Free State Wyoming Forum
Wyoming Research and Information => General Wyoming Living Information => Topic started by: kingskid on May 27, 2012, 02:36:51 PM
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I wasn't sure how/if to ask this question, but FRNs can't be used for everything so do people use banks/credit unions for the deposit of their cash? Digital gold is not feasible for everybody or everything, and I just don't know what else people would use, unless a group of wealthy, non-statist people with high moral integrity got together and created a private bank.
KK
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I'd like to see FSW folks come together and form a private credit union. Nuts to "banks."
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ML: I'd like to see FSW folks come together and form a private credit union. Nuts to "banks."
It would be much preferable to deal with a local, private credit union or private bank, but haven't the faintest idea what kind considerations would have to be addressed. Has this been addressed among FSWers?
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ML: I'd like to see FSW folks come together and form a private credit union. Nuts to "banks."
It would be much preferable to deal with a local, private credit union or private bank, but haven't the faintest idea what kind considerations would have to be addressed. Has this been addressed among FSWers?
Credit Unions still have follow the Fed's rules and the requirements of bank reporting, FINCEN laws, and the NCUA.
However, I know two people to start banks. I would actually be up to working on such a project.
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re: Foundit: However, I know two people to start banks. I would actually be up to working on such a project.
If that ever becomes a work in progress, I'd be interested in knowing more about it!
KK
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re: Foundit: However, I know two people to start banks. I would actually be up to working on such a project.
If that ever becomes a work in progress, I'd be interested in knowing more about it!
KK
Once I get to town next week, I will start sorting out what opportunities I will be working on business-wise. There is always an opportunity. If I were to venture into banking, I would probably do an internet only type of bank or CU. I would love to have a bank that keeps reserves in gold and silver, however, I don't the feds would allow that. I know such a bank would explode.
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Would you consider a bullion store with a very secure vault/storage business next door that would store people’s purchases in said vault? Both businesses would be separate entities, to keep any threat of “forming a bank” in the IRS’s eyes. If one of your “depositors” wanted to “withdraw” from the vault, they could move the contents of the account next door and receive a money order for the balance. All FRN's brought to the table would be converted to metal and NONE would cross the threshold into the storage business.
If I thought I could not store my wealth privately, that is the type of business I would look for to help keep it secure/diversified.
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Would you consider a bullion store with a very secure vault/storage business next door that would store people’s purchases in said vault? Both businesses would be separate entities, to keep any threat of “forming a bank” in the IRS’s eyes. If one of your “depositors” wanted to “withdraw” from the vault, they could move the contents of the account next door and receive a money order for the balance. All FRN's brought to the table would be converted to metal and NONE would cross the threshold into the storage business.
If I thought I could not store my wealth privately, that is the type of business I would look for to help keep it secure/diversified.
I think anything that competes with the Fed will be in "violation" of banking laws and subsequently raided and shut down.
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Oh shoot, I forgot we're still living in the modern day. I guess we’ll have to wait for freedom and true capitalism to reign again. It was fun to day dream though! :)
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No, it really just needs to wait for a proper temporary autonomous zone(see John Robb). Once we're effectively independent, reality will take it's toll on the illusion. We still have a ways to go before that point too though.
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I wasn't sure how/if to ask this question, but FRNs can't be used for everything so do people use banks/credit unions for the deposit of their cash? Digital gold is not feasible for everybody or everything, and I just don't know what else people would use, unless a group of wealthy, non-statist people with high moral integrity got together and created a private bank.
KK
For privacy, some go to stores that sell gift card/credit cards & pay cash, but they are expensive.
If you just want a credit card without a bank account I don't think PayPal has many requirements as a bank & they have debit/credit cards (I think) I haven't dealt with them in a while but they used to accept money orders for deposits. Once you get the card you might be able to deposit cash in your account at an ATM. (Damn, now you've got me thinking about it & I'll spend hours looking it up! ;D)
Good luck!
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I wasn't sure how/if to ask this question, but FRNs can't be used for everything so do people use banks/credit unions for the deposit of their cash? Digital gold is not feasible for everybody or everything, and I just don't know what else people would use, unless a group of wealthy, non-statist people with high moral integrity got together and created a private bank.
KK
For privacy, some go to stores that sell gift card/credit cards & pay cash, but they are expensive.
If you just want a credit card without a bank account I don't think PayPal has many requirements as a bank & they have debit/credit cards (I think) I haven't dealt with them in a while but they used to accept money orders for deposits. Once you get the card you might be able to deposit cash in your account at an ATM. (Damn, now you've got me thinking about it & I'll spend hours looking it up! ;D)
Good luck!
PayPal reports to the gov't too.
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PayPal reports to the gov't too.
