IBOM is an enigma of sorts. It is the brainchild of a man who lives in the mountains of Bougainville Island protected by armed guards. Of course, every head of state is protected by armed guards. The leaders of every nation I know has his or her not so secret service agents strategically placed wherever they go so the armed guards of the "King of Panguna Mine" are nothing unusual.
The currency of the International Bank Of Meekamui (the ancient native name of the Kingdom of Bougainville Island) is the Bougainville Kina (BVK) and is claimed to be backed by the wealth of the island -- alluvial gold and other precious and semi-precious metals and minerals of the earth -- which are found in abundance on Bougainville. This is unusual in that every other nation or bank that prints money establishes its currency securely upon the government's ability to tax the people enough to pay the nation's or the bank's debt.
Each currency bill is a debt instrument that basically says "the bank will pay" to the holder the named amount, but what will the bank pay? Gold? Silver? No. The bank will just replace the presented bill with other bills, for example a $100 bill will be replaced with 5 $20 bills or 10 $10 bills. But the Bougainville Kina paper bills supposedly are backed by alluvial gold held by IBOM. The question is: where is the gold?
The answer is: in the land owned/controlled by the King and the People of Meekamui. So are BVK a secure financial instrument? I suppose that depends on whether or not the people trust in it as the people of Papua New Guinea trust their Papua Kina which are backed by debt and taxes, not by the gold that the government does not hold. Which Kina is more secure in your point of view -- the wealth-backed BVK or the debt/taxes backed PNGKina?
We are told IBOM is distributing BVK to its account holders and, if I am correct, it is buying alluvial gold using BVK. That is truly banking on gold which makes for a secure bank and currency and account holder, as long as the bank does not over-extend itself and go into debt.
I am not a banker. I only know that I deposited some cash and a couple promissory notes into a high yield account and let it accumulate interest for a year. Then I tried to use some of the vast amount of BVK I was told are in my account but was unable. Perhaps I asked the wrong people but no one I asked who did business on Bougainville wanted anything to do with BVK. I began to question in this blog whether IBOM is a legitimate bank and my account was placed on "Administrative Hold" because I was "talking bad about IBOM". I've not earned a single BVK in interest since nor have I been able to find anyone who wants to do business using my BVK as capital if IBOM would release my account for use.
I've offered my BVK to the King to use to pay people to mine the gold and minerals out of Panguna Mine which he holds but I've received no response from either himself or any of his employees, i.e. the IBOM Support team who placed my account on hold because of what they read in this blog. I know they read the blog because they have emailed me about it quite recently. My offer to the king stands. My BVK remain available to be used to increase the wealth of the kingdom and the bank.
I have offered to do business with Bougainville copra growers, produce growers, and manufacturers on the island who will sell their copra/produce/products to me in exchange for my BVK but no one has stepped forward to receive FULL RETAIL PRICE for their wares. Perhaps I need to contact them individually.
I've written about a distressed IBOM account holder who personally and with some friends deposited close to a million USD into IBOM accounts and now is convinced he and his friends have lost their money. This depositor has shared with me some of the responses he received from IBOM Support. Instead of being reaffiriming, consoling and confirming that IBOM will fulfill their promises and the deposits are safe and secure, the emails were accusatory, defensive and threatening. From a gold-backed international banker? No, the emails sounded more like they were written by an immature, teenager clerk. I cannot blame Mace for being distressed.
It was similar to my experience wherein I was asking IBOM Support how to contact the Autonomous Bougainville Government business licensing department to ask them directly if they would take BVK in payment for a license instead of USD. Instead of just giving me the requested information I was argued with, put off and put down. I wrote about it in this blog, among other things such as a USA bank that was in contact with IBOM to negotiate dealings but IBOM would not respond to the banker's requests, so he told me when I called the bank directly. When I wrote my experiences and findings in this blog I was told I was "talking bad about IBOM" and was threatened with closure of my account.
