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Virginia Creates Subcommittee To Study Monetary Alternatives In Case Of Terminal Fed "Breakdown", Considers Gold As Option
In what may one day be heralded as the formal proposal that proverbially started it all, the Commonwealth of Virginia introduced House Resolution No. 557 to establish a joint subcommittee to "to study whether the Commonwealth should adopt a currency to serve as an alternative to the currency distributed by the Federal Reserve System in the event of a major breakdown of the Federal Reserve System." In other words, Virginia will study the fallback plan of a "timely adoption of an alternative sound currency that the Commonwealth's government and citizens may employ without delay in the event of the destruction of the Federal Reserve System's currency" and avoid or "at least mitigate many of the economic, social, and political shocks to be expected to arise from hyperinflation, depression, or other economic calamity related to the breakdown of the Federal Reserve System." Most importantly as pertain to the currency in question, "Americans may employ whatever currency they choose to stipulate as the medium for payment of their private debts, including gold or silver, or both, to the exclusion of a currency not redeemable in gold or silver that Congress may have designated 'legal tender'." Whether this resolution will ever get off the ground, and actually find that the world is at great risk should gold not be instituted as a backstop currency, is irrelevant. The mere fact that it is out there, should provide sufficient impetus to other states to consider the ultimate Plan B.
We urge all legislators to carefully read this resolution.
Full proposal (pdf):
h/t infocyde
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They'll use teeth... so they can have a wealth advantage vs West Virgina
LMAO!
"Amerikans may employ whatever currency they choose... including gold or silver... to the exclusion of a currency not redeemable in gold or silver that Congress may have designated 'legal tender' "
<BITCH><SLAP>
Ha! Proverbial Fort Sumter Shot
Oh, that has to sting! Bravo...
Yes, Virginia you are my Santy (Currency) Clause...
While I'm all for the states looking at other money options. Makes sense because how would they tax the people? The funny thing about currency death is it KILLS the taxation ability, at least historically. As the states don't have a printing press in the event of a currency crisis they will not be able to print fun bux to pass out to their employees. The states would be totally jack hammered if they have no fallback position and try to stay in the Union.
OK Virginans convert to sea shell money - how will they stop coastal Virginians gaining a monopoly of the money supply ?
They will have to import sea shells from other coastal regions below the cost of transport - therefore seashells must have a very low fiat value or at least below the cost of importation.
ps - is there any decent virgin virginians out there ?
Joint Resolution No. 557 introduced by Del. Bob Marshall.
http://dela.state.va.us/dela/MemBios.nsf/a7b082ef6ed01eac85256c0d0051564...
A quick background search reveals the typical idiotic statements made by a run-of-the-mill politician, but nothing unusual.
Interesting article:
http://www2.insidenova.com/news/2011/jan/05/prince-williams-bob-marshall...
Prior to this Bob's focus seemed to be on anti-abortion crusades, no doubt due to his Catholic faith.
I'm hoping Bob's heart is in this. This 2008 article in the CIA Post makes him sound like an opportunist.
http://www.washingtonpost.com/wp-dyn/content/article/2008/03/02/AR200803...
Campaign contributions were unimpressive:
http://www.campaignmoney.com/political/campaigns/robert-g-marshall.asp?c...
I can understand Utah doing this as they actually have gold reserves and Mormons are crazy. Virginia and the rest are just insane stupid. If the system breaks down the "country" of Nevada could nationalize the mines in the Carlin district and overnight be the richest state of the former union. If California forgot the environmental restrictions currently in place they would be the largest gold producer inside 5 years. Montana, Idaho, Oregon and Arizona also have substantial surface reserves. Some MidWest states like Missouri have underground reserves. Now explain to me again how this benefits the other 70% of the population living everywhere else like New Jersey, New York, Florida, Texas, Ohio, ect.
Honest money is no man's enemy.
Or as Ron Paul so eloquently stated:
"Because gold is honest money, it is disliked by dishonest men."
"I can understand Utah doing this as they actually have gold reserves and Mormons are crazy."
Mormons:
Are they crazy? Or are we?
This.
My best friend is LDS and moved to SLC about a year ago. I'm not LDS and I'm thinking about packing my bags and following him. If the labor market holds I can make more money, lower COL, and move into a lower crime area.
Oh and the church has been preparing for bad times. It is not only harping on it's members to stock up but the church is also stocking up. So in a breakdown of food supply the predominately LDS areas will be better off.
I may not agree with their religion, but I will take them as neighbors any day of the week.
