Posted on 01/12/2011 9:11:30 AM PST by Errant
WHEREAS, the present monetary and banking systems of the United States, centered around the Federal Reserve System, have come under ever-increasing strain during the last several years, and will be exposed to ever-increasing and predictably debilitating strain in the years to come.
WHEREAS, many widely recognized experts predict the inevitable destruction of the Federal Reserve System’s currency through hyperinflation in the foreseeable future.
WHEREAS, in the event of hyperinflation, depression, or other economic calamity related to the breakdown of the Federal Reserve System, for which the Commonwealth is not prepared, the Commonwealth’s governmental finances and Virginia’s private economy will be thrown into chaos, with gravely detrimental effects upon the lives, health, and property of Virginia’s citizens, and with consequences fatal to the preservation of good order throughout the Commonwealth.
WHEREAS, Virginia can avoid or at least mitigate many of the economic, social, and political shocks to be expected to arise from hyperinflation, depression, or other economic calamity related to the breakdown of the Federal Reserve System only through the timely adoption of an alternative sound currency that the Commonwealth’s government and citizens may employ without delay in the event of the destruction of the Federal Reserve System’s currency.
WHEREAS, that the Federal Reserve System’s currency is not redeemable in gold or silver coin or the equivalent in bullion is being identified by more and more experts as a, if not the, major reason for the ever-increasing instability of the Federal Reserve System.
(Excerpt) Read more at marketoracle.co.uk ...
But more importantly, a way to continue some form of commerce should the dollar collapse.
Maybe as long as it is redeemable in gold/silver. Trouble is, the state then has to set the amount, I guess.
I think so too.
That's why I have collected thousands of nickels (75% copper/25% nickel). Currently a nickel is worth 6.87 cents but will never be less than 5 cents. See here.
I just sold 129 pounds of scrap copper water pipe for $3.50 per pound. I turned right around and changed those green backs into nickels.
When copper was at $4.40 a pound on the spot market, I calculated that it was worth about 36 cents a Troy ounce.
Btw, for future reference in case of dollar collapse, 2 - 1/2 inches of 10 gage copper wire roughly equals the copper content of a pre-1982 copper penny.
What’s up with palladium? Is cold-fusion for real? I’ve heard Gerald Celente and others insinuating that we’re about to see major progress in alternative energy. Is there some other reason besides catalytic converters driving it up in price?
Very useful website:
http://www.coinflation.com
Shows you the current value of coins based on their metal content.
FYI, copper pennies right now are worth 2.9 cents.
Silver dimes about $2.13.
Silver nickels (42-45) about $1.66
Didn't anyone notice that the Constitution says that "No State shall... coin Money"? (U.S. Const., Art. I, section 10, cl. 1).
I believe the article only mentions, "the Commonwealth should adopt a currency such as gold or silver" and not anything about "coining" money.
In the same Art. I, section 10, cl. 1, the Constitution states that "No State shall... make any Thing but gold and silver Coin a Tender in Payment of Debts".
Don't know. That's a little exotic for me.
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;
The above is from Article I Section 10. To me this means that staes CAN coin money but only of gold or silver and only in payment of debts.
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