I erased all my previous blog entries and my account was not closed but was frozen in Administrative Hold where it has been, earning no interest, for at least a year and a half now. Perhaps I will not be allowed to use my BVK even if I can find another IBOM account holder who is willing to receive BVK in payment. I don't know.
The only way to prove a currency is to use it as legal tender in a business exchange. I need to find a Bougainville islander or an IBOM account holder who will receive BVK in payment for goods or services. That is all there is to it so that is what I will strive to do. There is no use writing any more about whether or not IBOM is legitimate.
If I can do business with BVK I'll let you know. Otherwise I will write about other things that I know are legitimate and profitable and provide financial hope to those who put their trust and labor into those things. Some examples of these things are:
1. Infinite Family Banking - a process where a family can save money in the most save, secure, high interest paying financial instrument through which that family can do infinite banking, borrowing and earning, thus retaining and accumulating wealth that becomes a trans-generational family financial legacy.
2. BidRx.com Prescription Discount Service where a person can save large percentages on their prescription medications and can also earn increasing amounts weekly by sharing the Discount Service with others. See www.PrescriptionDiscountsUS.com and www.RealProsperityNow.US
These two financial instruments are two of thousands, tools by which a person or a family or a company can create financial hope, wealth and security in this world of trials and tears. I am working both of these tools right now because, after studying them both I have found them to be real services that guarantee benefit to the participants. They are based upon real desirable products and services that provide real profits for every participant along the way -- Win-Win-Win for the provider, the sales people and the recipients.
In the meanwhile, regarding IBOM and BVK, if anything comes of it ...
I'll keep you posted.
Cameron Cv
The currency of the International Bank Of Meekamui (the ancient native name of the Kingdom of Bougainville Island) is the Bougainville Kina (BVK) and is claimed to be backed by the wealth of the island -- alluvial gold and other precious and semi-precious metals and minerals of the earth -- which are found in abundance on Bougainville. This is unusual in that every other nation or bank that prints money establishes its currency securely upon the government's ability to tax the people enough to pay the nation's or the bank's debt.
Each currency bill is a debt instrument that basically says "the bank will pay" to the holder the named amount, but what will the bank pay? Gold? Silver? No. The bank will just replace the presented bill with other bills, for example a $100 bill will be replaced with 5 $20 bills or 10 $10 bills. But the Bougainville Kina paper bills supposedly are backed by alluvial gold held by IBOM. The question is: where is the gold?
The answer is: in the land owned/controlled by the King and the People of Meekamui. So are BVK a secure financial instrument? I suppose that depends on whether or not the people trust in it as the people of Papua New Guinea trust their Papua Kina which are backed by debt and taxes, not by the gold that the government does not hold. Which Kina is more secure in your point of view -- the wealth-backed BVK or the debt/taxes backed PNGKina?
We are told IBOM is distributing BVK to its account holders and, if I am correct, it is buying alluvial gold using BVK. That is truly banking on gold which makes for a secure bank and currency and account holder, as long as the bank does not over-extend itself and go into debt.
I am not a banker. I only know that I deposited some cash and a couple promissory notes into a high yield account and let it accumulate interest for a year. Then I tried to use some of the vast amount of BVK I was told are in my account but was unable. Perhaps I asked the wrong people but no one I asked who did business on Bougainville wanted anything to do with BVK. I began to question in this blog whether IBOM is a legitimate bank and my account was placed on "Administrative Hold" because I was "talking bad about IBOM". I've not earned a single BVK in interest since nor have I been able to find anyone who wants to do business using my BVK as capital if IBOM would release my account for use.
I've offered my BVK to the King to use to pay people to mine the gold and minerals out of Panguna Mine which he holds but I've received no response from either himself or any of his employees, i.e. the IBOM Support team who placed my account on hold because of what they read in this blog. I know they read the blog because they have emailed me about it quite recently. My offer to the king stands. My BVK remain available to be used to increase the wealth of the kingdom and the bank.
