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How to Start Your Own Bank
How to Start Your Own Bank
Posted on February 23, 2008 by Ellen Brown
How to start your own bank:
http://www.financialsense.com/fsu/editorials/schoon/2007/0514.html
http://money.howstuffworks.com/bank5.htm
Idea: we get 6 investors with $100,000 each to become the directors.
Their $600,000 is the 10% needed to get started; we raise the other 90%
by issuing stock. That gives us capital of $6 million, enough to
charter a bank. Then we’re allowed to create and lend . . . $200
million! (See first article above.) Today you only need 3% reserves if
you’re a small bank. The BIS (Bank for International Settlements)
capital requirements are a bit higher – 8% — but even at 8%, our $6
million lets us lend $50 million. We lend interest-free to various
worthy causes that will generate a profit if they don’t have the burden
of interest, such as alternative energy projects, low-cost housing,
Permaculture farming projects and the like. Rather than charging
interest, we take a modest share of the profits, on the model of Islamic
banking or investment banking; but our real purpose is to set up a
working model of what community-oriented banking could be. We use the
principles developed over 300 years by the private banking system and
turn them to public ends.
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