While there is much to learn and significant work ahead, the process has begun - a small team has started the work of bringing the vision of our very own bricks-and-mortar Prosperity Building Society/Trade Bank to life. This will end State Nationals reliance on commercial banks (and their ‘personal’ accounts), also laying the groundwork for the future, including the local printing of our own, real money.
According to L&S Assistant, here are the purposes and benefits of establishing Trade Banks/Prosperity Credit Unions 🏦:
Key Purposes 📋:
- State-Chartered Operations:
- Operate under state charters
- Function under merchant law (land jurisdiction)
- Ensure legal presumptions for depositor safety
- Accountability and Transparency:
- Direct accountability of principals
- Prevention of identity/jurisdiction changes
- Clear demarcation between different citizenries
- Private and Secure Services:
- Private banking services
- Operate as private international service organizations
- Protection from government intervention
Asset-Backed Banking 💰:
- Precious metals-backed currency
- Substance-based loans
Operational Independence ✨:
- No levies on private accounts
- Fee-based services
International Trade Facilitation 🌐:
- Access to IEX and BRICS platforms
- Interface between unincorporated and commercial entities
Benefits for Terra Australisans 🦘:
- Secure banking model adoption
- International trade facilitation
- Asset-based financial stability
- Local economic empowerment
The system provides a secure, accountable, and asset-based banking alternative to traditional federal banks in both countries.
Stay tuned for more progress updates!
