Some concerns surfacing over Lakota Bank

Sponsor: http://YouTube.com/RP4409 - This month marked the launch of the "Free Lakota Bank," claiming to be the world's only non-fiat / non-fractional banking institution. But some are wary of the institution's claims. Here are links to some of the discussion that's going and some reports by the bank's first customers.

http://www.republicoflakotah.com/forums/viewtopic.php?f=14&t=188&st=0...

http://billstclair.com/blog/free_lakota_bank.html - Bill is a regular on NHFree.com and is blogging his account-opening experience.

http://freelakotabank.com/

This video was edited 11/29/08 and first uploaded 11/29/08

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[RidleyReport]

If the authorities were putting this on as a sting it would be a sting that draws attention to their deficiencies... but who knows.

[saintmichaelsarmoury]

I tried to buy a coin from them but google cancelled my transaction (it was done through google checkout).

When I emailed the bank and asked them why my order was cancelled they were a little vague. Something about a promotion being over but I can still buy the same coins for the same price directly from them. Didn't really make sense.

[RidleyReport]

that report from the lakota bank people is consistent with their other representations. they claimed a few days ago that a large number of people responded to the limited promotional offering. The offering was , they say, for a limited number of coins or what not and the coins or whatever it was they were selling...sold out early on. That's what they're telling folks.

[RidleyReport]

I should clarify...I'm not sure *everything* they were selling sold out but some sort of initial temporary offering apparently sold out. That's my understanding.

[jokertim777]

Yes, one of my immediate thoughts was "How long before the Feds try to break this bank up like they did the Liberty Dollar?"

Perhaps my best bet would be to concentrate on setting up a local "underground" economy based on silver coins?

[oyate1960]

There's no one way to spell Lakotah because it was never a written language until recently.

[Hashishin13]

@Burster1 It says on the Republic of Lakotah website, which he linked, that they aren't affiliated with the RoL. Sounds illegitimate to me.

[Burster1]

FLB Is legitimate ... I think Ridley is a undercover OP trying to discredit them

[Payu7]

Ok well for one thing I can tell you all that the FLB is NOT a IRS undercover Op, I know one of the owners personally, it's a interesting Idea and it's meant as as means of economic development for our Oglala Lakota (no H) Nation. But I do encourage due diligence with ANY financial planning or investment

[8DoverNJ]

Ignore my earlier comments on your initial video. I thought I was scammed, but the coins I ordered did indeed arrive. They're rather nice looking. The artisanship gets a thumbs up on this one.

I would still tell everyone to do your due diligence and am still reluctant to open an account. I have a few theories as to the reason behind why the transaction 'appeared' to be a scam but I'll save that for my book!

Cheers All!

[RandySpeeg]

My biggest problem with the AOCS idea, is the $50 face value of a one ounce silver round. If you are a merchant who must acquire goods with FRNs, then why would you ever consider exchanging $50 of goods for a silver round, when you must convert that silver back to FRNs in order to pay overhead and buy more goods? On conversion you'd always loose money.

My biggest problem with the F.L.B. is the Fee of one ounce per month. Unless you have thousands and thousands of ounces it's not economical.

[RandySpeeg]

The Free Lakota Bank is a private enterprise started by two men, Canupa Gluha Mani (formerly of the Republic of Lakotah movement, but no longer with them) and Rob Gray (founder of the "American Open Currency Standard" which is basically the Liberty Dollar idea on steroids). These two men were on Michael Badnarik's radio show a few nights ago promoting the bank. Basically, what they said was it is "silver in, is silver out," it's up to you to find the best way to convert FRN's to silver ounces.