Thursday, February 10, 2011

The buck stops here? Virginia eyes switching off dollar

Posted in February 4th, 2011 by Don in World and Domestic News


WASHINGTON – Virginia state Delegate Robert G. Marshall has introduced legislation to study whether the Commonwealth should make the preparations now to switch suddenly to an alternative currency in the event of an implosion of the Federal Reserve System and the destruction of the dollar.

House Joint Resolution 557 is another piece of a growing movement among state legislators who are concerned about the dollar’s demise. Ten states have considered similar bills, recommending a return to some form of a commodity-based currency, using either silver or gold.

Read more: The buck stops here? Virginia eyes switching off dollar

Article 1.

Section. 8.
To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;
Section. 10.
No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.

I hope they are only planning to make gold and silver coins.  Paper money printed by the state would be un-constitutional as is our current dollar.  I would love to go to a coin-based currency.  Private companies (banks) could hold the coins and chrage us to use debit and credit cards (assuming there was a silver or gold dollar behind every digital one ) or the banks (private ones) could print their own paper money backed by gold or silver.  We could withdraw our gold or silver upon demand from the bank.  Commerce would still go on in a modern fashion- but the currency would actually mean something.

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