Native American Response to Banking Crisis
The Lakota people of the north-central U.S. have established the Free Lakota Bank. It is touted as the “world’s first non-reserve, non-fractional bank that issues, accepts for deposit, and circulates REAL money” in the spirit of Austrian economics.
The bank charges a fee for the protection of your savings, which are measured in ounces, and for those who wish to put their savings at risk, there is an investment fund. Deposits to the fund are frozen for one year, but have a healthy return of over 7%. Loans are granted from the investment fund are distributed to applicants based on the merit of the investment - imagine that!
The Lakota people have declared their total independence from the U.S. and claim property rights to thousands of square miles of land within U.S. borders. They have not received formal recognition of this claim by the State Department.
I’d like to thank Andy Horning, Libertarian Party candidate for Indiana governor in 2008, for bringing this story to my attention at his blog, “We Declare”.