I have offered to do business with Bougainville copra growers, produce growers, and manufacturers on the island who will sell their copra/produce/products to me in exchange for my BVK but no one has stepped forward to receive FULL RETAIL PRICE for their wares. Perhaps I need to contact them individually.
I've written about a distressed IBOM account holder who personally and with some friends deposited close to a million USD into IBOM accounts and now is convinced he and his friends have lost their money. This depositor has shared with me some of the responses he received from IBOM Support. Instead of being reaffiriming, consoling and confirming that IBOM will fulfill their promises and the deposits are safe and secure, the emails were accusatory, defensive and threatening. From a gold-backed international banker? No, the emails sounded more like they were written by an immature, teenager clerk. I cannot blame Mace for being distressed.
It was similar to my experience wherein I was asking IBOM Support how to contact the Autonomous Bougainville Government business licensing department to ask them directly if they would take BVK in payment for a license instead of USD. Instead of just giving me the requested information I was argued with, put off and put down. I wrote about it in this blog, among other things such as a USA bank that was in contact with IBOM to negotiate dealings but IBOM would not respond to the banker's requests, so he told me when I called the bank directly. When I wrote my experiences and findings in this blog I was told I was "talking bad about IBOM" and was threatened with closure of my account.
I erased all my previous blog entries and my account was not closed but was frozen in Administrative Hold where it has been, earning no interest, for at least a year and a half now. Perhaps I will not be allowed to use my BVK even if I can find another IBOM account holder who is willing to receive BVK in payment. I don't know.
The only way to prove a currency is to use it as legal tender in a business exchange. I need to find a Bougainville islander or an IBOM account holder who will receive BVK in payment for goods or services. That is all there is to it so that is what I will strive to do. There is no use writing any more about whether or not IBOM is legitimate.
If I can do business with BVK I'll let you know. Otherwise I will write about other things that I know are legitimate and profitable and provide financial hope to those who put their trust and labor into those things. Some examples of these things are:
1. Infinite Family Banking - a process where a family can save money in the most save, secure, high interest paying financial instrument through which that family can do infinite banking, borrowing and earning, thus retaining and accumulating wealth that becomes a trans-generational family financial legacy.
2. BidRx.com Prescription Discount Service where a person can save large percentages on their prescription medications and can also earn increasing amounts weekly by sharing the Discount Service with others. See www.PrescriptionDiscountsUS.com and www.RealProsperityNow.US
These two financial instruments are two of thousands, tools by which a person or a family or a company can create financial hope, wealth and security in this world of trials and tears. I am working both of these tools right now because, after studying them both I have found them to be real services that guarantee benefit to the participants. They are based upon real desirable products and services that provide real profits for every participant along the way -- Win-Win-Win for the provider, the sales people and the recipients.
In the meanwhile, regarding IBOM and BVK, if anything comes of it ...
I'll keep you posted.
Cameron Cv
I am from Bougainville and I have to tell you the selfproclaimed King is a con man-He operated a major pyramid scheme in Port Moresby in 1997 and stole people's money before escaping to Bougainville Island where he is protected by a group of seperatists.If you want to get intouch with Bougainvilleans go to facebook and join "Bougainville Forum"....
ReplyDeleteTommy, yes, partly of what you say is true. Did you take the time to find out why the system came to a halt. The system represented the fiat system and was closed down and the money stolen/confiscated by the banks/government and never paid back to the people. Please look deeper into what your people are trying to achieve long term for Bougainville- Independence Sovereignty and to build the wealth for the nation.
DeleteGlen, While it is true that the banks and governments worked hard to close Noah Musingku's U-Vistract system down and it is true that, as you wrote, "The system represented the fiat system and was closed down and the money stolen/confiscated by the banks/government and never paid back to the people", there is no evidence that the U-Vistract program is any better than any other fiat ponzi scheme. I recommend that people put their money into intrinsically valuable products such as food, silver, gold, safe stocks in viable businesses, well-researched permanent life insurance contracts for "family banking", and such other proven financially sound products and programs. So far, all fiat currencies have proven to be losers in the long run.
