Date: Mon, 11 May 2009 22:01:26 -0400
From: Tom West
Subject: Capital Bank is NOT backing Plenty! Who is?
“Capital Bank was approached by a group asking if we could be a currency exchange,” Cecil Walter with Capital Bank said.
Visit the plenty web site and you will see that Capital Bank is only offering exchange services –
The PLENTY is backed by trust. The only reason to accept a PLENTY is because you know what it is worth, and you are confident you can claim that value from it when you need it.
Capital Bank in Pittsboro is offering exchange services at the rate of $.90 for 1P.
In light of the discounted exchange rate… you’re probably wondering about asking for change while shopping.
The short answer is that when you pay in PLENTYs, expect to receive your change in PLENTYs. Asking for change in Federal Reserve Notes is a local-economy faux pas.
Section 1 Convertibility of the PLENTY
A. The Piedmont Local EcoNomy Tender (PLENTY) is convertible to Federal Reserve Notes at participating financial institutions (Reserve Partners) at the exchange rate approved by the Board of Trustees, but is not guaranteed by any person or institution.
B. All circulating PLENTYs must be fully backed by appropriate reserves at all times. The Board of Trustees will work with Reserve Partners to assure full convertibility with appropriate audits and internal controls.
B.J. Lawson states that “the key issue is that a trustworthy currency must be backed by *something* of accepted value.
Our bylaws allow us to release additional PLENTY “flavors” that are backed by other commodities, as well — perhaps local biodiesel, agricultural commodities, or gold/silver.”
The question remains – Who IS backing the Plenty? How much money is in reserve backing the Plenty? Where is this reserve located and who manages in?
Tom