal. Well, you won't have to imagine much longer since thousands of contracts for precious metals that would normally be rolled over have instead been turned into a demand for the physical metal. COMEX only has about 2.5 million ounces of gold on hand while Russia and the Arabs are setting up the Dubai Multi-Commodity Center as competition. If Russia comes in December and demands metal instead of rolling over its contracts COMEX may default. If they do then the price of gold will double in one day and continue its ascent from there.

Since it is JOB #1 for the Federal Reserve to suppress the price of gold; they may figure out a way to stop the default. On the other hand, both the Arabs and the Russians would really like to see the American public wake up to the truth about the suppression of gold prices and the criminality of COMEX and essentially ALL the markets which are strictly controlled by and for the insiders; Big Money; the financial "elite". The average investor would be better off taking their money to Vegas.

There is SO much more I could tell you but I have run out of time. I simply suggest that everyone who can, buy all the silver you can since silver is more rare then gold, in greater demand industrially and will outperform gold while possibly supplanting gold within the next six years or so.......Good luck everyone.....!

Posted by: Bluenote | 2008-11-26 5:43:58 PM

Why are all these gold and silver coins denominated in dollars?

Maybe they think that dollar denominations will help encourage use and acceptance, but I think simply making coins of a standard weight (1 oz, 1 dinar etc), selling them at spot price plus minting and other fees, and allowing merchants and customers to establish their own prices would be preferable.

The 'dollar' no longer has any meaning in terms of a measure of precious metals, and the denomination in dollars is a complication which is just confusing and results in all these coins seeming a tad scammy.

Posted by: Kalim Kassam | 2008-11-26 6:14:24 PM

There is SO much more I could tell you but I have run out of time. I simply suggest that everyone who can, buy all the silver you can since silver is more rare then gold, in greater demand industrially and will outperform gold while possibly supplanting gold within the next six years or so.......Good luck everyone.....!

Posted by: Bluenote | 26-Nov-08 5:43:58 PM



Thanks Bluenote, for making so much sense.

And yes I have been trying for months to buy Silver Maple Leafs at their present (artificially) low rate...thing is, you just can't get them.

There is huge manipulation taking place here.

Posted by: JC | 2008-11-26 7:02:21 PM

The reason the Lakota don't have to plant Cannabis oglalas non-drug industrial hemp anymore on the res is the Fact that it grows over the place now, naturally, in big fat fields, all on its own. I.E. no one needs to plant it. Because it has 0.065 % THC: The Lakota won, the feds lost.

see: www.cannabisoglalas.com for more info.

Merry X-mass.

Posted by: Cannabis oglalas | 2008-12-08 9:40:08 AM

Greetings Oglalas.. did read your website- great photos !

Wild hemp grows in many parts of Canada, but it has a higher THC content than allowed by law- in Canada and the rest of the modern hemp growing world

( 0.03% THC is the agreed line between pot and hemp )

The o.6% THC wild hemp you report growing in your area would not be an acceptable strain in the USA even if it was legal to grow there.

However, the US hemp legalization movement is none of our business in Canada, as we have been growing legal Industrial for more than a decade, We work closely with our Canadian feds & together we deliver safe high quality certified hemp to the world.

Wild hemp is not harvested here as it tends to grow in scattered patches on uneven ground where standard farm machinery cannot get to. The hybrid hemp produces wonderful harvests in our northern climate, something seems to be working



Wild hemp is notoriously low yield , and the plants do not ripen at the same time.. Wild hemp seed, as presented is not as valuable or versatile as the new 21st century domesticated varieties. Feral hemp however is very useful for breeding up with other existing varieties to create useful new strains for a hungry future.

Good luck there Oglalas- hang on- it will work out in the end



Posted by: 419 | 2008-12-08 11:13:12 AM

" Posted by: Bluenote | 26-Nov-08 5:43:58 PM

Why are all these gold and silver coins denominated in dollars?

Maybe they think that dollar denominations will help encourage use and acceptance, but I think simply making coins of a standard weight (1 oz, 1 dinar etc), selling them at spot price plus minting and other fees, and allowing merchants and customers to establish their own prices would be preferable.

The 'dollar' no longer has any meaning in terms of a measure of precious metals, and the denomination in dollars is a complication which is just confusing and results in all these coins seeming a tad scammy."



To clear things up, "dollar" is just a commonly used denomination. Like "credit" or "chip". There are Disney Dollars, Canadian dollars, barter dollars, etc...and they are all worth something different. What separates the AOCS currency from the others is that it is tied to something of actual value - silver.

Why not use silver eagles? Or just post a weight? Weights could eventually become the norm, but for now, the vast majority of the public is used to "dollars". Any replacement system must first be able to work alongside the existing system. With silver eagles, that becomes difficult because they are denominated as ONE dollar per ounce, when they are worth 10 times or more that in conventional dollars. Also, AOCS currency is a barter currency accepted at merchants across the country at face value,so that gives it extra value over silver eagles.

Currently, you can order Lakota silver pieces for around $4.25 over spot. That seems pretty fair to me.

Posted by: Liberty Dollar | 2008-12-09 4:02:47 PM

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