Why would they want to do that?
A number of states have established bullion repositories.
It may not really happen, but I think some of the mechanics of secession are being put in place.
so will it’s value float wi the price of gold???
Why? If you believe in American, right or wrong, rallying around the dollar is important. Balkanizing the country with state-issued currency is unAmerican and undermines the US.
I am certainly glad they didn’t list the forty states allowed to do this. That is dangerous information. Fortunately we have a lack of journalists that are anywhere near competent, so we are safe there.
The United States maintains a dual system of banking..
If it maintains a dual system then this order just confirms it by stating the differences between the National and State banks and the powers of each.
Gee what could go wrong
But are they FDIC insured????????
Just buy gold or silver. Don’t trust any government to have the precious metals to back it.
A five-dollar gold piece at today’s rate would be 1/465 of an ounce. I’m trying to visualize what that might look like...
Hmm....thought this was a bi=centenary or something.
If you read the opinion, you see that issue was not even mentioned. The author is simply gaslighting.
with state bank franchises allowed to print their own gold based bank notes, oil import payments could theoretically be paid in gold-backed state franchised bank notes instead of FRNs which are backed by “the full faith and credit of the swaUnited States.” Texas could join BRICS. Other states could follow Texas. Eventually FRNs and holdout states would be priced out of the oil market by galloping federal inflation reflected in declining power of FRNs to buy oil and other commodities and services. Texas and other states would then be financially pressured to secede. Either that or Texans and other state citizens could be compelled to swap Texas bank notes for FRNs or equivalent. Perhaps that could be accomplished by passing new digital currency laws. The laws would need to passed over the objections of states somehow. Maybe emergency laws could be passed via a wag-the-dog incident, such as a world war or a new virus.
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.
State gold-backed currency already exists. I’ve seen some at my LCS.
Preparing for QFS.
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.)
Unreal...The Feds alone have the right to regulate money.
bkmk