December 4, 2020

Should States Have Their Own Currency?

Thomas Jefferson - Series of 1869 $2 bill
Thomas Jefferson – Series of 1869 $2 bill (Photo credit: Wikipedia)

This isn’t the first place that I’ve heard desiring of having something anchored to gold or silver rather than to the Fed, and somehow I doubt it’ll be the last:

Cautioning that the federal dollars in your wallet could soon be little more than green paper backed by broken promises, state Rep. Glen Bradley wants North Carolina to issue its own legal tender backed by silver and gold.

The Republican from Youngsville has introduced a bill that would establish a legislative commission to study his plan for a state currency. He is also drafting a second bill that would require state government to accept gold and silver coins as payment for taxes and fees.

If the state treasurer starts accepting precious metals as payment, Bradley said that could prod the private sector to follow suit – potentially allowing residents to trade gold for groceries. [Legislator says the state needs its own currency – News Observer]

What do you think?  Good idea for the states to have a backup plan, or will that just hasten the dollar’s demise and hurt America as a whole?

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