State's wanting own currency...

[curby]

http://news.yahoo.com/s/yblog_thelookout/20110214/us_yblog_thelookout/south-carolina-lawmaker-wants-separate-currency-for-state

"A bill in Georgia would require all debts to the state be paid in pre-1965 gold and silver coins. The Virginia proposal would let the state print its own money. Meanwhile, one politician in Utah wants to cut out the middleman entirely and allow the state's residents to run their very own mints."

... and begin discussion...

[curby]

feel free to move to politics section if need be. me forgot about it.

[Casper]

Not surprised really.

[Cheech]

let's give everyone the power to create their own currency and regulate the value/supply. I'm sure there's nothing that can possibly go wrong with that.

[Casper]

Constitution of the United States of America' date=' Article 1, Section 8.[/quote']

Yes, the federal government has the power to coin currency. So do the states. I'll have to dig up the rulings. Basically they came to the conclusion the states had the right to coin money as well, but it couldn't replace the us currency. It had to be in addition. Which is what they're talking about. They want to setup their own currency now in case the us dollar plummets and people lose faith in it.

[Casper]

let's give everyone the power to create their own currency and regulate the value/supply. I'm sure there's nothing that can possibly go wrong with that.

Look at the barter system. It's worked for thousands of years. Essentially, that is allowing everyone to create their own currency (some good or service) and set their own value and supply. Everything is only worth as much as someone is willing to buy it for. So if everyone loses faith in the dollar, I see the barter system making a huge comeback. Take the depression for instance.

[chevysoldier]

Why don't we just print more money and hand it out. That way everyone could be rich.

[Disclaimer]

I'm just going to stay in my house, holding my guns.

I plan on paying all future debts.... with lead.

[scottb]

let's give everyone the power to create their own currency and regulate the value/supply. I'm sure there's nothing that can possibly go wrong with that.

Ok, I'll go first. My currency is carpet fiber. Each fiber is equal to one thousand dollars. So, I will take about 20 fibers to the BMW dealer and get a 1000RR and some gear......