Is it Possible for RPF to start its own bank?

[DirtMcGirt]

Seriously.... or the Mises?

[Zippyjuan]

Start with lots of money. A little info from here: http://www.linkedin.com/answers/star..._29159662_0_*2

1Things You’ll Need:
Business plan
Banking and/or business management experience
$6 to $10 million
Charter bank application package
Step1Evaluate how practical it is for you to start a bank. Look at your business experience. You will need to have business management skills, financial management skills and fund-raising skills.
Step2Get to know your market. Before you start a bank you need to find a hole in your current market. After all people are not going to come to a start up bank if they can't offer the customer something unique. If your local market is already saturated with banks consider moving your bank to an outlying area that is underserved by financial institutions, or consider starting an online bank.
Step3Recruit professionals to head the board of your bank. Look for people who you can work well with, for people who have banking skills and experience and for people who have business management skills and experience.
Step4Research the requirements your state has for starting a bank. You can find this information at your state's Department of Financial Institutions.
Step5Create a plan for raising the required capital funds for your bank. Search for investors, grant programs and ways to earn money to back your bank's start up. Expect to be required to raise millions of dollars for your bank's start up. California, for example, requires charter banks to have between $6 million and $10 million dollars in capital funds before their doors open.

Step6
Download and fill out the required paperwork for starting a bank. These forms can be found online at your state's Department of Financial Institutions' website. This application packet will include a general information sheet, several questionnaires, financial reporting sheets and eligibility checklists. You will also be required to complete supplemental documentation to back up your request to start a bank. You may need to put together a proposal for your bank and you may also need to create a business plan.
Step7
Wait for approval. This can take between several weeks and several months.
Step8
Implement your business plan after getting approved by your state's Department of Financial Institutions. Start your fundraising, look for a building, acquire insurance and bonding, hire employees and develop a marketing campaign.

[satchelmcqueen]

if we all lived in the same closed community then sure.

[forsmant]

I will be in charge and I promise not to lend fractionally!!!

[JosephTheLibertarian]

You don't need much to start a bank

1. brick and mortar, optional
2. some cash to start, maybe a few g's
3. business plan, professionals advice
4. a site, a very professional site

Ignore the government, ignore the regulations, just run your bank.

[fedup100]

So you want a federal reserve bank? You cannot open a private bank if it isn't part of the cabal. They will kick your doors in, just ask Iran.

Your only real hope to do this, but still would cause a jackboot response, would be to do so on the lakota Reservation.

[nate895]

So you want a federal reserve bank? You cannot open a private bank if it isn't part of the cabal. They will kick your doors in, just ask Iran.

Your only real hope to do this, but still would cause a jackboot response, would be to do so on the lakota Reservation.

No, only federally chartered banks must become members of the Federal Reserve, state banks need not.

[heavenlyboy34]

you could also start a private banking/credit union in which all members are shareholders.

[sratiug]

Seriously.... or the Mises?

Not only should we start our own bank, we should coin our own real dollars and eagles, and deal only in those. Then start a campaign for businesses to list prices in real dollars along with fed note price. We could perhaps assist them...

If we don't lend out depositers money the bank does not own, people might take zero interest to know their money is safe.

Oh, and we should DO IT NOW!

[JosephTheLibertarian]

Not only should we start our own bank, we should coin our own real dollars and eagles, and deal only in those. Then start a campaign for businesses to list prices in real dollars along with fed note price. We could perhaps assist them...

If we don't lend out depositers money the bank does not own, people might take zero interest to know their money is safe.

Oh, and we should DO IT NOW!

We need an original design, right?

[sratiug]

We need an original design, right?

I don't know. Is it counterfeiting if we use an old design and it is real gold/silver? Maybe replace the "United States of America" with "Made in the United States of America".

Since the Bible tells us that usery is a sin, and paper money is debt based, it seems natural to me that churches should be our great ally in spreading real money. Imagine if there were a Southern Bastist Dollar, or a Morman Dollar, or Pentacostal or whatever faith wants to have their congregations free to practice their faith and save money without perpetuating debt slavery? We could provide these services, of course.

Here are some real dollars.
http://www.coinfacts.com/historical_...ver_dollar.htm

[V3n]

If not a "bank" there's got to be a way to start a Credit Union.

http://en.wikipedia.org/wiki/Credit_union

"Credit unions differ from banks and other financial institutions in that the members who have accounts in the credit union are the owners of the credit union[8] and they elect their board of directors in a democratic one person-one vote system regardless of the amount of money invested in the credit union."

[forsmant]

I am CEO of this bank and we will charge interest on all loans. We will accept only legal tender anything else can be stored in safe deposit boxes in my basement or garage. Only you and I will have the key to you box. We will practice fractional reserve lending and you will like it!

[yongrel]

People who spend this much time on the internet do not typically have much money, certainly not enough to start a bank.

