Virginia Considers Dollar Collapse, Gold Currency

[FrankRep]

A resolution introduced in the Virginia legislature on January 12 would create a subcommittee to officially consider the adoption of an alternative currency in case of a total breakdown of the U.S. dollar and the Federal Reserve System. By Alex Newman

Virginia Considers Dollar Collapse, Gold Currency (http://www.thenewamerican.com/index.php/economy/economics-mainmenu-44/5951-virginia-considers-dollar-collapse-gold-currency)

Alex Newman | The New American (http://www.thenewamerican.com/)
18 January 2011


Other News:

Virginia considers alternative money (http://www.wnd.com/index.php?fa=PAGE.view&pageId=258069)
Cites 'inevitable destruction of the Federal Reserve System's currency'

Virginia considers Gold Currency vs. Dollar Collapse (http://seekingalpha.com/instablog/295564-bill-jencks/130123-virginia-considers-gold-currency-vs-dollar-collapse)

[DamianTV]

If they are asking questions like this, does this mean that a full scale economic collapse is right around the corner?

[Stary Hickory]

You know I am all for this. States and the people must protect themselves. Gold backed currencies popping up at the state levels could be a real catalyst for freedom and an honest money system for honest hard working Americans.

[Cap]

I just sent out an e-mail to my newly elected Michigan gov., asking him if he was considering the prospect of an alternative currency...just in case. I bet I don't hear back from him.

[hugolp]

You know I am all for this. States and the people must protect themselves. Gold backed currencies popping up at the state levels could be a real catalyst for freedom and an honest money system for honest hard working Americans.

The best part is that the law recommends gold or silver but actually talks about any other alternative currency being acceptable.

[Bern]

Good article. Will share.

[Zippyjuan]

The bill asks for a study- it is not a recomendation for any sort of alternative currencies. It calls for spending money for a committee to examine the issue. Can Virginia afford to buy the metals and have coins minted and distributed? Are people willing to have their taxes raised to pay for these costs?

The governer is opposed. http://finance.yahoo.com/news/Governor-says-he-cant-back-apf-4138646705.html?x=0&.v=1

[Bern]

... Can Virginia afford to buy the metals and have coins minted and distributed? ...

Virginia is Constitutionally prohibited (Article 1 Section 10) from coining money:
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; ...

They can, however, accept/legalize use of gold/silver coins already minted. Ie. they can legalize 90% junk silver (pre-1965 quaters, dimes, half dollars) (http://www.coinflation.com/silver_coin_values.html), Morgan/Peace silver dollars, Silver Eagles and generic 1oz silver rounds/bullion, Gold Eagles and gold bullion for commerce in and with the State (according to the value of their silver content and not the face value).

[Stary Hickory]

The bill asks for a study- it is not a recomendation for any sort of alternative currencies. It calls for spending money for a committee to examine the issue. Can Virginia afford to buy the metals and have coins minted and distributed? Are people willing to have their taxes raised to pay for these costs?

The governer is opposed. http://finance.yahoo.com/news/Governor-says-he-cant-back-apf-4138646705.html?x=0&.v=1

Its totally a myth that the state needs some starter metal. It just has to decriminalize alternative currencies....people will take care of the rest. Some times I find this stuff so ridiculous, the US was at one point pretty much devoid of any silver/gold currency.

[Johnnybags]

Just start a state run bank and use profits to buy accumulate commodities. That's what all the NY banks are doing with your FREE POMO money and levering it into stawkee index futures.