South Carolina lawmaker wants separate currency for state
Is it really an odd idea or does it make sense? If in the US different states have their own
Is it really an odd idea or does it make sense? If in the US different states have their own legal system (overseen by the federal one) why wouldn’t they have their own currencies (again, overseen by the Fed)? If one state is stronger than the other it means it carries the burden for the weaker states. But I guess that’s a much bigger question that that.
A South Carolina state politician wants the state to develop its own gold and silver-based currency in case the Federal Reserve collapses and hyper-inflation ensues.
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“If folks lose faith in the dollar, we need to have some kind of backup,” State Sen. Lee Bright told the Spartanburg Herald Journal’s Stephen Largen. His bill asks a committee to look into the development of a state currency, citing the Constitution and Supreme Court precedents to prove the bill’s legality.
Slate’s Annie Lowrey tracks down similar bills in Georgia and Virginia, and points out that the legislation reflects a larger trend of state politicians wading into monetary policy. A bill in Georgia would require all debts to the state be paid in pre-1965 gold and silver coins. The Virginia proposal would let the state print its own money. Meanwhile, one politician in Utah wants to cut out the middleman entirely and allow the state’s residents to run their very own mints.
Advocates of currency alternatives to the dollar argue that the Federal Reserve’s quantitive easing techniques will lead to inflation. Texas GOP Rep. Ron Paul, who won the Conservative Political Action Committee’s presidential candidate straw poll last week, has been Congress’ most visible anti-Fed leader. Paul argues the Fed devalues the dollar, and proposes that the United States should gradually return to gold-backed currency.
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there is scope in this odd situation, US is a huge economy driven by a few states, south Carolina usually comes in the bottom half. i would’ve thought powerful states like California or texas would raise such a thought!
there is scope in this odd situation, US is a huge economy driven by a few states, south Carolina usually comes in the bottom half. i would’ve thought powerful states like California or texas would raise such a thought!
When things change fast and do not go your way, you do crazy things. As the old saying goes: “Desperate Times Call For Desperate Measures”. This just follows what the Germans are saying about Greece and Ireland with the Euro. But in the US, this is not really news. Many states have “held up” others over the last 500 years. I am sure that when things were going well on Wall Street, New York and New Jersey could have asked for their own currency, after all they were holding up Michigan and probably Alabama. How quickly the splinting fear mongers… Read more »
When things change fast and do not go your way, you do crazy things. As the old saying goes: “Desperate Times Call For Desperate Measures”. This just follows what the Germans are saying about Greece and Ireland with the Euro. But in the US, this is not really news. Many states have “held up” others over the last 500 years. I am sure that when things were going well on Wall Street, New York and New Jersey could have asked for their own currency, after all they were holding up Michigan and probably Alabama. How quickly the splinting fear mongers… Read more »
cali is still the largest state in US, most of the Forbes 500 companies situated there and around 13% GDP contribution. it has its problems but with the state being such an international player i am sure the Californian dollar will boom! not to forget the taco’s amigo :}
cali is still the largest state in US, most of the Forbes 500 companies situated there and around 13% GDP contribution. it has its problems but with the state being such an international player i am sure the Californian dollar will boom! not to forget the taco’s amigo :}
actually it was CFTC: http://www.cftc.gov/PressRoom/PressReleases/pr6588-13
actually it was CFTC: http://www.cftc.gov/PressRoom/PressReleases/pr6588-13
This was in the case way back in the day, although it was separate by bank, not by a government. Interestingly enough, the term “dixie” for a Southerner came from the $10 note of the Bank of New Orleans. Having French culture and language influences that was the nickname for the bill and being a large bank of the South, Southerners often carried them.
This was in the case way back in the day, although it was separate by bank, not by a government. Interestingly enough, the term “dixie” for a Southerner came from the $10 note of the Bank of New Orleans. Having French culture and language influences that was the nickname for the bill and being a large bank of the South, Southerners often carried them.