[Cowlesy]

How did I miss this thread........

<----Vice Chairman - Asset Management

[anaconda]

you could also start a private banking/credit union in which all members are shareholders.

Exactly.

Why not a massive money bomb for a Revolution Bank? I think it's a feasible idea. No one pledging would lose anything. It would be their share or deposit. Might go viral in this recent climate of citizen anger. Maybe RP could be the President. Let's ask him to promote it through campaign for liberty and let's do it. $100 minimum. No fractional reserves. Returns from CD's will pay for the operations of the bank and give us a small return.

Any money bomb contributer could get their money back anytime.

[forsmant]

Uhhh...I am the president and only contrarian party members will hold upper management positions. Your money will be insured by the FDIC

[mediahasyou]

Yes, I can start your bank and lend out your money for my profits.

[forsmant]

Yes, I can start your bank and lend out your money for my profits.

Are you a member of the conrarian party? Didn't think so

[anaconda]

Not only should we start our own bank, we should coin our own real dollars and eagles, and deal only in those.

Yes. We could use the initial capital contribution to purchase gold and then issue paper currency that has a claim on the gold.

I'm not sure if this is in violation of Federal law. We might have to think of a way around it. Maybe issue "claim receipts." If they are nameless it would be hard to prove that you used it in an economic transaction.

[heavenlyboy34]

Exactly.

Why not a massive money bomb for a Revolution Bank? I think it's a feasible idea. No one pledging would lose anything. It would be their share or deposit. Might go viral in this recent climate of citizen anger. Maybe RP could be the President. Let's ask him to promote it through campaign for liberty and let's do it. $100 minimum. No fractional reserves. Returns from CD's will pay for the operations of the bank and give us a small return.

Any money bomb contributer could get their money back anytime.

We can't money bomb yet because there is no established charter or business plan. That takes months and sometimes years.

[JosephTheLibertarian]

People who spend this much time on the internet do not typically have much money, certainly not enough to start a bank.

You don't need much money to start an illegal bank

[Zippyjuan]

Exactly.
No fractional reserves. Returns from CD's will pay for the operations of the bank and give us a small return.

So you will be charging for deposits instead of paying the depositors interest on them? How will you attract new depositors who would rather go to other institutions where they are paid the interest on CDs?

[Pauls' Revere]

I've suggested before that the CFL have it's own stocks or bonds backed by gold which we could buy. The CFL would be a Corporation (hard to swallow for some) and could issue these stocks/bonds which the public could buy at large and are redeemable in gold/silver or other precious metals. I thought thought that if large corporations can issue credit than why not PAC's or start our own corp! We could issue out debit cards which could be used worldwide I imagine the infrastructure is already set up. Yes some fees have to be paid but we understand the cost of business. I say we call it :

THE BANK OF LIBERTY

[sratiug]

So you will be charging for deposits instead of paying the depositors interest on them? How will you attract new depositors who would rather go to other institutions where they are paid the interest on CDs?

Deposits should immediately be converted to real gold and silver currency. You don't have to pay interest on real money. We could make a small profit on the minting of the coins. You don't have to make loans. Why would we want to encourage debt anyway? Usery is a sin. The idea is you can actually save money without worrying about your bank collapsing or your dollar being destroyed, and without supporting fractional reserve lending and the fiat money scam.

When the average person has money saved, his friends and relatives can borrow from him when they are in need. The banks wouldn't need to be in the lending business.

[sratiug]

People who spend this much time on the internet do not typically have much money, certainly not enough to start a bank.

We are all continually awed by your wisdom. I found a quarter in my couch, now where is that piggy... uh, what is it called?

[Pauls' Revere]

Here's a start!

http://www.banking4bankers.com/

Start your own Bank!!!

[sratiug]

Here's a start!

http://www.banking4bankers.com/

Start your own Bank!!!

Great. For those that want to deal in paper, we can have a new bank in New Zealand for 39,000 fed notes.

[Cowlesy]

Uhhh...I am the president and only contrarian party members will hold upper management positions. Your money will be insured by the FDIC

I think I am the only other card-carrying member of the Contrarian Party on this board, so I guess "FDIC" stands for......."Forsmant Decried (*sp) Insured by Cowlesy" ?

[liberteebell]

Here's another thread on the same subject:

http://www.ronpaulforums.com/showthread.php?t=159669


I asked a close friend who's in banking if it was possible and here's his answer:

It is something you certainly could do. The problem is that you would probably have to be an internet bank because of the widespread geographic area of the participants. You would need at least $25 million in capital to start it and still allow for the ability to do enough loans. You could not have meetups to approve loans, though. You would have to have an automated approval system.

One of the biggest problems is the overnight lending rate that banks charge to each other. It is unbelievably high right now because of the lack of credit and risk-aversion of the counterparties. Initially, this would be good because you would have excess funds to loan.

Isn't there anyone on here who's in banking who'd want to head this up?