Posted on 06/10/2024 3:58:00 PM PDT by davikkm
So apparently the US Supreme Court has just given 40 US states the green light to begin issuing their own gold and silver-backed currencies.
Quote from the SC decision:
“The United States maintains a dual system of banking, made up of parallel federal and state banking systems. That dual system allows privately owned banks to choose whether to obtain a charter from the Federal Government or from a state government.”
www.supremecourt.gov/opinions/23pdf/22-529_1b7d.pdf
(Excerpt) Read more at citizenwatchreport.com ...
The writer doesn’t seem to know anything about banking law or regulation.
The case deals with interest on escrow accounts and whether state or federal law would apply.
The Supreme Court did not answer that question, it just remanded the case to the Court of Appeals with instructions on the standards that it should have used.
As far as state charter vs. federal charter There are actually 3, not 2, regulatory schemes (or there were last time I was involved in this area - National banks, State member banks, and State non-member banks. State banks are also going to have a secondary federal regulator.
Then, of course, there are state and federal credit unions, which have different sets of regulators.
Federal Savings Banks used to have a different federal regulator, but now are, like national banks, under the OCC. State Savings Banks are, of course, primarily regulated by the state, but are also subject to secondary federal regulation.
The coin valued at 130k will be called the stormie.
As a practical matter, if a state issues currency, does a local business have to accept? And nationally? Can you imagine a cash register having to keep multiple sets of currency in the till?
Who gets rich out of this? Money exchangers?
What probem does this solve? Ron Paul and others have long offered complaints about the Fed, why not fix that instead?
> In the 1800s following gold strikes, California issued gold coin. <
I found that interesting. So I just did a quick search. From what I can tell, those gold coins were issued in California, but not by California.
Evidently, private companies were issuing coins with stated values. Like a $5 coin if they contained $5 worth of gold.
https://en.wikipedia.org/wiki/California_gold_coinage
“California’s state government would love to print its own currency”
It has to be backed by gold or silver, presumably real gold and silver in storage somewhere.
They didn’t. This article is pure bunk using the first page of a SCOTUS decision on whether federally chartered banks have to pay interest on mortgage escrow accounts as required by New York law but not federal law to make claims that are totally specious.
I would never use this website again as a source of information about SCOTUS decisions. They are completely dishonest gaslighters.
It is not wise to “..believe in American, right or wrong,..” any more.
in fact as corrupt as our government is now, it’s foolish
-fJRoberts-
They'd have to buy gold and or silver. Store it. Print money. Set up a conversion rate. Set up offices to exchange gold/silver for the state currency. Set up a separate tax collection database, to collect taxes in US dollars and their own currency.
Probably a bunch of other things as well.
What did they gain with all that extra effort and expense?
Louisiana, Utah, and Texas have passed legislation recognizing gold and silver as legal tender, a move that allows citizens to make transactions using precious metals in place of cash.
Joining seven other states that have either passed or introduced legislation in favor of the metals, Louisiana, Utah, and Texas are now taking further steps toward establishing regulatory depositories to hold gold and silver.
.
“ Balkanizing the country with state-issued currency is unAmerican and undermines the US.”
___________________
Printing fiat currency undermined the U.S.
Why would the Federal Reserve Banks get stuck with the debt of the US Treasury? What would it look like if they were?
State gold-backed currency already exists. I’ve seen some at my LCS.
Preparing for QFS.
“Why would they want to do that?”
It’s the first, of many steps, needed for a state to detach from the Leftists embedded in DC. With this, both credit and debit cards could be issued.
But MANY MORE steps needed!
Gold-silver backed has absolute value though, not fiat currency?
I don’t think that’s what it means.
YES you have dual banking of CHARTERING, but in 1864 Congress passed the National Bank and Currency Act affixing an immediate 10% tax on all non-National Bank notes. Yes, you can print them, but they will be worth 10% less the minute they come off the press-—regardless if they are backed by gold. Hence, within a few years all private bank note issue disappeared. Moreover, although recognizing a “dual BANKING system,” there is no mechanism to affix “legal tender” status to any non-National Bank Note. (BTW, after the Federal Reserve was created, National Bank Notes were withdrawn from circulation and replaced entirely with Federal Reserve Notes, and have since become more or less collectors’ items.)
Last I saw US silver coins were worth 20 times their value in greenbacks. A ten dollar roll of silver quarters selling for $200.
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