IBOM. International Bank of Meekamui. The bank of Bougainville, the Twin Kingdoms, built for Bougainville reconstruction, restoration &
rehabilitation, according to the official website: http://IBOM.biz.
CBOB, Central Bank of Bougainville, the internal bank for local domestic business in internal BVK only. http://www.centralbankofbougainville.com/.
The official currency, the Bougainville KINA, they say is backed by gold. The printed KINA features the picture of King David Peii II who, it is claimed is the direct descendant of the ancient kings of the Island. They say the bank holds some of the gold and the rest is not yet refined but lays in big piles of highly concentrated ore, assayed and proven to be rich in gold, copper and other valuable minerals.
I've been told IBOM has begun to distribute the paper Bougainville KINA (BVK) among the populace for legal tender. There are several types of BVK according to the IBOM website. In order to use the BVK one must learn which "color" of BVK is designed for what purpose and for whose purpose. I wonder if the populace is so well informed, particularly when, last I spoke with a Bougainvillian IBOM is a failed "investment opportunity"
IBOM has apparently been governed by several people who reside outside of Bougainville. For example, one man whom I'll call "Frenchie" actually resides in Chillowack, BC Canada and runs a pulled BBQ meat sandwich business. Somehow Frenchie convinced IBOM leadership, i.e. the King and his counselors, that he, Frenchie, was the man who could get BVK accepted by the European Union as a legitimate currency, even perhaps as a world reserve currency to replace the US dollar. Unfortunately, Frenchie turned out to be a fraud, a scam artist who fleeced IBOM for some number of millions of Canadian dollars.
Why Frenchie was not satisfied to take the solid, gold-backed BVK as payment instead of the fiat CDN dollar we'll never know. Word is IBOM is now or will soon have some people buying some pulled BBQ meat sandwiches and demanding some specific private time with Frenchie. I don't know how solid this rumor is. It could be as real as the gold that backs the BVK, which reality has in serious question, especially, it seems, among the Bougainvillian people.
I can understand how the King may be sincere in his efforts to build a real banking system that would rival any financial system in the world. All current central banks that this writer knows of print "fiat" money that is backed by nothing more than future taxes, or the good faith of the government, meaning faith that the government will be able to tax the people enough to pay for not only the money that the government borrows to infuse into the economy by way of loans but also taxes enough to pay for the interest that is charged for the use of the money the government borrowed to infuse into the economy. That is how fiat money works. You knew that, right?
The dollar or yen or euro that are in your possession are not promises to give you anything of value if you seek to exchange it at the central bank. Even the minted coins are nothing more than junk metals: zink, tin, nickel, copper. These coins are made of cheap metals that don't easily corrode or rust but are not valuable like silver or gold. These metals are not bought by the ounce or gram but by the pound or Kilo, for example, nickel - $6.48/lb, Tin - $10.48/lb, copper - $$3.27, zinc.- $0.84/lb. Your fiat money is worth pounds of junk metal unless can you use it to trade for food, gasoline, clothing, services, etc.
I am not saying fiat money is bad. It is just unstable. In due course of time the money itself becomes known for what it is worth: junk metal, or nothing. I don't know any "regular" people who are looking to buy junk metal. So, eventually, historically within 100 years of the introduction of the fiat money, the population begins to demand more and more junk money in exchange for material that has intrinsic value. This is inflation. When that happens the government discovers the printed currency needs to be upgraded from 20 to 20,000 increment bills. Shortly thereafter, since the population is becoming totally convinced of the real value of the fiat money, the government must increase the increments from 20,000 to 20 million increment notes, then 200 million then 2billion increment notes, or more, be they Argentinian Pesos, or Yugoslavian Dinar or Zimbabwe dollars.
Read what one blogger wrote about traveling in Zimbabwe during the fiat money financial crisis, 2006-2008,
Every guy on the street would hold out a wad of notes, many well used notes, and ask for US$20 to take them as a souvenir. You then haggle and barter and pay about US$5 to take the things off their hands.
In some ways, I bought a lot of these notes as I felt sorry for the chaps – one guy hassled me non-stop for about ten minutes and I eventually said that we were leaving that day so could not buy any more stuff.
He said: “You’re leaving today? Well maybe you have some old T-shirts or pants you could give to me? I don’t mind how old sir. I’ll wait outside your hotel.”
Another guy noticed that we had some bread in our bag (to feed the birds) and asked if he could have it to eat.
