Highlights of the bank
1. Savings are in silver and gold offering protection from inflation and devaluation of fiat currency
2. No fractional banking so the bank is liquid at all times and you may withdraw your savings in real minted rounds on demand
3. You pay to store and protect your savings wealth, rather than loaning your capital to a normal bank so they risk as they see fit
4. You may assign any portion of your savings you want to a GIF (general investment fund), from which standard and micro loans are made, current rate of return on the GIF is 7.24%
5. Good loan criteria
6. They have damn pretty rounds
One of the best things I like about this bank is their take on loans applications. This is from their site.
Do you have the moral integrity and character of a person that deserves a loan from the Free Lakota Bank? If so, we may have a loan for you. Our first priority with the Free Lakota Bank General Investment Fund is to enhance the profitable development of exports from within the Nation of Lakota. We will consider any and all proposals to establish free enterprise within our territory above all other requests for loans. Please read the list of benefits of conducting business from within our Nation.
The Free Lakota Bank issues loans based not on need, but instead on merit. During application, explain the value we will receive by lending money to you. Inform us as to why investing in you is in our best interest. What have you done in the past to create value for yourself and shareholders? What commitment will you make to ensure the success of our investment?
Apparently I want a big screen or I want to go to on vacation will not be a valid loan rational (about bloody time) It looks like they are limiting loans to things with will generate real wealth and opportunity for the community rather than fanning consumption like normal banks. I like it!
I’m a huge fan of the good work done by Micro credit organizations like the Grameen bank that seek to empower third world women by letting them escape loan sharks and other exploitive financing arrangements. Micro loans also allow them to gain a greater level of Independence.
The Lakota coins will also be real currency redeemable at various AOCS tribes or merchants. AOCS stands for American Open Currency Standard a loose grouping of alternative currencies including the Liberty dollar the Government raided and closed this year in what was probably an illegal action.
I hope the Free Lakota Bank can have similar success in stoking job creation and local economic autonomy in the Lakota lands and I also hope that once they get this up and going they will mentor other native groups in “real money” finances.
Now I don’t know these people and I’ve not seen their books so I cannot endorse the Free Lakota Bank but I certainly approve of this kind of business model and hope it flourishes. I do recommend you check them out but do your own due diligence.
Damn pretty rounds!
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