They also will not allow any "gun related" transfers, last I knew. That's why "gunPal" came into being, but I don't know if it ever really got off the ground. PayPal also plays fast and loose with your money at times. I lost a little money over a disagreement and had no recourse (without an expensive lawsuit, of course) and so won't have anything further to do with them.
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Here's what I do. Your mileage may vary.
I have a Wells Fargo checking account and credit card. I use CASH for everything I can. I use the account very little.
The only things I pay with CC are the things I must, like my AT&T bill, and it gets paid with a transfer from the checking account.
For food, gas, property tax, auto repair, road repair, home improvement projects, contractors (when I was still building), I use cash.
The electric bill can be paid in cash in Sundance or over the counter at some local banks.
This balance works for me. I don't have to go crazy with alternative financial systems, yet all (nearly) my purchases and transactions are private. But different folks have different needs.
Mac
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Thanks all for your input. I, too, do not trust PayPal after an issue of funding the Constitutional Sheriffs and Peace Officers Assn. conference in Vegas last Jan.
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I think Mac's got a good plan, although it might make sense to look into smaller, more local banks (and there are online resources for finding banks in good financial shape). I think it is also a good idea to investigate and use options like bitcoin and offshore gold repositories like this:
http://www.goldmoney.com/
Keep in mind the e-gold fiasco:
http://stakeventures.com/articles/2008/07/22/the-man-finally-brought-e-gold-down
The reason I would get into these options is to have options if (when?) the dollar hyperinflates. No need to put a huge percentage of your resources in them (in fact my inclination is to not do so), but at least you are building familiarity with their system. Better to have some experience with them now, and some history with them as a customer, than later when you are frantically trying to avoid seeing your dollars evaporate by the minute.
Another reason to investigate these options is the drive in all governments to get rid of cash, even if hyperinflation does not occur.
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Good suggestions, Paul. I don't think I've heard anyone mention the possibility of buying physical gold or silver, though. Other than having to secure it somewhere/somehow, what are the downsides of buying the hard stuff?
KK
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Other than having to secure it somewhere/somehow, what are the downsides of buying the hard stuff?
You will have the desire to buy more. Shiny! My Precious! :)
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"Downsides"... Well, no one mentioned it I am sure, because the first rule of PM investing is that you don't mention PM investing, and that is hard to do. Especially on a open forum... Or so I've been told ;)
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You will have the desire to buy more. Shiny! My Precious! Smiley
Wasn't that Gollum from The Trilogy of the Ring??
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Downside is you spend too much time checking the spot price on the internet. ;D
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Sorry, last post was quick and unchecked from the phone (am I addicted to this forum right now…) :'( anyway…
“downside”
1/ If you’re not in it for the long haul and have failed to buy what you need prior to investing in the first place. When you trade FRN’s for tangible goods, in this case PM’s, it is hard to feel better. When the spot price drops short term and you have to trade PM’s for FRN’s to buy something that you NEED, it’s hard to feel worse.
2/ If you are not close to the chest about your investment, word will spread. Anytime you do something against the grain people notice and you may feel you have to justify yourself. A conversation with someone who does not believe in your choice because they are so faithfully locked into theirs tends to lead them to tell others who believe what they do. When two of a kind discuss something like that they will name drop to further validate their stance. It is the same with “gun nuts”, “preppers”, “Christians”, and dare I say it…” anarchist’s”. :o Hence my previous post.
3/ +1 on the spot price checks and desire for more of the precious! (and yes, that is a Tolkien reference)
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Check out www.freelakotabank.com. They deal in silver primarily. I've been keeping an eye on them for a couple years, haven't invested yet though. I like the idea of non-fractional banking. You pay a small fee for instant liquidity, and deposits that earn interest must be left until the term expires. Prevents the bank from creating 'money' out of thin air. They seem to have a good outlook and are venturing into areas to make banking with them easier and more convenient without the pitfalls of fractional reserve banking caused inflation.
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"Downsides"... Well, no one mentioned it I am sure, because the first rule of PM investing is that you don't mention PM investing, and that is hard to do. Especially on a open forum... Or so I've been told ;)
As some wise person once said, "Three can keep a secret if two are dead"!
Mac
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Thanks, gregabob for the tip on Lakota Bank. Non-reserve, non-fractional banking--about time!
KK
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Steer clear of Lakota Bank, and anything else run by the Gray brothers:
https://www.youtube.com/watch?feature=player_detailpage&v=UZzW7u0agEc#t=133
https://www.youtube.com/watch?feature=player_detailpage&v=UZzW7u0agEc#t=133 (https://www.youtube.com/watch?feature=player_detailpage&v=UZzW7u0agEc#t=133)
3.36 min vid about the Mulligan Mint seizure.
Kelly
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It doesn't say if he is the sole owner & operator or just someone who has an ownership interest. Either way, not good.
Does that mean the 1 oz Free Lakota Bank copper round isn't copper anymore? >:D