There seems to be something in the air in the state of Virginia these days. First, we heard that Charlottesville, Va., became the first city to formally pass an anti-drone resolution, and now we discover the proposal to study an alternative to the dollar has passed the State House with a two-to-one majority. It’s really interesting that all of this is happening in a state with such proximity to our very own national cancer, Washington D.C. From the Washington Post:
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 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.
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.
Mainstream economics maintains that America is in little danger of turning into postwar Germany. Inflation is below 2 percent even though the Fed has tripled the amount of money in circulation since the 2008 financial crisis. Investors view the dollar as a safe haven, buying up greenbacks when turmoil strikes around the globe. A single currency is one of the bedrock assumptions of modern economics.
“A single currency is one of the bedrock assumptions of modern economics.” I mean is that statement actually supposed to persuade people against alternative currencies?
But that doesn’t mean Virginia shouldn’t be ready, Marshall and his supporters believe. His proposal would create a 10-member commission to study “the need, means, and schedule for establishing a metallic-based monetary unit to serve as a contingency currency for the Commonwealth.” The study would cost $17,440.
$17,440 sure seems like a reasonable price to pay to study alternatives. I guarantee those in opposition will cite the “cost” of the study. We need more and more states and local communities to follow Virginia’s lead.
Full article here.
Follow me on Twitter!