Five States Move To Issue Alternate Currency
Hold your horses... before you dismiss it as a crackpot idea, it's worth noting
that the proposal just sailed through the Virginia House of Delegates by a two-to-one
majority...
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The Washington Post reports: "The idea that Virginia should consider issuing its
own money was dismissed as just another quixotic quest by one of the most
conservative members of the state legislature when [Delegate Bob] Marshall
introduced it three years ago. But it has since gained traction not only in
Virginia, but also in states across the country." Additionally, according to the Post: "Utah has approved a law recognizing nontraditional currency" and "four other states have bills pending this year." |
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IM not sure how this will play out. The U.S.Constitution as well as various U.S.Supreme Court cases in the early years of the USA have all specified that ONLY the Federal Government has the authority to create & distribute Currency (either solid or paper, at its option), and that any other source for "Legal Tender" is illegal. This was established because, inititlly, the 13 States all had their own currency, until it was established that ONLY the Federal Government could make "Legal Tender". Also, what are these States going to use to guarantee their currency? Gold & Silver are generally regulated as well.
ReplyDeleteMore specifically, the power belongs to Congress but what amazes me is that a number of States are actually considering such a move in the first place. It could be an indication that our economy is much weaker than previously thought....
DeleteThe government is authorized to coin money. It is illegal to counterfeit that currency.
DeleteThere is nothing illegal about using a different currency. Otherwise we couldn't use the Mexican Peso, or the Swiss Franc, a Canadian nickel, etc.
It is also not illegal to barter (yet). If I want to trade a sweater for a sweatshirt for example.
The USD is fiat money. It is not backed by anything. The value of a currency is what the people say it is. It is an agreement. Those who believe that the USD is worthless, or becoming so, they will find or create money that they can all agree has stable value.
The problem (like everything created by government) is tax collection. The IRS will probably make a determination of the value of that currency in order to tax the transactions which use it.
Just another uphill struggle to get the government out of our lives.
How close are we to repeating the Weimar Republic?
ReplyDeleteToo darn close. Obozo and his minions are well on the way to ruining this country. We are too politically correct.
Delete