They have hot women and they're nurturers
Rough mix for non LDS guy. Dated a Mormon gal, very nice girl and quite attractive but I was less then a fan of her "witnessing to me". That basically finished with the conversation of "For us to be together you need to convert". Guess it's a big deal for them to have hubby be LDS for a Temple wedding. More power to them, not my cup of tea.
Of course, they always say that. What'd you expect?
That's just their way of saying "I will." Put her in a miniskirt nurse uniform.
Larry King is 99 year old Jewish mummy and look at his babe.
My cousin went to Univ. of Utah... I hear you...
Calif. Mormons are generally good people...
With all "believers" lacking a rational system of thought, you just have to filter the rhetoric and look at the positive side of people...
I have lived in SLC for 50+ years, when shtf they send tons of food and supplies to the needy of the world. I'am non LDS, but have started to stash some basics. Great oudoors lifesyle and THE best sking in the world.
Great rugby tradition in Utah. Helps when times are tough.
So can the Amish / Mennonite.
This argument amuses me. Of course they would all horde their gold and be richer than anyone else and never trade for anything because nothing except gold has any utility. lulz
oh yeah, and the states with less gold would be forever poorer because, er, um... LMAO!
Gold in region = wealth, just look at Africa...oh wait, never mind...
Gold mining is inherently no more or less profitable then any other enterprise, but most people know nothing about economics or even how a business works.
Gold mining is inherently no more or less profitable then any other enterprise...
Thank you. All gold does is prevent someone from devaluing the medium of exchange by a factor of ten overnight. My farmland is worth a tenth of an ounce, yours is worth fifty ounces because gold is more plentiful in your area. Does that mean your farm produces more goods? Not necessarily.
ready access to gold would leverage your position. its not that gold has any intrinsic value, but it can't be denied that it has a perceived value, which in a way is an intrinsic value.
Australia has done rather well withy their mining operations. Well, up until these floods they are having.
No you are insane stupid and an anti-Mormon bigot. It is called interstate trade and comparative advantage. America has become a economy of govt and other unions of corrupt lard asses ripping off citizens. The states would have to produce to compete. NJ has tomatoes and pharmaceuticals. NY has pretty much nothing except corrupt bankstas and some wine in upstate NY. Texas has petroleum, nat gas in 3D, agricuoture and on and on. TX will be fine. FL has beaches and 2000 miles of coast line that have oil and nat gas that could make the state incredibly wealthy.
Ohio has some agriculture and some industry. Utah has probably the best coal in the world on Fed land but the state can just take it.
Produce or die baby. Get rid of the state and fed govt workers "jobs" as they are parasites.
NY has pretty much nothing except corrupt bankstas and some wine in upstate NY.
I take exception to that NYC concentric view of Upstate NY. The OTHER New York. From Albany to Buffalo is some of the most richest and productive farm land in the country.
Here's an idea that nearly everyone from the Real "Upstate NY" would support.
Have everything south of Westchester country a 51st state. And have NYC nothing to do with upstate.
+1
As long as a State currency is used within a State, where is that forbidden by the Constitution?
It ain't worth jack outside the borders thereof. 'Debts' aren't defined by the Constitution as being national in scope, if they don't cross State lines.
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.
Just has to be backed by Au or Ag.
Notice 'Money' is nowhere defined. Safe to conclude it comprises 'medium for settlement of external debt'.
If 'Right of the People' is questionable, so's the rest.
virginia not alone...
http://tpmdc.talkingpointsmemo.com/2011/01/at-least-10-states-have-introduced-gold-coins-as-currency-bills.php
I can't believe it, but am so glad somebody is doing it. Most excellent.
Yes, Virginia, your gold is still under the FRBNY.
Just the talk is enough to send shivers to The Powers That Were.
Ron Paul said it's a go already with him.
I would suspect that Edwin Veira is behind this effort. He wrote a well respected book entitled "Pieces of Eight" and I believe he lives in VA.
http://strikelawyer.wordpress.com
Time for a forensic audit of Fort Knox.
Submitted to the professionals for review.
I know nothing as I am merely a meseanger.
Scroll down for article.
http://benjaminfulford.typepad.com/benjaminfulford/2011/01/over-750-prominent-european-and-us-citizens-to-be-arrested-within-weeks-as-a-result-of-a-multinational-investigation-into-fin.html
Rockford,
Very interesting write-up. I had my doubts when I clicked on the link but very interesting indeed !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Incredible if factual !
That Captcha kicked my ass TD !!!!
Would someone just hand me a Gordian knot? These financial puzzles are way too intricate!
