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Old 04-06-2012, 04:58 PM
 
Location: NC
1,946 posts, read 1,539,026 times
Reputation: 883

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State Asserts Rights: South Carolina Approves Gold and Silver as Money

Quote:
As local and state economies attempt to ward off devastating fiscal disasters amidst the plummeting value of the dollar, lawmakers in states all over the country are considering passing laws that would make gold and silver legal forms of currency.
Quote:
Around that same time last year, North Carolina Republican Representative Glen Bradley addressed the issue in a currency bill demanding protection from hyperinflation, depression and other financial blunders brought on by the “breakdown of the Federal Reserve” in lieu of the Constitution banning states from printing their own paper money and/or issuing their own currency.
This is good news. UT was the first to do this. I hope other states follow suit. This is how we combat the Federal Reserve's destruction of the dollar and the inevitable hyperinflation which will follow.
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Old 04-06-2012, 07:21 PM
 
8,487 posts, read 5,890,734 times
Reputation: 1114
This is good. I would like to see more competition in currency.
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Old 04-06-2012, 07:35 PM
 
Location: Texas
14,078 posts, read 17,625,772 times
Reputation: 7720
Do any of you know WHY we have a national currency in the first place? Have any of you EVER studied history?

You think this is just a capital idea. But, wait and see what happens when the demand for money exceeds the supply of gold and silver and see how you like it then, when a car or house loan carries an interest rate of 50% or more. See how easily you can buy the things you need and want when there are competing currencies with no established value other than what someone will take for it, when some currencies are ridiculously overvalued and some in your pocket aren't worth a penny.

Go ahead, have a great time, but as a cautionary tale, you should read up on currency issues in the late 19th century and early 20th. You may be shocked to find it's all been done before and the economic turmoil, the "panic's" and recessions were so severe that The People DEMANDED the Federal Reserve and a single currency with a stable value.
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Old 04-06-2012, 07:45 PM
 
17,594 posts, read 19,733,505 times
Reputation: 7317
Gold is expensive... how do you pay your grocery bill in gold? Would you really? Gold is very volatile in the stock market, it would be difficult to buy anything with that kind of volatility... I think gold is something that can be invested in (gold bullion, not stocks)... it makes little sense in currency...
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Old 04-06-2012, 08:07 PM
 
Location: MW
1,433 posts, read 993,603 times
Reputation: 544
Quote:
Originally Posted by stillkit View Post
Do any of you know WHY we have a national currency in the first place? Have any of you EVER studied history?

You think this is just a capital idea. But, wait and see what happens when the demand for money exceeds the supply of gold and silver and see how you like it then, when a car or house loan carries an interest rate of 50% or more. See how easily you can buy the things you need and want when there are competing currencies with no established value other than what someone will take for it, when some currencies are ridiculously overvalued and some in your pocket aren't worth a penny.

Go ahead, have a great time, but as a cautionary tale, you should read up on currency issues in the late 19th century and early 20th. You may be shocked to find it's all been done before and the economic turmoil, the "panic's" and recessions were so severe that The People DEMANDED the Federal Reserve and a single currency with a stable value.
That doesn't mean the government did it right. There is a reason the dollar has lost so much value over time.
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Old 04-06-2012, 08:29 PM
 
8,487 posts, read 5,890,734 times
Reputation: 1114
This doesn't supercede FRNS. I also think stating the people demanded the Fed is painting a one-sided story.
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Old 04-06-2012, 11:09 PM
 
Location: NC
1,946 posts, read 1,539,026 times
Reputation: 883
Quote:
Originally Posted by stillkit View Post
Do any of you know WHY we have a national currency in the first place? Have any of you EVER studied history?

You think this is just a capital idea. But, wait and see what happens when the demand for money exceeds the supply of gold and silver and see how you like it then, when a car or house loan carries an interest rate of 50% or more. See how easily you can buy the things you need and want when there are competing currencies with no established value other than what someone will take for it, when some currencies are ridiculously overvalued and some in your pocket aren't worth a penny.

Go ahead, have a great time, but as a cautionary tale, you should read up on currency issues in the late 19th century and early 20th. You may be shocked to find it's all been done before and the economic turmoil, the "panic's" and recessions were so severe that The People DEMANDED the Federal Reserve and a single currency with a stable value.
Please allow me to crack open the US Constitution for you so that you can perhaps read it for the first time.

U.S. Constitution - Article 1 Section 10
Quote:
Article 1 - The Legislative Branch
Section 10 - Powers Prohibited of States

No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.

No State shall, without the Consent of the Congress, lay any Imposts or Duties on Imports or Exports, except what may be absolutely necessary for executing it's inspection Laws: and the net Produce of all Duties and Imposts, laid by any State on Imports or Exports, shall be for the Use of the Treasury of the United States; and all such Laws shall be subject to the Revision and Control of the Congress.

No State shall, without the Consent of Congress, lay any duty of Tonnage, keep Troops, or Ships of War in time of Peace, enter into any Agreement or Compact with another State, or with a foreign Power, or engage in War, unless actually invaded, or in such imminent Danger as will not admit of delay.
So there you are. The US Constitution explicitly prohibits the states from using ANYTHING other than Gold and Silver as legal tender. Why? Because the Founding Fathers knew about the pitfalls of using fiat currency. We are just going back to our roots. Nothing to panic about.

