Author, investment broker and media personality Peter Schiff has opened up a hard money bank in the Windward Islands – and Americans need not apply for an account. Economic Policy Journal has the story:
[Y]ou can’t open an account at this bank if you’re a U.S. citizen.
U.S. security laws have become so intrusive, burdensome, and expensive to comply with, that it made it difficult for Schiff to offer the services in the U.S. So, Schiff opened his bank offshore, in St. Vincents and the Grenadines. It operates outside the jurisdiction of U.S. security regulations, and does not accept accounts from American citizens or residents.
I’m proud to be an American where at least I know I’m free
/s
When we gain our independence this is the model we can follow. Private banking with 100% reserves in any precious metal is the way to go. Use a non-metallic unit such as the dollar for the unit of account. If done primarily electronically it would be very efficient.
HC,
Rather than waiting until independence to wean off of Federal Reserve Treasury notes, I recommend starting independence by voluntarily moving to hard currency.
Sounds good to me but that will get you a prison sentence. Just ask Bernard von Nathause. Also the transaction costs in keeping tract of the gains and losses from each transaction for tax purposes are prohibitive.