Virginia Looking At Alternative To US Currency

[mrjarrell]

Someone in the Va legislature doesn't trust the federal reserve to not hyper-inflate their currency and they want to do something about it. Having your own gold or silver standard as a back up plan in case of hyper-inflation doesn't sound like a bad idea. Can't wait till this one goes to court, as the fed sues them.

Bill Tracking - 2011 session > Legislation

 

[ATOMonkey]

As long as they don't use the gold and silver as currency, they should be on the right side of the law, as I understand it.

 

[eatsnopaste]

Not everything has to be repeated...things that have no chance...never mind..post away!

 

[CarmelHP]

As long as they don't use the gold and silver as currency, they should be on the right side of the law, as I understand it.

How's that?

 

[sparky241]

As long as they don't use the gold and silver as currency, they should be on the right side of the law, as I understand it.

i dont understand that. currency was at one time an "IOU" that could be redeemed for real gold/silver. how would they run afoul or is it because it will have actual value as opposed to the funny money we have now?

 

[mrjarrell]

Well, in this bill gold and silver are mentioned a lot and that would be the basis for their back up currency. Since the Constitution is really rather explicit about money, they may have an out to craft their own currency. The crafter of the bill does cite numerous cases to back up his assertions.

 

[jeremy]

Sounds like a pretty good idea. At least at face value anyway...

 

[Leadeye]

Maybe they can go the IOU route like CA, that was more like issuing currency than it was selling bonds.

 

[trnsplntfrmohio]

you do not have to use U.S. currency to pay your debts (everything you purchase).

 

[ATOMonkey]

FDR made precious metal currency illegal. Only FIAT currency is legal tender in the US. Until we repeal that Federal law, the State can not use gold or silver currency, and can not mint their own currency.

They can invest in gold and silver, however. As long as they conduct business in FIAT currency, they would be within the law.

 

[indykid]

Assuming they made their own currency, would you living in Indiana sell a firearm to someone living in Virginia and accept their currency instead of US dollars? Each state with their own currency would have to have it recognized by all other states. And then you would need an exchange rate.

Think about the ramifications if all states went to their own currency. There would have to be agreed exchange rates, calculating how you would pay for something would really get interesting if you had several bills in your wallet from different states.

Sound nice, but hopefully it is nothing more than a good ploy to get the feds to start thinking about what they are doing to this country.

 

[CarmelHP]

FDR made precious metal currency illegal. Only FIAT currency is legal tender in the US. Until we repeal that Federal law, the State can not use gold or silver currency, and can not mint their own currency.

They can invest in gold and silver, however. As long as they conduct business in FIAT currency, they would be within the law.

No State shall ... coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts

U.S. Const: Art. 1, sec. 10

 

[rambone]

Think about the ramifications if all states went to their own currency.

• The money would be worth something.
• The U.S. economy wouldn't be under a stranglehold of control from the Federal Reserve.
• States' economies could survive independently of other failed states.
• Washington couldn't put everyone in the nation under insurmountable levels of perpetual debt.
• Our country's future might not look so bleak.
• Cool coin collecting opportunities.

 

[ATOMonkey]

No State shall ... coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts

U.S. Const: Art. 1, sec. 10

See the "Emergency Banking Act of 1933"

Also Executive Order 6102.

Effectively made gold an illegal currency and still is to this day. You can buy and sell gold, but it is not legal tender.

 

[nawainwright]

this is all much ado about nothing, the governor of Virgina has already said he would veto any bills like this.

Governor says he can't back Virginia currency bill - Bloomberg

 

[Zimm1001]

I believe the constitution provides the Fed shall establish a common currency so to prevent different currencies in different states. I believe posted above.

 

[CarmelHP]

See the "Emergency Banking Act of 1933"

Also Executive Order 6102.

Effectively made gold an illegal currency and still is to this day. You can buy and sell gold, but it is not legal tender.

The U.S. Mint produces legal tender gold coins currently and has for a long time.

 

[mrjarrell]

this is all much ado about nothing, the governor of Virgina has already said he would veto any bills like this.

Governor says he can't back Virginia currency bill - Bloomberg

If their legislature has the votes they can override his veto. It's the way the game is played. He doesn't have to like it, but if they override the veto he'll be stuck with it anyway, and if enough citizens of the Commonwealth get behind it, he could find himself looking for a new job.

 

[mrjarrell]

On a related front, Utah is looking into a similar system. Looks like it's contagious.

http://www.sltrib.com/sltrib/home/50949183-76/gold-state-utah-coins.html.csp?page=1#

 

[CVMA544]

I think Utah is considering the same thing.

Legislation proposes Utah adopt a gold-based system | The Salt Lake Tribune