Delete“BOUGAINVILLE KINA A U-VISTRACT FRAUD – SIRIOSI”(news paper article-)
ReplyDeleteIn a hard-hitting statement today, Bougainville’s acting Chief Administrator, Mr. Chris Siriosi, responded to reports about Saturday’s arrest of a person importing bank-notes of what he said is a ‘completely false’ Bougainville currency. The 1.6 million in ‘Bougainville kina’ was being carried by Barry Webb, a US citizen. Webb claimed to represent the ‘International Organisation of Economic Development’ as well as the ‘Central Bank of Bougainville’.
Mr. Siriosi said:
“The Autonomous Bougainville Government’s position is absolutely clear. There is no such thing as either the ‘Bougainville Kina’ or the ‘Central Bank of Bougainville’. The Bougainville Peace Agreement and the PNG Constitution give power over both currency and Central Bank to the National Government. The ABG has absolutely no authority over such matters.”
Siriosi said that the Bougainville Kina and the Central Bank of Bougainville are both part of the ongoing fraudulent scheme called U-Vistract. Since 1997 it’s been operated by Noah Musingku, a Bougainvillean who is based at Tonu, in his home area of Siwai. Since 2004 he has been calling himself King David Pei, supposedly the king of the Kingdom of Papaala, which he claims to be Bougainville’s government. The Chief Administrator said that there are no monarchies in the custom of Bougainville and that Papaala “is nothing more than a giaman kingdom, existing only in Musingku’s apparently very disturbed brain”. He also said: “Musingku’s government has no authority of any kind in Bougainville: It’s just a fraud”.
Siriosi went on to explain:
“From about 1998, Musingku based U-Vistract in Port Moresby. He promised 100 per cent interest per month on investments with U-Vistract. But that high interest rate actually went only to a lucky few, which encouraged many other people to invest. Of course, most investors never received anything. His few payouts dried up by about 2000. But he kept claiming he would pay everything he had promised. “When National Government authorities took action against him in the early 2000s Musingku fled to Bougainville. At first he hid in Francis Ona’s Guava Village in what was then the ‘no-go-zone’ in Central Bougainville. He persuaded Ona to invest gold then being mined by many of his followers. In late 2004, when Ona realised that he was a fraud, Musingku fled again, this time to his home area of Siwai.
“Since then Musingku has continued to promise great payouts. He has told many lies to convince people their promised money will be paid. Recent lies have included stories that a UN organisation, the International Organisation of Economic Development (IOED), has recognised Musingku’s Kingdom. But in fact the IOED does not exist. It too is a fraud, developed by a West-African con-man who has established links with his fellow con-man, Musingku.
“Musingku’s fraud goes far beyond Bougainville. In 1998 he tricked many people in Kempsey, in New South Wales to invest in U Vistract, and later did the same in Fiji. In 2003 he almost persuaded the Solomon Islands to pay him $10 million as the fee to enjoy a non-existent Royal Assembly of Nations and Kingdoms which he said would then solve Solomons’ financial problems by a grant of $2.3 billion.
“Musingku specialises in creating fake oragnisations in order to convince people that his financial promises are true. Much of his recent fraudulent activity has involved the internet, and claims he makes of establishing a new world economic system. He has set up websites for fraudulent institutions such as the International Bank of Meekamui, the Central Bank of Meekamui, the First National Bank of Meekamui, the Royal Monetary Council, and so on. Through these websites and various conmen that he works with, unsuspecting investors in the USA and Europe have been persuaded in recent years to invest with Musingku, always with promises of remarkably high interest rates, which in fact are never paid.
“The Bougainville Kina is just another part of Musingku’s fraud.