24 February 2014

Funny Money and Faith

I have been following reports on action by the Papua New Guinea government over creation of unauthorised currency by King Peii II (aka Noah Musingku), supposed monarch of the “Twin Kingdoms of Meekamui and Papaala” (ie Bougainville).

It is somewhat sadder than the claims by the supposed Emperor (and Archbishop!) King Roman II - Grand Duke of Lithuania, Monarch of Eastern Europe, Grand Prince/Grand Duke of Belarus, Ukraine, Livonia, etc - noted recently.

PNG Customs officials have recently seized bank notes, apparently printed in the Philippines, with a notional value of 1.6 million Bougainville kina.

King Peii II inherited his position – which isn’t recognised by Australia (or indeed by any other state) - from the self-styled Peii I, aka separatist leader Francis Ona.

The Australian reports that the notes were found in the baggage of an executive of the ‘International Organisation of Economic Development’ (IOED), who claims a commission to represent the Twin Kingdoms as their Minister for International Monetary Relations.

A cursory online search points to the International Bank of Meekamui, which offers “world-class financial solutions”. Believers in self-appointed kings might hesitate just a moment in recalling that in a past life His Majesty reportedly operated a ponzi scheme that attracted around $350 million from people who believed claims that he would provide 100 per cent per month interest on an ongoing basis.

Such solicitation of funds in Australia attracted unfavourable attention from the Australian Securities & Investments Commission (ASIC) and an enforceable undertaking [PDF] on the part of Musingku's U-Vistract mission/financial organisation in 1999.

ASIC's media release that year stated that
ASIC alleged that between 1 June 1999 and 21 October 1000 U-Vistract and Mr. Musingku operated a scheme whereby they solicited funds from investors in Australia including from church groups in Kempsey and Brisbane.
The Scheme promised a return to investors of 100% after 1 month and up to 1000% after 1 year. 
More than 40 Australian investors invested approximately $500,000 in the Scheme in the period between 1 June 1999 and 21 October 1999. 
ASIC believed that the promised returns were unrealistic and unsustainable. In August this year ASIC warned investors about this investment scheme which was then being offered in the Kempsey and Mt Gravatt areas. 
U-Vistract and Mr Musingku have undertaken:
  • Not to promote the scheme or any other unregistered managed investment scheme in Australia; 
  • Not request investors to deposit funds pursuant to the Scheme or any other managed investment scheme; 
  • Not accept funds sought to be deposited by investors pursuant to the Scheme or any other unregistered managed investment scheme; 
  • Wind up the Scheme and return monies invested in the Scheme to investors.
ASIC Regional Commissioner Barrie Adams said that investors who are told they can make returns of this magnitude should be suspicious. 
“Investors who invest their money in these types of promotions may as well kiss their money good bye 
“People who invest in these schemes in community based organisation should get professional advice and not be swept up in the enthusiasm of a meeting or presentation. 
The scheme offered no prospectus and little information was provided to investors as to where the money will be deposited or how it will be used to create such extraordinary returns.
There is an insightful discussion of U-Vistract in 'The Magic of Money and the Magic of the State: Fast Money Schemes in Papua New Guinea' by John Cox in (2013) 83(3) Oceania 175–191 and in 'Parallel states, parallel economies: legitimacy and prosperity in Papua New Guinea' (ANU State, Society and Governance in Melanesia discussion paper, 2009) [PDF] by Nick Bainton and John Cox.

Musingku is reported to have persuaded the PNG government to grant an exemption from the Banking and Financial Institutions Act and to have given massive “interest” to influential people such as the then-Ombudsman.

Given regulatory incapacity in PNG, undisplaced by the heartfelt faith evident in the Defence Strategy noted here, it is unsurprising that Musingku was able to open a branch of the Royal Reserve Bank of Papaala “within walking distance of the Bank of PNG’s HQ” and to claim that his kingdom (with vast revenues) was sovereign and thus exempt from PNG’s jurisdiction. Reminiscent of Roman II or of witch Eilish De Avalon, who as noted in several posts memorably but unpersuasively asserted that the laws of mere mortals did not affect her. (Obviously the clairvoyance wasn't working on the day she was  snaffled by traffic police.)

Musingku shifted to Solomon Islands before returning home to his coronation on Bougainville as Pei II.