If we could only repeal the 16th and 19th Amendments to the Constitution....
Last year I wrote a letter to the editor suggesting the State of Iowa should create a mint with almost this same intent and declare both fed notes and State issued gold/silver coin could be used in business transactions as the constitution states. The fittest currency would eventually win and take over but the goal would be price stability and financial security. Hardly got any feedback and I'm still waiting to hear from the state legislature on what fierce animals I want printed on the coins...Oh and i didn't even imply that gold/silver coin would win the battle of people's choice between the Fed notes. The people of Iowa might be dumb but they probably aren't that stupid. Some are though.
Iowa? Fierce animals? Like that Harkin slob?
Or that Grassley pussy?
Gresham's law would cause the people to hoard the gold or silver and use the FRN's in the market.
Fierce (Iowan) animals: Corn-borers and Earwigs!
Tally Sticks FTW!
Dollar is DOOMED
If they want my advice I would tell them to corner the platinum market.
Iridium, bitchez!
Unobtainium.
Nice! But you fergot - bitchez.
dupe, sorry.
+ $1700 to you Mr Lennon.
We are at the mother of all breaking points. Fraudclosure, DXY 80, gold $1400, silver $29, oil $89, Europe debt (Spain is next), and US debt (national and local) mean if one domino tips, they all do. I think platinum will be the first domino. It would be the sneaky way to front run this whole chain of events.
Oh and guess what buddy? The Hang Seng Index is tracking platinum. We have seen so many Major indexes track platinum on up moves this year it is rediculous that so very few people realize that......finance uses the precious metals as ACTUAL collateral for their loans. Precious metals are backing the financial system, and that is come hell or high water.
the markets look like a slinky walking down stairs today.
MUST WATCH VIDEO ON SOUND MONEY:
http://montanasoundmoney.org/parksvideo.html
Short version:
Na na na, na na na, hey hey, goodbye!
http://www.youtube.com/watch?v=QaG2Acg8n60
Even if this goes nowhere, the mere fact that the question has been posed in this forum gives me great pause. And this solidified my decision to purchase physical PMs.
Good call Tyler. If there are no alternatives, there are no choices
This will be brought up in our state now, new control after 100 years
I know plenty of people who have friends in low places. Git r dun!
http://www.texastribune.org/texas-taxes/2011-budget-shortfall/
Texas is $28B in the hole. Wow ! It sounds like a sticky wicket the governor for life, has on his hands now. Oh my.....
A fiat works on a promise and trust. Well the promise parished and the trust trashed.
We will be back on a gold standard before Virgina has to take matters into its own hands. When the dollar starts approaching its true value at a high rate of speed, the people will beg for a gold standard. Anything to anchor it.
I guess we are not the only one's getting ready
a monetary secession from the union, not exactly, because it still allows the frn to be used.
i think it is a brilliant plan, the problem i foresee is obtaining the metals to back the state currency.
another thought i've entertained over the last several years is to prohibit the collection of federal withholding taxes from the citizens of a state, the state holding the taxes. doesn't change anything really, other than giving the state a lot more leverage in the ever increasing, arrogant, cram it down your throat style of the federal government in the last century.
i'm very proud of the listed states for trying to protect their citizens from the power of the fed. i hope they all adopt such measures.
how much is that gallon of milk? 1 virginia dollar, or 6.99 frn.
its way past time for the states to come out of the coma and stand up for their constitutional rights. and an approach such as this raises awareness in the people of the data we read here everyday.
stand tall virginia, and every other state take note and stand with her.
Learn to grow tobacco. Nothing other than Marijuana has better value in exchange, and you can't get busted for growing tobacco anywhere in the world. A nationwide barter system is coming quicker than any of us think and you certainly don't want to have to use your stock of gold or silver to exchange for basic food etc. 1/4 of the people smoke Tobacco and you won't ever have to look too hard for people willing to exchange just about anything you need for some good smoke. You'll need those PMs to buy the big things like land and water. Tobacco will always be in demand and you can grow enough on 1/4 acre to have PLENTY to trade for whatever you need. Check out The Cultivators Handbook of Natural Tobacco on Amazon. Fair disclosure - I wrote the book.
Very cool story you have. Will be checking it out. Thanks.
In response, Kentucky is now considering a proposal to issue currency backed by long-cut chew and shotgun shells.
dont forget the bourbon
how inflationary.
Nothing wrong with creating some state currencies ...
The state could pay all/most of its bills in state money.
