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Author Topic: Liberty Dollar Bank or CU  (Read 15177 times)

Power Penguin

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Liberty Dollar Bank or CU
« on: February 24, 2006, 02:56:39 am »

Hey here's a buisiness idea: Why don't some of us start an ALD-based Credit Union or Bank? There's no competition, and in the Free State this would be cool to have. LDs could be bought in bulk at discount, and the bank could store money and act as   an ALD issuer. Finally, assets could grow by providing investment services, which would unfortunately have to translate between ALD and FRN.

What do you all think about this?
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Gabo

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Re: Liberty Dollar Bank or CU
« Reply #1 on: February 24, 2006, 06:28:43 pm »

I was thinking about this as well.
I'd love to join in and start a Liberty Bank as soon as I get up to NH.
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varrin

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Re: Liberty Dollar Bank or CU
« Reply #2 on: February 26, 2006, 08:51:35 pm »

Brilliant...

As an extension of this idea, what about a bank that lets you hold your money in multiple currencies and/or other instruments?  You could write checks on US Dollars and/or Liberty Dollars and use your ATM card to get cash out in any currecny (the ALD bank would offer cash in LD's of course...)  If all the details were just right (online banking, etc. etc.), I'd bank there.

V-

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freedom's ideologue

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Re: Liberty Dollar Bank or CU
« Reply #3 on: February 26, 2006, 09:13:01 pm »

Varrin,

Almost any large bank will already do that (with the exception of you can't get the foreign currency out at an atm).  A bank with a strong international trade department will let you open accounts in foreign currencies.
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freedom's ideologue

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Re: Liberty Dollar Bank or CU
« Reply #4 on: February 26, 2006, 09:16:32 pm »

Instead of an LD bank, why not just a bank that issues its own notes, based on stored gold and silver assets, the way dollars USED to be.  That way you wouldn't have to absorb half the cost in liberty dollar markup.  The bank could make money based on account and user fees, instead of loaning fees.  Better yet, people could open up long-term accounts (ie, they know their money is being invested, and hence isn't usable), and then the bank could even loan money, and make money that way.

Caleb
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varrin

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Re: Liberty Dollar Bank or CU
« Reply #5 on: February 26, 2006, 09:48:43 pm »

That all sounds good actually.. Offering the choice between both accounts (a margin account and a non-margin account) would be attractive to me.  I'd actually probably take one of each (maybe margin interest-bearing savings with withdrawl rules and non-margin or limited margin checking with online bill paying, etc.).  I'd love to hold my short and medium term (checking and savings) money in just about anything other than US Dollars.  I wish my employer would pay me in something else for that matter...

V-

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FTL_Ian

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Re: Liberty Dollar Bank or CU
« Reply #6 on: February 27, 2006, 04:59:26 pm »

I would like to see a bank that handles ALD as well as FRN.  I want privacy, no SS required to open an account, and no FDIC insurance.

Of course someone with serious resources would have to set all this up.  I don't know if we have any real financial powerhouses in our movement yet.
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Russell Kanning

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Re: Liberty Dollar Bank or CU
« Reply #7 on: February 27, 2006, 06:43:25 pm »

Don't you already get this with systems like the LD (just treat them like ozs.) and egold etc?
We don't have to reinvent the wheel or debate it forever..... just do it. The problem is if you want the system to somehow hook up with the feds for check clearing and such....then they get their claws into you. It is hard to compete with the services a bank gives people when they print their own money and people are forced to accept it. Our fees will always be higher and you see that in all the services currently available.

The Keene Free Press accepts silver and gold in person or e-LDs and anything from e-gold for ad space.
We exchange silver back and forth with each other in NH as much as possible. Just do it.
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RalphBorsodi

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Re: Liberty Dollar Bank or CU
« Reply #8 on: February 27, 2006, 08:18:30 pm »

Quote
Of course someone with serious resources would have to set all this up

Why not have a bunch of people pledge a non-redeemable lien against their appreciating NH land values and then create a land bank which would then create "porc notes" for those that pledge a lien and then used as currency only between FSP members.

The appreciating land values could be tracked and made public to give confidence that the notes are backed by something appreciating in value.

Ralph Borsodi
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Power Penguin

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Re: Liberty Dollar Bank or CU
« Reply #9 on: February 27, 2006, 08:31:58 pm »

Dudes... Why the obsession with creating yet another currency in effect? The bank could start small, just one location in one town and then grow. With the Internet, net banking can be done, meaning that people only need to come to the actual branch when they need to sign for something, get ALD cash, etc. If 20,000 FSPers come to the state and each invests an avarage of only 1,000, that's 2 million dollars in assets guys! I'm a college student without much disposable income for crying out loud and I'd be willing to do that! :D

At the core, all we're really doing is taking an ALD RCO and adding on to/diversifying it! Having additional eLD, eGold, etc services for online banking would add to the pot both in terms of actual money but also in terms of new customers that might not otherwise participate. I know that I for example have 3 different bank accounts, not counting my eGold account that doesn't have anything whatsoever in it :(

And yes, it would be private and secure. There are ways to ensure security with minimum personal ID, and this is of course where my trusty privacy/security consultations come in for a low hourly fee of course 8-).

Seriously, though, if we all work together and can find ways to tie various different buisinesses together in ways that cover the mutual ass,  private industry in the face of the BS state should be possible, albiet perhaps more difficult initially. Greater rewards should result though, compared to taking it up the ass like normal.
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freedom's ideologue

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Re: Liberty Dollar Bank or CU
« Reply #10 on: February 27, 2006, 08:50:46 pm »

Except there's a strong contingent of FSP'ers (myself, for one) who feel that the Liberty Dollar is not the way to go.  I don't think anyone is talking about creating a new currency (except maybe Bordosi), we're merely talking about creating notes that can be redeemed for gold and silver.  Personally, I'd much rather go the way of e-gold than have an ALD bank.  I just don't like the ld's.

Caleb
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RalphBorsodi

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Re: Liberty Dollar Bank or CU
« Reply #11 on: February 27, 2006, 08:55:10 pm »

Quote
except maybe Bordosi

That is Borsodi!

I started a currency in Exeter, NH back in the early 70's.

It was called the constant. You can read about it here:

http://www.motherearthnews.com/menarch/archive/issues/027/027-082-01.htm
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freedom's ideologue

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Re: Liberty Dollar Bank or CU
« Reply #12 on: February 27, 2006, 09:05:31 pm »

Very cool, Borsodi! 

So, why are you backing away from your constant now and promoting a land bank idea?  I like the constant a lot better than I like your landbank idea.

Caleb
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RalphBorsodi

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Re: Liberty Dollar Bank or CU
« Reply #13 on: February 27, 2006, 09:09:56 pm »

Very cool, Borsodi! 

So, why are you backing away from your constant now and promoting a land bank idea?  I like the constant a lot better than I like your landbank idea.

Caleb

I have done both in my life time and the land bank idea is specifically geared towards groups of people just starting out who don't have a lot of liquid assets to pledge but maybe a few do have some equity in an appreciating collateral for backing but non-redeemable scrip.

Ralph Borsodi
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FTL_Ian

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Re: Liberty Dollar Bank or CU
« Reply #14 on: February 28, 2006, 12:10:22 am »

Being a brick and mortar bank would be the best way to reach out to the public.

There is certainly a demand for liberty money services.  The brick and mortar, with a simple outreach/advertising campaign can easily create demand, maybe even generate free press.

This is going to be a ripe opportunity.
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