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 ...
> 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. <
The United States made a major error when it stopped issuing 90% silver coins after 1964. Real silver was replaced by paper promises.
But I don’t see the value in states doing what you mentioned. Couldn’t that be done anyway? Let’s see you have a used car worth $3000. And I have $3000 in gold at that day’s price. There is nothing now to stop me from swapping my gold for your car.
Perhaps these new laws would force you (the car owner) to take the gold even if you don’t want to. If so, bad idea. It’s just another unnecessary law.
It can be “pegged” to gold but because of the National Bank and Currency Act it would lose 10% of its face value upon printing.
And believe me, if they actually thought this was a “thing,” Congress would simply increase that tax to 90%.
Bonds were issued denominated in Fed currency. If US governments don’t service that debt or service it with greatly devalued currency the bond holders are defrauded
A gold standard would by definition define the value of the coin stamped on the face. A $50 one ounce gold coin is therefore going to $50 worth of gold. The “commodity” price of gold would be something else. If the government really stuck with their $50 ounce gold coin the commodity price would probably come into some kind of equilibrium with the coin cost.
“If the Fed Govt goes full Weimar, won’t everyone convert their state currency into gold?”
They may convert their fed-fiat dollars to a gold-backed state currency, it is a hell of a lot easier to carry around and trade with than gold.
That being said, the fact is that the Supreme Court said nothing about state banks being able to issue their own currency, as was the case prior to 1864. The ruling discussed the applicability of state law to nationally chartered banks. While Federal law prevails over state law, state laws can be enforced on National banks or Federal savings associations as long as state laws do not restrict the authorities granted under the Federal charter.
What is un-American and clearly not desired by our founders is a central bank, a banking cartel. Which the FED surely is.
Any currency fully backed by gold or silver retains it value anywhere. Paper money backed by government promises (lies) and printing presses does not. Centralization of government power has destroyed this country and is truly un-American
The first step to secession is having your own stable currency. It’s what brought the Confederate States down they didn’t have a stable to trade on the world stage with. States that have their own gold of silver backed banking system can cut ties with the criminal Fed when the time comes. This a huge win for state sovereignty.
Hallelujah!!
Long term? Like next week?
except where it says No State shall MAKE anything but Gold and Silver coin a tender in payment of debt.
A coin 2 mm across and 1 mm thick. Don't inhale.
Balkanizing the Country is exactly American. A union of the States, with their own rights and charters, and their people. Smaller Government is American. More local Government is American. The US Constitution is what the EU wishes it was, and can never be. The States were and should be, their own independent Countries that use the Federal Government as a mediary for basic needs like Military and Post Office.
The Federal Government has usurped too much authority reserved to the states, by both the People and the States.
The states are supposed to have more power then Fedzilla, and I see currencies, especially with digital Central currency looming, as something they should have control of.
State Supremacy is a thing we need to get back for this country to right its course.
The Dollar is a currency that needs to either go back to being gold backed, or eliminated in its current form, along with the Fed.
Unreal...The Feds alone have the right to regulate money.
You would need a magnifying glass. And a strong one.
That’s not what it says.
“
No state shal… make any Thing but gold and silver Coin a Tender in Payment of Debts;”
is pretty clear.
“”But I don’t see the value in states doing what you mentioned.””
.
I don’t know about you but I would take just about anything Texas starts issuing over FRNs.
If the communists fraud their way through the next election I’m not waiting for Texas, I will find another way.
.
> No State shall MAKE anything but Gold and Silver coin a tender in payment of debt <
I’m not a constitutional scholar. But it seems to me that sentence means a state cannot force a person to accept, say, cows as payment for a debt.
So let’s say you owe me $1000. You must pay me in gold or silver. You cannot drive 10 cows to my property and say now we’re even (unless I agree, of course).
It will turn the state into Zimbabwe, but that’s long-term thinking.
At the rate California spends money, that’s not long term, that’s VERY short term.
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