US state considers alternative to dollar
Wed Jan 12, 2011 11:29PM
The Commonwealth of Virginia is planning to file a bill under which it would begin minting its own gold and silver coins as an alternative currency to the US dollar.
Virginia's Republican Delegate Bob Marshall, from Prince William County, was to ask the General Assembly to consider the idea on Wednesday when it convenes for its annual legislative session, The Washington Post reported.
It is a companion bill to a proposal Marshall has already filed to establish a study committee to examine alternative currencies to that distributed by the Federal Reserve System "in the event of a major breakdown of the Federal Reserve System."
The currency alternative bill intends to inject competition into the national economy of the US and oblige the federal government to change its monetary policy, which is believed to be leading to hyperinflation, Marshall said.
"Many widely recognized experts predict the inevitable destruction of the Federal Reserve System's currency through hyperinflation in the foreseeable future," the bill says.
"State legislatures have to get a little more creative and savvy to counter the buffoonery that's been plaguing Washington," Marshall noted.
"We want to provide competition and some restraint on the profligates that have been running the Federal Reserve and the people in Congress who don't know the word 'no'," he stated.
Marshall's critique reflects that of the populist, libertarian Tea Party movement of the US, some members of which have called for an end to the Federal Reserve System.
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