Obviously, the argument against the Federal Reserve and the need for a Gold standard is beyond the scope of a forum post, so I'll submit to you a reading list, from minds sharper than mine:

The Creature from Jekyll Island : A Second Look at the Federal Reserve: G. Edward Griffin
The Secrets of the Federal Reserve: Eustace Mullins
Secrets of the Temple: How the Federal Reserve Runs the Country: William Greider
The Case Against the Fed: Murray N. Rothbard
The Origins of the Federal Reserve: Murray N. Rothbard
The Mystery of Banking: Murray N. Rothbard, Douglas E. French, Joseph T. Salerno
A History of Money and Banking in the United States: The Colonial Era to World War II: Murray N. Rothbard

...and of course, the simple, sleek, concise, 224 page shot to the Fed's dark heart from the man himself:

End The Fed: Ron Paul

Quote:
Originally Posted by evilnewbie View Post
Gold is expensive... how do you pay your grocery bill in gold? Would you really? Gold is very volatile in the stock market, it would be difficult to buy anything with that kind of volatility... I think gold is something that can be invested in (gold bullion, not stocks)... it makes little sense in currency...
Gold is volatile when pegged against other paper currencies. In relation to the goods and services it can actually buy, Gold is pretty stable. Don't worry, in a Gold standard, you won't be forced to drag gold bricks in your pickup truck to the supermarket. As long as gold and silver is fully convertible to the dollar and vice versa, you can use your dollar (It will then be called a "Gold Certificate" or a "Silver Certificate" and not "Federal Reserve Note".) The Gold standard does NOT imply that we all lug along pots of gold. We deposit the Gold and get receipts for it which we then use as legal tender.

Besides, if you don't like Gold and Silver, don't use it. UT and SC made them alternate legal tender, not the sole one. You can still trade with that toilet paper...oops, I mean Federal Reserve Notes (irredeemable paper tickets masquerading as money). If people will still take them once they get the taste of Gold and Silver, that is. ;-)
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Old 04-06-2012, 11:36 PM
 
Location: NC
10,005 posts, read 9,002,646 times
Reputation: 3073
The problem with using gold and to a lesser extent silver is gold's scarcity. Just because the economy grows doesn't mean the gold supply will and as a result gold will act as a deflationary cinder block tied to the feet of any economic growth just as it did in 1893. Additionally you would get problems with interest rates increasing despite deflation as banks tried to stave off people exchanging gold or silver notes for metal they did not keep in reserve.

It would be a mess.
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Old 04-07-2012, 12:01 AM
 
Location: West Egg
2,161 posts, read 1,660,796 times
Reputation: 1278
Building a bridge to the 19th Century...

I wonder what's next on the agenda in Columbia?

Bloodletting to remove negative humors?
Research into a perpetual motion machine?
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Old 04-07-2012, 04:22 AM
 
Location: Texas
14,078 posts, read 17,625,772 times
Reputation: 7720
Quote:
Originally Posted by moving_pains View Post
Please allow me to crack open the US Constitution for you so that you can perhaps read it for the first time.

U.S. Constitution - Article 1 Section 10So there you are. The US Constitution explicitly prohibits the states from using ANYTHING other than Gold and Silver as legal tender. Why? Because the Founding Fathers knew about the pitfalls of using fiat currency. We are just going back to our roots. Nothing to panic about.

Obviously, the argument against the Federal Reserve and the need for a Gold standard is beyond the scope of a forum post, so I'll submit to you a reading list, from minds sharper than mine:

The Creature from Jekyll Island : A Second Look at the Federal Reserve: G. Edward Griffin
The Secrets of the Federal Reserve: Eustace Mullins
Secrets of the Temple: How the Federal Reserve Runs the Country: William Greider
The Case Against the Fed: Murray N. Rothbard
The Origins of the Federal Reserve: Murray N. Rothbard
The Mystery of Banking: Murray N. Rothbard, Douglas E. French, Joseph T. Salerno
A History of Money and Banking in the United States: The Colonial Era to World War II: Murray N. Rothbard

...and of course, the simple, sleek, concise, 224 page shot to the Fed's dark heart from the man himself:

End The Fed: Ron Paul



Gold is volatile when pegged against other paper currencies. In relation to the goods and services it can actually buy, Gold is pretty stable. Don't worry, in a Gold standard, you won't be forced to drag gold bricks in your pickup truck to the supermarket. As long as gold and silver is fully convertible to the dollar and vice versa, you can use your dollar (It will then be called a "Gold Certificate" or a "Silver Certificate" and not "Federal Reserve Note".) The Gold standard does NOT imply that we all lug along pots of gold. We deposit the Gold and get receipts for it which we then use as legal tender.

Besides, if you don't like Gold and Silver, don't use it. UT and SC made them alternate legal tender, not the sole one. You can still trade with that toilet paper...oops, I mean Federal Reserve Notes (irredeemable paper tickets masquerading as money). If people will still take them once they get the taste of Gold and Silver, that is. ;-)

I like how you simply skipped over this:

"No State shall.... coin Money." That seems pretty clear to me.

And, you may claim the Fed is un-Constitutional all you like, but McCullough vs Maryland says otherwise until, or unless, the Supreme Court decides to revisit the issue or until Congress decides to shut it down.
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