That’s how poor this economy is today.
Chris Skinner, "Financial Services Club Blog"
Above is a picture of the Zimbabwe one hundred trillion dollar note. Worth $100 trillion? No. Purchased in mint condition for $10 USD by a tourist. Otherwise it was worthless for purchasing anything like clothing or food on the open market. That is fiat money.
From "Vacher", a commentor from Chris Skinner's blog, we learn:
The largest denomination banknote ever officially issued for circulation was in 1946 by the Hungarian National Bank for the amount of 100 quintillion pengo...
CBOB, Central Bank of Bougainville, the internal bank for local domestic business in internal BVK only. http://www.centralbankofbougainville.com/.
The official currency, the Bougainville KINA, they say is backed by gold. The printed KINA features the picture of King David Peii II who, it is claimed is the direct descendant of the ancient kings of the Island. They say the bank holds some of the gold and the rest is not yet refined but lays in big piles of highly concentrated ore, assayed and proven to be rich in gold, copper and other valuable minerals.
I've been told IBOM has begun to distribute the paper Bougainville KINA (BVK) among the populace for legal tender. There are several types of BVK according to the IBOM website. In order to use the BVK one must learn which "color" of BVK is designed for what purpose and for whose purpose. I wonder if the populace is so well informed, particularly when, last I spoke with a Bougainvillian IBOM is a failed "investment opportunity"
IBOM has apparently been governed by several people who reside outside of Bougainville. For example, one man whom I'll call "Frenchie" actually resides in Chillowack, BC Canada and runs a pulled BBQ meat sandwich business. Somehow Frenchie convinced IBOM leadership, i.e. the King and his counselors, that he, Frenchie, was the man who could get BVK accepted by the European Union as a legitimate currency, even perhaps as a world reserve currency to replace the US dollar. Unfortunately, Frenchie turned out to be a fraud, a scam artist who fleeced IBOM for some number of millions of Canadian dollars.
Why Frenchie was not satisfied to take the solid, gold-backed BVK as payment instead of the fiat CDN dollar we'll never know. Word is IBOM is now or will soon have some people buying some pulled BBQ meat sandwiches and demanding some specific private time with Frenchie. I don't know how solid this rumor is. It could be as real as the gold that backs the BVK, which reality has in serious question, especially, it seems, among the Bougainvillian people.
I can understand how the King may be sincere in his efforts to build a real banking system that would rival any financial system in the world. All current central banks that this writer knows of print "fiat" money that is backed by nothing more than future taxes, or the good faith of the government, meaning faith that the government will be able to tax the people enough to pay for not only the money that the government borrows to infuse into the economy by way of loans but also taxes enough to pay for the interest that is charged for the use of the money the government borrowed to infuse into the economy. That is how fiat money works. You knew that, right?
The dollar or yen or euro that are in your possession are not promises to give you anything of value if you seek to exchange it at the central bank. Even the minted coins are nothing more than junk metals: zink, tin, nickel, copper. These coins are made of cheap metals that don't easily corrode or rust but are not valuable like silver or gold. These metals are not bought by the ounce or gram but by the pound or Kilo, for example, nickel - $6.48/lb, Tin - $10.48/lb, copper - $$3.27, zinc.- $0.84/lb. Your fiat money is worth pounds of junk metal unless can you use it to trade for food, gasoline, clothing, services, etc.
I am not saying fiat money is bad. It is just unstable. In due course of time the money itself becomes known for what it is worth: junk metal, or nothing. I don't know any "regular" people who are looking to buy junk metal. So, eventually, historically within 100 years of the introduction of the fiat money, the population begins to demand more and more junk money in exchange for material that has intrinsic value. This is inflation. When that happens the government discovers the printed currency needs to be upgraded from 20 to 20,000 increment bills. Shortly thereafter, since the population is becoming totally convinced of the real value of the fiat money, the government must increase the increments from 20,000 to 20 million increment notes, then 200 million then 2billion increment notes, or more, be they Argentinian Pesos, or Yugoslavian Dinar or Zimbabwe dollars.
Every guy on the street would hold out a wad of notes, many well used notes, and ask for US$20 to take them as a souvenir. You then haggle and barter and pay about US$5 to take the things off their hands.
In some ways, I bought a lot of these notes as I felt sorry for the chaps – one guy hassled me non-stop for about ten minutes and I eventually said that we were leaving that day so could not buy any more stuff.
