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TOPIC: State Currency
Created by: vabeachcouple33
Original Starting post for this thread:
I saw this article just now:

dailycaller. com/2013/02/06/virginia-moves-close-to-creating-states-own-currency/

The opening blurb:

Lawmakers in Virginia say they want to keep their options open in case the value of the U.S. dollar ever collapses — so they’re considering minting state coinage.

The Washington Post (w ww.washingtonpost. com/business/economy/virginia-coin-moves-closer-to-reality/2013/02/05/9bcdd532-6fa4-11e2-ac36-3d8d9dcaa2e2_print.h tml) reported Tuesday that a proposal to study the effectiveness of such a plan “sailed through” the state’s lower house this week:

The idea that Virginia should consider issuing its own money was dismissed as just another quixotic quest by one of the most conservative members of the state legislature when [Virginia Del. Robert G.] Marshall introduced it three years ago. But it has since gained traction not only in Virginia, but also in states across the country as Americans have grown increasingly suspicious of the institutions entrusted with safeguarding the economy. -------------------------

So, I'm attempting to be open minded here, although on the surface this just sounds like a silly stunt. A couple basic questions:

1. What are the legal matters involved for a state issuing currency? 2. What, if any, impact could come of it, either positive or negative?

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Well, at least this isn't a "Southern State".

Winter Garden FL
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"sounds to me though they actual believe they are going to be creating legal tender"

This is the same state government that believes women need a trans vaginal unltrasound to get an abortion?

Oh yes, I'm TOTALLY surprised that they are this moronic.....

East Fishkill NY
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All that is fine as long as Virgina understands it's limitations and what it is and is not, sounds to me though they actual believe they are going to be creating legal tender.

Rosemont IL
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Yes, that's an example of someone creating a currency, and it works, provided that others place value on it and accept it (such was the arrangement you, and presumably others, had with this lady). Legally, as long as you don't pretend that it's a US dollar, there's nothing to stop you.

Winter Garden FL
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I did some work for a lady who grew produce and sold it locally. She paid me with Monopoly money that she had stamped with her logo. For a couple of years, I used it to buy produce at the farm market.

Flat Rock NC
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BTW...those "local currencies" which presently exist, are the equivalent of a pre paid debit card. they are purchased with US currency, redeemable only at and by those who choose to participate, and have no actual face value

Rosemont IL
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"the US goverment does not print money.the fedral resever prints money and sells it to the US goverment with interest.............BS "

No BS (appropriate handle there!) the Federaql Reserve does NOT print our money. The US mint (part of the treasury) prints our money.

The Federal Reserve Banks distribute new currency for the U.S. Treasury Department, which prints it.

According the the Fed itself, it performs the following:

formulating and executing monetary policy, supervising and regulating depository institutions, providing an elastic currency, assisting the federal government's financing operations, and serving as the banker for the U.S. government.

In practice, it CONTROLS our currency (by creating the DEBT of the US), it does not print it. A lazy comment from an uneducated individual hooked on the rhetoric of the right wing zealots.

And 'confirmed' by another boob of similar proportions.

Classic....

You can begin here if you actually want to UNDERSTAND what you are talking about...

w w w.newyorkfed.or g/education/index.html

East Fishkill NY
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Article 1 of the Constitution is clear on this, so the answer to 'can they do this is an unequivocal no This is more last ditch anti Government stupidity Virginia in 2013 = A state where the lunatic fringe clings to elected office with constituents in trailer parks and tin roof shacks clinging desperately to these havens of ignorance as the rest of the state grows more and more progressive each election cycle.

Rosemont IL
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My Grandpa had some confederate money, and it wasn't worth anything after the Civil War. Now as a collector's item, like stamps, it might be.

Flat Rock NC
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Norc:

The top three reasons that I can find for why we won't accept a global dollar in our life time.

1) The fake cold wars between major member nations would end and the reality that we are actually peaceful towards each other would be reviled.

2) All of our military industrial complexes would have to be ended, so to stabilize our economies rather than waste resources on useless proxy wars which only work to prop up individual nations currencies.

3) All member nations would be required to have the same basic services in one form or another. This would be a national medical service, and other welfare to some extent or another.

The top reasons why there would be nations not taking part in this global dollar... besides the US is.

1) None member nations would enjoy the freedom of making the global dollar nations their enemies... (even in a phantom war for the consumption of their people... Like the cold war was. No one really will ever launch the nukes, we all want clean air to breath.)

2) Some nations simply will refuse to fix their social inequalities.

3) Some nations such as those suffering from radical religious wars will not accept the globalization that a global dollar would bring. They wouldn't accept workers from the other nations entering their nations and building it up, changing the society (in many cases liberalizing the society)

4) Immigration... You would have to develop a international immigration policy, one which would allow for the immigration of people into any member nations, nation.... This simply wouldn't work in nations like the middle east where Americans aren't welcomed... for a verity of reasons.

This is why the Euro was started in Europe, it was the pilot program by which all other nations will learn from its mistakes and begin to form their own systems based upon like nations.

Euro, An Asian currency for Asian nations, A middle east dollar for middle east currency, South American currency, and in time a currency for Canada, the US and Mexico.

Another 100 to 200 years and a global currency might actually be possible... Just not in our life times. :-(

Hazle Township PA
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TOPIC: State Currency