The state could require that all state taxes are paid in state money
State chartered banks would have the exclusive right to exchange state money for Fed money.
It would be really cool if the states could make all earnings in state money federal tax free!!
And when the Feds have to argue with CA to unpeg?! State currencies are another can-kick; you don't think they can print like Ben too? You don't think that the 30+ states in the shit would be willing to inflate their debts away?
How does this affect the monstrous state debts already booked? Do they declare their bonds payable only in pieces of paper with state flowers and birds on them?
At best, this accelerates the dollar's decline by providing another 'haven'. At worst, it pushes every Virginian into an illiquid instrument.
Gold and silver are illiquid??
I shall be where water is available, with methods to clean and purify it in quantity, then trade that to folks for bits of shiny metal....
Then you'd best show up with firearms, like the others will.
Ain't anarchy fun?
test...duh
Given that there is only about $3T of investable gold in the world including unmined deposits, how do we create a gold backed precious metal monetary system without causing deflation?
We revalue the ounce of gold.
Since CBs and elite are the main owners of gold, there is no change in social stata.
Then instead of fixed # of dollars/euro/yen/SDR per ounce, we float those depending on paper issuance.
Destroy ~$70T in worldwide assets to alleviate the mismatch?
Maintain our fractional reserve credit system and create another debt bubble (what could go wrong)?
Conduct transactions in terms of atomic nuclei?
In the absense of fiat, the market would revalue money to whatever the appropriate price was. Most likely this means gold would appreciate sharply in real terms.
Given that there is only about $3T of investable gold in the world including unmined deposits, how do we create a gold backed precious metal monetary system without causing deflation?
Are you arithmetically challenged?
You might first question whether deflation, in a sound currency system, is in fact a bad thing.
Second is to consider whether this gold-backed system is by fiat, or by choice.
Due to excessive inventory of demons in the heavens, today, 11-Jan-2011, at 07-40 of Eastern Europe time, God have sent all demons to the jews of Israel and the jews of USA. Amen.
P.S. Let's see how they will handle it.
Confederate script anyone?
Might be worth more that Federal Reserve Notes pretty soon...
If you recall Hinde Capital or Gonzolo Lira's trigger for hyperinflation....it was the repudiation of the currency.
i loved being able to tell someone that it wasn't just me, but the government of the commonwealth of virginia that is scared of what's really going on. my education system employed associate is so close to their promised retirement that they have worked hard for that they can't accept the fact that their dollar denominated retirement is in actual danger. not that the person listens well anyway, but it makes me feel a lot better about telling them that they need to do something bc i'm just one asshole, and if i was wrong and they acted on my advice i don't know how i would handle the consequences. too much stress man.
Well, Sarkozy still believes the $ to be nuhmber 1!
http://www.rawstory.com/rs/2011/01/dollar-worlds-no-1-currency-french-pr...
On J.K. Galbraith's book "money where it comes whence it goes", there is a lot of wisdom on how always imperfect every money system has been in its purpose to serve humanity.
Also tobacco has been currency for something like 600 years. The good thing about it is that people can't counterfeit it, just when it's reduced to dust, people would mix it with other dry leaves.
I think it's disingenuous for folks to argue that Virginia's government shouldn't be concerned about the monetary future of USD. And, given the fact that the purpose of government is to protect the liberty of the people, and, understanding the likely fed dot gov response to such a collapse, that a total monetary collapse would certainly be a threat to their liberty, then the state government, acting as an agent of the people, has an obligation to study, and in my opinion implement, an alternative, stable monetary system. A state that had taken such measures in advance would be much better positioned to ensure her citizens' ongoing ability to conduct trade, and live.
Now, if that's not enough for you, imagine for a second the inpact to the CRIMEX should 50 states start petitioning the U.S. Mint for sufficient gold and silver coins to use as circulating specie money. U.S. public law requires the Mint to produce them "in quantities sufficient to meet public demand."
:)
Wow. One of the conditions of joining the union originally was for states to stop issuing their own currency.
I wonder if Obama will dispatch the black helicopters to the VA statehouse should this come to the floor.
While gold and silver aren't legal tender, there's nothing to stop people from 'bartering' with it either.
Ironic justice for the fed will probably take place by March 2013, 100 years of of money manipulation and grand theft of America's money.
http://www.constitutionaltender.com/
Good development, but without reading the whole thing, I hope they're smart enough to "denominate" any silver or gold coins in "grams" rather than some totally arbitrary bogus name ("dollar", "euro", "peso", "yen", etc) that can be manipulated after the fact by decree.