Virginia Considers Dollar Collapse, Gold Currency
(The New American) -- by Alex Newman --
In a stark illustration of the economic fears still plaguing America, a resolution was introduced in the Virginia legislature on January 12 that would create a subcommittee to officially consider the adoption of an alternative currency in case of a total breakdown of the U.S. dollar and the Federal Reserve System.
If the dollar loses its status as the world reserve currency, which appears increasingly likely, the U.S. economy will suffer devastating consequences caused by the resulting hyperinflation — especially since America imports most of its oil. And with the world’s most prominent international institutions and leaders predicting and even calling for an end to dollar hegemony, as well as the creation of a world currency controlled by a global central bank, the time for states to take notice and prepare may be now or never.
The Virginia resolution, introduced by Republican Delegate Robert Marshall, begins with the premise that the state government has a responsibility to protect the lives and property of its citizens. To fulfill that mission requires proper state finances and a “robust private economy,” both of which necessitate a “sound currency.”
And according to the bill, the current monetary and banking systems - revolving around the Federal Reserve - might not be able to provide the stability necessary for a prosperous economy and well-functioning state government. Not for long, at least. The present systems “have come under ever-increasing strain during the last several years, and will be exposed to ever-increasing and predictably debilitating strain in the years to come.”
On top of that, the legislation points out, many prominent authorities are predicting the “inevitable destruction of the Federal Reserve System's currency through hyperinflation in the foreseeable future.” So if and when the widely anticipated monetary calamity arrives, without prior preparations, the state’s finances and the private sector would be “thrown into chaos.”
Of course, such a scenario would have “gravely detrimental effects upon the lives, health, and property of Virginia's citizens, and with consequences fatal to the preservation of good order,” the resolution warns. And those effects can only be avoided or minimized with the rapid adoption of an alternative sound currency, according to the proposal...
Numerous constitutional and monetary experts have recommended state policies to deal with the issue - especially since the federal government has so far refused to address the looming crisis. Attorney Edwin Vieira, for example, a prominent constitutional scholar, told The New American last year that it would be very wise for state governments to start preparing for major problems in the dollar. One suggestion he offered would see states start accepting part of their tax revenues in precious metals - a proposal which could be ramped up if times required it.
Of course, the inherent problems with the current monetary system have not gone unnoticed in Congress, either. Rep. Ron Paul has been sounding the alarm for decades, culminating in a recent book entitled “End the Fed” and a bill to audit the Federal Reserve that - despite being watered down — succeeded in exposing certain central-bank dealings. He also has a bill that would repeal legal tender rules and allow the free market to decide what should be used as money. And recently, his proposals and the ideas he espouses have been getting a lot more attention — as evidenced by the resolution introduced in Virginia...MORE...LINK