We’ve seen state governments make moves like resist Obamacare, refuse Federal violations of the Second Amendment, and repudiate Federal controlled substance laws. I had hoped to see these signs of resistance to the Federal power grab and am thrilled they are taking place. But the recent news that the Virginia legislature is considering preparing to start their own currency far surpasses anything I expected of dared hope for.
“This week, the proposal by the Prince William Republican sailed through the House of Delegates with a two-to-one majority. ‘This is a serious study about a serious topic,” Marshall said Tuesday. “We’re not completely powerless.’ So far, only Utah has approved a law recognizing nontraditional currency. Four other states have bills pending this year. Marshall said he is unsure of his proposal’s prospects in the Virginia Senate. One Democrat derided it as a descent into ‘la-la land.’ But the fact that the debate is happening at all reflects a deep-seated distrust in the very foundation of the country’s economic system — the dollar.”
If the mainstream Washington Post is willing to admit that lack of credibility that the dollar has with the American population, no amount of Democrat derision is going to derail this trend. The fact is that the Federal Reserve and their cronies are the ones living in la-la land.
The proposal is modest. It establishes a committee of ten people to research “the need, means, and schedule for establishing a metallic-based monetary unit to serve as a contingency currency for the Commonwealth.”
The best part about this trend is that the states know they are Constitutionally forbidden to create fiat currency. Just printing paper money is not legal (it would also be a complete failure). So according to the Washington Post story, the states are only considering coining precious metals.
“Utah’s law recognizes coins minted by the federal government from precious metals, intended for use as investments or collectibles, to be used as legal tender anywhere in the state. One Utah company even advertises the coins for use in 401(k) retirement plans.”
What surprises me most about this move is the tone of the piece covering the story. I had known that my own state, Missouri, had passed a law making gold and silver legal tender. There are some practical problems from any immediate move to apply such a law, but was still a great step. Of course, the St. Louis Post-Dispatch claimed the law was merely a protest against the Federal Government (true, if you take out the “merely” claim). Otherwise, it was an exercise in nostalgia according to the experts they chose to rely upon.
The Washington Post story is far more respectful than the St Louis Post-Dispatch’s story. I did not think that, in 2013, I would see a newspaper account that treats seriously the idea of a society using multiple currencies—and that it might be economically helpful to do so. Ending the Federal Reserve and auditing the Federal Reserve are both mentioned in this article—all without any snootiness or derision.
It may seem like we are losing much of the time. But these little cracks in the façade show us that even moderate people realize that our economic system is deeply flawed and even fraudulent. They know, even if they try to forget it most of the time, that radical action is necessary.