He said: “You’re leaving today? Well maybe you have some old T-shirts or pants you could give to me? I don’t mind how old sir. I’ll wait outside your hotel.”
Another guy noticed that we had some bread in our bag (to feed the birds) and asked if he could have it to eat.
That’s how poor this economy is today.
Chris Skinner, "Financial Services Club Blog"
From "Vacher", a commentor from Chris Skinner's blog, we learn:
The largest denomination banknote ever officially issued for circulation was in 1946 by the Hungarian National Bank for the amount of 100 quintillion pengo...
http://www.3833.com/largest_denomination_wbn_without_zero :
Hungary (1946) 100 Quintillion Pengo
....... (100,000,000,000,000,000,000, or 1020). The Post-WWII hyperinflation of Hungary holds the record for the most extreme monthly inflation rate ever — 41,900,000,000,000,000% (4.19 × 1016%) for July, 1946, amounting to prices doubling every fifteen hours!!
So this is the result of the population losing good faith in the government issued fiat currency backed by nothing other than the future taxation of the people by the government.
According to IBOM, the BVK is backed by gold. Is this true? Who will verify it?
In all my writings I have asked for someone to come forward to prove with evidence that the BVK is a currency that any "regular Joe" like me can use to do business. Buy and sell. Who will sell to me, assuming IBOM will release some of my BVK from the Administrative Hold that shackles my account, my "money", my BVK?
Who will accept my BVK in exchange for any other currency that is accepted on the open market: pesos, yen, dollars, dinar, Pengo, franc, boliviano, yuan or any other internationally accepted currency. I'll give you a generous exchange rate, more generous than the official rate. Who will accept my offer?
So far no one has accepted my offer for BVK, either to do profitable business with a Bougainvillian farmer or potter, weaver, small item carpenter, leather worker or what-have-you, or to fund a project on Bouganville that will benefit the island people. Can I use BVK to pay for a trip to the island to inspect how the reconstruction project is moving forward? Can we build a hydro-electric plant of any size or solar-electric, for the benefit of the people? Where there is inexpensive power there soon follows progress in large measure.
Who will contact me with a proposal of a project that needs funding. I have many hundreds of millions of, I think, green BVK (I don't know, they may be red) that I suppose IBOM or the Central Bank of Bougainville (CBOB) would consider useful for paying a worker to build a hydro or solar electric plant. What tools and equipment vendor accepts BVK in exchange for product? Surely there is someone after all these years.
After all, the multiple websites are impressive, the legal documents are inspiring and the ever-increasing number of rules, regulations, laws and by-laws show this financial institution is proving that IBOM, CBOB, the Constitutional & International Banking Law, endorsed by King David Peii II, as can be found on the Royal Monetary Counsel website www.RoyalMC.org. are not some little scam that will just be revealed and go away. This Bougainville IBOM project has been going on for longer than a decade. King David Peii II and his team seem to this writer to be going about their activities in all the right ways. They are being ignored by the powers that be - the UN, PNG, Australia, Rio Tinto - even the Autonomous Government of Bougainville which is recognized by the outside big money interests.
PNG has broadcast that the Bougainville Kina is illegal, not legal tender, in PNG. The BVK may still be legal in Bougainville, and why not? The US dollar was once accepted only in "the colonies" that were recovering from a revolutionary war. It was a long struggle proving the USD was a viable international currency. Success was had only when the dollar was proven to be based upon gold and silver (predominantly upon silver - the silver dollar). So, when the BVK is proven to be backed by gold, real gold that a seller receiving BVK can trust he could actually trade his BVK for, only then will BVK be trusted by the populace and international governments.
I hope my many BVK will soon be proven to have real value in the international financial world. Until then all I can do is write my blog, ask my questions and hope someone finally comes forward with proof and a real opportunity to do some profitable business transactions. I have only been waiting about 4-5 years. Others I know have waited 12-15 years and are still excited and hopeful.
I'll be more hopeful when a few hundred million ounces of the alluvial gold are processed into circulating coins or ingots to back up the paper currency.
In the meanwhile, I'd say, before investing in the banks of Bougainville, be sure you can afford to wait years for the return of your investment.
I'll keep you posted.
Hungary (1946) 100 Quintillion Pengo
So this is the result of the population losing good faith in the government issued fiat currency backed by nothing other than the future taxation of the people by the government.
According to IBOM, the BVK is backed by gold. Is this true? Who will verify it?
