Virginia Closer to Creating Own Currency

[Kien]

Good or bad idea?

Virginia Del. Robert G. Marshall fears that a financial apocalypse is coming and only one thing can save the Commonwealth: its own currency.

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 Marshall introduced it three years ago. But it has since gained traction not only in Virginia, but also in states across the country as Americans have grown increasingly suspicious of the institutions entrusted with safeguarding the economy.

This week, the proposal by the Prince William Republican sailed through the House of Delegates with a two-to-one majority.

Efforts to establish alternative currencies amount to an economist’s version of a Fed boycott. But how the system would actually work remains murky. States do not have the constitutional authority to print money, but Marshall believes a potential loophole exists that could allow states to coin silver and gold.

http://www.washingtonpost.com/busine...2e2_story.html

It's like Virginia would become a different country and I think it'd be disastrous.The fact that it passed through the House of Delegates is scary. But I'll admit, it would be just a bit interesting for me since it's a neighboring state.

Thoughts?

[Stoowii]

Interesting.

This is like Texas wanting to secede from the US and being its own country again.

If it happens, I trust that others will want to follow suit.

[G-Lexington]

There are certain states that are needed by the US far more than they need the US. Texas is definitely one. Virginia may be another - I'm not certain.

Lex

[DanikShade]

Utah has passed a law making precious metal based currency legal again. The states that are considering these laws aren't doing so to be radical, they're looking at a viable currency for their state for when the US slides off the cliff. They're trying to protect their people. More power to them.

[Str8Top14701]

Texas is not needed by the US. Texas, and most of the southern states, get back more money in federal aid for every dollar they pay in taxes, some over 2:1. These states talking smack forget that. They'd have to use their own money to set up banking, infrastructure, healthcare, transportation, agriculture, and all the other things we take for granted when we motor down the tax funded interstate, in our cars that have to meet certain requirements, down to the store to buy subsidized food that's been required to meet certain standards and not cost and arm and a leg on the shelf , or for the health care we'll need if that food's compromised with toxins or someone's body part.

Precious metal currency is already legal, and was never illegal. What they want to do is tie the currency to the price of precious metals, aka the "Gold Standard". The problem with that is that that when the price of gold (et al) goes up, the bill that bough the loaf of bread yesterday doesn't buy even one slice tomorrow. Then, when the metals bubble bursts (aka reality sets in) because someone decided it was just to much and the price drops, you have too much money in the system and it's worthless.

Any state or city can make it's own currency. There are several cities, where local banks and business got together and issued their own currency, which is fine as it does keep the money within the community. But try to go pay your taxes and credit card bills with it, or at a business that's not part of that deal, and you're back in 1864 with a bag full of Confederate money.

[Str8Top14701]

Texas is not needed by the US. Texas, and most of the southern states, get back more money in federal aid for every dollar they pay in taxes, some over 2:1. Those states talking smack forget that. They'd have to use their own money to set up banking (meaning they'd have to have billions upon billions in gold sitting in a very secure structure), infrastructure, healthcare, transportation, education, agriculture, and all the other things we take for granted when we motor down the tax funded interstate, in our cars that have to meet certain requirements, down to the store to buy subsidized food that's been required to meet certain standards and not cost and arm and a leg on the shelf , or for the health care we'd need if that food's compromised with toxins or someone's body part.

Any state or city can make it's own currency. There are several cities, where local banks and business got together and issued their own currency, which is fine as it does keep the money within the community. *But try to go pay your taxes and credit card bills with it, or at a business that's not part of that deal, and you're back in 1864 with a bag full of Confederate money issued by a state you're not in.



Precious metal currency is already legal, and was never illegal. A pre-1964 quarter (real silver, not a sandwich coin), or $20 gold piece, is still able to buy that 25 cents, or $20, of anything at any store, or towards any debt. Granted, they're worth much, much more as metal, or as a collectible coin, but their face value is their face value if that's how someone wants to use them.

What theses states want to do is tie the currency to the price of precious metals, aka the "Gold Standard". The problem with that is that that when the price of gold (et al) goes up, the bill that bough the loaf of bread yesterday doesn't buy even one slice tomorrow. Then, when the metals bubble bursts (aka reality sets in) because someone decided it was just to much and the price drops, you have too much money in the system and it's worthless. It's why we have "The Fed", so money stays at a relative constant, and not up & down with the metals market; and so no one can corner the market and horde metals, making the rich richer and the poor poorer. Most of you are too young to remember, but choose your favorite search engine and look up : Hunt brothers & silver.