PNG Prime Minister O’Neill has indicated that special approval will be required by foreigners – presumably with or without a suitcase stuffed with royal currency – wanting to visit Bougainville.

The King's 'Central Bank of Papa'ala & Me'ekamui' indicates that it
is the ONLY lawfully operating Central Bank on Bougainville Islands under the Triune Government. 
Bougainville's CBPM and IBOM are the ONLY legal Bodies endowed with the Power and Authority by the Royal Monetary Council and the Constitutional & International Banking Law, 2012 to execute the various Tasks related to the U-Vistract System and BVK. 
The CBPM is an offspring of the "Reserve Bank of Papa'ala" and the "Central Bank of Me'ekamui" and was established July the 8th, 2012 by the Constitutional & International Banking Law, 2012 (Articles 34-41). 
The Reserve Bank of Papa'ala was created in 2000 by HM King David Peii II and is to be seen as the "Spiritual Father-Bank of the U-Vistract System". 
The Central Bank of Me'ekamui was created by HM in 2004 as a "First Bank in the Earthly Mother-realm" which could execute the coming about of the U-Vistract System under the Twin Kingdom of Papa'ala and Me'ekamui, according to the designed co-operation and agreements between King Francis Ona Peii I and King David Peii II. 
A White Paper released by the Bank states that
Because of its 33,000 years as a sovereign and independent Nation Bougainville Islands has the right to design and make its own currency. 
Bougainville Island is a Kingdom with a long line of succession Kings. The present King is King David Peii II and under his direction Bougainville Island has declared BVK as its currency. ... 
Since the last week of August, 2013 actual Royal sanctioned BVK Paper Currency has started to be circulated on Bougainville Islands in lieu of using only the Papua New Guinea Kina (PGK) and exchanges of PGK for BVK has since then been taking place. 
Sovereign for a mere 33,000 years … obviously in the "Earthly Mother-realm" they aren't using the Ussher Chronology.

The Paper goes on to state that
The member nations of the UN have systematically blocked any efforts to address this problem and denied justice to all the indigenous people of the world upon which these unlawful acts have been committed. This at best makes the UN a silent accomplice to the systematic genocide of the first people of our planet. 
“The Letter to the UN from King David Peii II” addressing this injustice, was hand delivered to the current Secretary-General Ban Ki-moon at the UN in New York on May 30th, 2013. To date (1st of October, 2013) he has not replied. King Francis Ona Peii I did not get a reply either on his letter, outlining similar issues, that he wrote to Kofi Annan in 2005. 
n his tireless efforts to undo this injustice and to advance the enforcement of the sovereignty and independence of Bougainville and to initiate an economically beneficial development for his Nation, King David Peii II has used and enforced his Royal Prerogative "Peii Mure". Those under Me'ekamui (which means "The Sovereign Nation of Bougainville Islands") are under the "Peii Mure Laws of Origin". “Peii Mure” is the supreme law of the land, and basically is the law of the King (“Peii” means King). Peii Mure is the overall law of all the Clans. The Clan Chiefs endorse, understand and respect the tradition of Peii Mure. The “Peii Mure” is laid down in the Me'ekamui Constitution, which consists of Kings Code of Ethics, Biblical Laws, and Cultural Laws. The Cultural Laws, by which issues are dealt with locally, consist of the Traditional Laws of the Bougainvilleans, and they are known to the 31 local Clan Chiefs who also have the task to uphold these laws. 
This Bougainville tradition of Peii Mure also determines that: "the King can enact ANY LAW" he deems necessary and wise. King David has used this prerogative to do what others, such as the ABG (the Autonomous Bougainville Government which has always been in the pocket of PNG because PNG has the final say-so over the crucial sections of Bougainville Society as stated in the unlawful Bougainville Peace Agreement, 2001) and PNG have not been successful in doing, and that is: to help Bougainville Islands and its people become independent and prosperous.
Meanwhile what appears to be the site of the 'International Organisation of Economic Development' announces that among its many good works it is "arranging funding for a new $35 billion liberal arts university on the east coast of the US, as well as funding for over 5,000 college scholarships". $35 billion! Harvard eat your heart out. With that money, of course, the IOED could buy most of Detroit.

Musingku's bank is reported last decade to have more modestly offered the Solomons government a mere US$2.3 billion.