In all my writings I have asked for someone to come forward to prove with evidence that the BVK is a currency that any "regular Joe" like me can use to do business. Buy and sell. Who will sell to me, assuming IBOM will release some of my BVK from the Administrative Hold that shackles my account, my "money", my BVK?
Who will accept my BVK in exchange for any other currency that is accepted on the open market: pesos, yen, dollars, dinar, Pengo, franc, boliviano, yuan or any other internationally accepted currency. I'll give you a generous exchange rate, more generous than the official rate. Who will accept my offer?
So far no one has accepted my offer for BVK, either to do profitable business with a Bougainvillian farmer or potter, weaver, small item carpenter, leather worker or what-have-you, or to fund a project on Bouganville that will benefit the island people. Can I use BVK to pay for a trip to the island to inspect how the reconstruction project is moving forward? Can we build a hydro-electric plant of any size or solar-electric, for the benefit of the people? Where there is inexpensive power there soon follows progress in large measure.
Who will contact me with a proposal of a project that needs funding. I have many hundreds of millions of, I think, green BVK (I don't know, they may be red) that I suppose IBOM or the Central Bank of Bougainville (CBOB) would consider useful for paying a worker to build a hydro or solar electric plant. What tools and equipment vendor accepts BVK in exchange for product? Surely there is someone after all these years.
After all, the multiple websites are impressive, the legal documents are inspiring and the ever-increasing number of rules, regulations, laws and by-laws show this financial institution is proving that IBOM, CBOB, the Constitutional & International Banking Law, endorsed by King David Peii II, as can be found on the Royal Monetary Counsel website www.RoyalMC.org. are not some little scam that will just be revealed and go away. This Bougainville IBOM project has been going on for longer than a decade. King David Peii II and his team seem to this writer to be going about their activities in all the right ways. They are being ignored by the powers that be - the UN, PNG, Australia, Rio Tinto - even the Autonomous Government of Bougainville which is recognized by the outside big money interests.
PNG has broadcast that the Bougainville Kina is illegal, not legal tender, in PNG. The BVK may still be legal in Bougainville, and why not? The US dollar was once accepted only in "the colonies" that were recovering from a revolutionary war. It was a long struggle proving the USD was a viable international currency. Success was had only when the dollar was proven to be based upon gold and silver (predominantly upon silver - the silver dollar). So, when the BVK is proven to be backed by gold, real gold that a seller receiving BVK can trust he could actually trade his BVK for, only then will BVK be trusted by the populace and international governments.
I hope my many BVK will soon be proven to have real value in the international financial world. Until then all I can do is write my blog, ask my questions and hope someone finally comes forward with proof and a real opportunity to do some profitable business transactions. I have only been waiting about 4-5 years. Others I know have waited 12-15 years and are still excited and hopeful.
I'll be more hopeful when a few hundred million ounces of the alluvial gold are processed into circulating coins or ingots to back up the paper currency.
In the meanwhile, I'd say, before investing in the banks of Bougainville, be sure you can afford to wait years for the return of your investment.
I'll keep you posted.
Thank you.
ReplyDeleteI got information from "highly trusted" sources who are victims of ibom, like all of us. This group of victims travelled all the way to European Union and EU Central bank. What they found there in Europe is shocking indeed. The EU has never known someone under the name of Roger Renaud. Roger Renaud is the one referred to in this post as Mr Frenchie. Mr Frenchie was appointed as the Secretary of State of Bougainville by the King Noah Musingku. In fact, Roger Frenchie is "smoked meat" take away guy who lives between Harrison and Chilliwack, BC, Canada.
The EU has never known banks under the name of ibom or cbob. The EU has never acknowledged the gold assets of Bougainville. I know for sure that the KING and IRENE SCHOOTS are booth readers of this blog. Where are their voices?
Here is the list of the forged documents (I hope that the highly trusted sources will consent for publishing those fraud documents in this blog one day):
1) 3 forged letters (forged signature) in the name of EU President Jose' Manuel Barroso.
2) Forged letter in the name of EU Central Bank. In that letter there is FRAUD claim that EU has acknowledged the Central Bank of Bougainville. In fact the cbob, like its twin fraud bank ibom, never existed.
3) Forged document regarding the gold assets of Bougainville.
4) Forged letter in the name of Christine Lagarde, the President of International Monetary Fund (IMF).
I will put pressure on those trusted sources to allow publication. But before we can do that, I would like CAM to post one last warning for the King and his collaborators. Is this fair enough?