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State of Virginia moves closer to creating state’s own currency

BQI Editor’s Note

What was attacked a few years ago as a silly scaremonger move by a Republican Virginia State legislator, now is being taken seriously by the Virginia General Assembly. A proposal for the State of Virginia to create its own currency is now making its way through the Virginia State Legislature. What, you might ask, has happened in the three years, since the original proposal was made, to cause a previous issue to now be taken so seriously?  Two words….Barack Obama.

Under Obama the American economy continues to teeter. Rating agencies contemplate new rounds of negative ratings for the nation’s credit worthiness. To support Obama’s policies the Federal Reserves continues to print billions of dollars. Obama continues to accumulate more debt and threatens to raise new taxes. Unemployment remains high just notching up a fraction of a percent. So with all of this what could possibly go wrong?

State of Virginia moves closer to creating state’s own currency

By Vince Coglianese

Senior Online Editor

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 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.

This week, the proposal by the Prince William Republican sailed through the House of Delegates with a two-to-one majority.

“This is a serious study about a serious topic,” Marshall said Tuesday. “We’re not completely powerless.”

So far, only Utah has approved a law recognizing nontraditional currency. Four other states have bills pending this year. Marshall said he is unsure of his proposal’s prospects in the Virginia Senate. One Democrat derided it as a descent into “la-la land.”

But the fact that the debate is happening at all reflects a deep-seated distrust in the very foundation of the country’s economic system — the dollar.

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