Susanne Posel, Contributor
As America slips into monetary oblivion, some states are turning to the US Constitutional right and desiring to use alternative currencies – preparing for the hyper-inflation that Bernanke is currently creating.
Minnesota, Tennessee, Iowa, South Carolina and Georgia are awaiting approval from their respective governments to create a separate currency. This number is up from 2011, when just 3 states were brave enough to attempt this constitutional right.
“In the event of hyperinflation, depression, or other economic calamity related to the breakdown of the Federal Reserve System … the State’s governmental finances and private economy will be thrown into chaos,” said North Carolina Republican Representative Glen Bradley. He introduced a new currency bill in 2011.
These states are planning on issuing gold or silver coins as tender “in payments of debts” as allotted them in the US Constitution. Law makers are becoming at ease with this proposal as the worth of the US dollar is further lessened by the actions of the Federal Reserve, and the prices of precious metals like gold and silver soar higher.
“A Utah citizen, for example, could contract with another to sell his car for 10 one-ounce gold coins (approximately $17,000), or an independent contractor could arrange to be compensated in gold coins,” said Rich Danker, a project director at the American Principles Project, a conservative public policy group in Washington, D.C.
Mike Pitts, Republican for South Carolina introduced a currency proposal of which any gold or silver coin could be used as payment for debts based on its weight and size. Pitts and 12 other so-sponsors believe that this move will protect their state from “an economic crisis of severe magnitude.”
Washington State, Iowa, Minnesota, Georgia and Idaho have followed suit and are basing their legal tender values on metal standards as reflected on the market.
In many cases, residents of these states will be able to trade their fiat Federal Reserve Note for gold or silver coin. They could then purchase goods and services with their currency.
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There is the notion of creating an electronic depository to alleviate the actual weight of the gold and silver coin carried around.
In Utah, the Utah Gold and Silver Depository is conceiving of a debit card system that will be linked to their precious metals holdings.
Transfers would be made by the market value of the metals.
A return to the gold standard is supported throughout the country. Most Americans are beginning to understand that the fiat money printed by the Federal Reserve is not worth what the privately owned bank would have us believe.
While some states are moving toward this alternative currency, it opens the door for more states to become brave and put into place these legislative protections.
This move could simply and swiftly eliminate the Federal Reserve’s hold on America’s economic future.
Once their power is gone, it is only a matter of time before they literally disappear from the American landscape; liberating US citizens from their debt slavery.
Susanne Posel is the Chief Editor of Occupy Corporatism. Our alternative news site is dedicated to reporting the news as it actually happens; not as it is spun by the corporately funded mainstream media. You can find us on our Facebook page.
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