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DOLLARS AND SENSE

Virginia Moves Closer to Creating Its Own Currency

The state's House of Delegates votes to study the issue

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by Lisa Fine

Staff Writer t

Image: 123rf.com

In case the economy collapses, a Virginia Republican lawmaker wants the state to mint its own alternative currency to the U.S. dollar.

The idea is gaining traction, with Virginia's House of Delegates voting this week to approve a measure to study the effectiveness of such a plan. The study would cost $17,440 in regular U.S. dollars, the Washington Post reports.

"This is a serious study about a serious topic," the bill's sponsor Del. Robert Marshall, R-Prince William said Tuesday. "We're not completely powerless."

His proposal would set up 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 Post wrote.

Utah has approved a law recognizing nontraditional currency and several other states are considering the idea, the Post reports.

Via the Washington Post
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Should states have alternative currency?

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Comments (view in Forum)

  • MarkJM
    !
    So long as any alternative currency is based on the gold standard and sticks with the gold standard. Coinage should also be based on gold and silver, not aluminum, steel, copper (well maybe copper), etc. I'm fine with it. The way 0bama and CONgress are spending, it's apparent the U.S. Dollar is clearly on the decline. Good for the Great State of Virginia for being proactive in this.
  • harold_lloyd
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    I'd love to see a gold-backed state currency. But I have questions.

    Where do they get the gold?

    How long do you think that currency would stay in circulation?

    Gresham's Law...
  • Knightkore
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    The dollar hasn't bee connected to the gold/silver standard in years....in is based on debt....if states currency would be tied to the gold/silver standard states currency could be of more value than the dollar....that would make things interesting....
  • MarkJM
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    @Knightmare It certainly would entice me to use VA. Currency over the U.S. Dollar....again, in that hypothetical situation...
  • GmanGSW
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    Being a Virginian (in NoVA), I think it would be an interesting item, bringing back a degree of states' rights (to a "degree"). I also wonder exactly what the basis of the currency would be and really need to look over the proposal more specifically. Hiowever, Obama is NOT exactly keeping the country "together," and in backing an attack on the 2nd amendment? Even to try to water it down? Folks, WE, the People, can NOT allow that to happen...

    Regarding the dollar(s), being a Virginian, I would only be scared that the 1st person on one of our state dollars wouldn't be Bob McDonnell, and am scared the state treasurer might put "state of the transvaginal device/probe..." LOL!

    I'm a man, yet fought against such an idiotic measure & law that Bob McDonnell, himself, first wrote! He really bel;ieves in what he wrote, too! I know Cuccinnelli, the state's AG, and is somewhat different than Bob McDonnell... Thank goodness!

  • View all 16 replies >

  • Rocker
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    @Thunderchicken - Uh-huh.. and you'll share it but only one round at a time delivered at the muzzle velocity. LOL

  • View all 6 replies >

  • harold_lloyd
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    @jaybebo84
    It's not really the amount, it's the misplaced priorities.

    Spending 17K on a partisan gesture is not to be considered good governance.

    Unless you really think there is a ghost of a chance that Virginia will establish its' own currency.

    But just in case anyone is, I'd like to take this opportunity to declare that the basic unit of value shall be forever known as the VIRGIN.
  • martydotcom
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    Just another crazy tea party scheme wasting your tax dollar's and making themselves look like it idiot extremists to "normal voters"
  • frigginhell
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    Well, unlike Virginia I live in a state where we pay more into federal taxes than we get back. Seeing as Virginia is actually 9th in terms of federal tax dollars received in aid compared to what it gives I can't imagine they have the capital to back their own currency. If they want to start paying their taxes in Virginia bucks it's time to tell them what they can do with it. It won't be worth the paper it's printed on is another way of saying it. All it can do is destabalize a market. No good will come of this. Instead of talking about printing money perhaps their state legistlature could learn to balance their books and try and create some jobs in their state.
  • u
    Yank
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    @frigginhell those figures are fairly pointless. Norfolk, VA is the US's largest naval base and billions are spent to support it. Items like that skew those figures
  • frigginhell
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    @Yank That's not part of the budget spending we;re talking about. Or at least I was talking about. Military spending is accounted for seperately. Nothing is skewed as a result. It would be convenient if it was but it's not. Unless there are a lot of foodstamps being passed out on the base.
  • PoliticalSpice
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    @frigginhell Actually if they follow tge constitution it will be worth something that can be measured in terms of actual value, as the constitution states that no state can create any currency that is not gold or silver. This is a very good idea, except they need to buy the gold or silver to finance it. I think the cost of that in itself could end the project...

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  • JustTheFacts
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    Yeah ... hate to tell you but some places even in this country are accepting other currencies since the Fed has destoried the dollar!
  • u
    Chromalord
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    It takes a 10 member committee to evaluate this? It would only take one 10 year old to know this a bad idea. I wonder if this committee is going to be allowed to get paid with its own currency?
  • martydotcom
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    Free lunch, and expense account for 10 tea party members, ten wallets to be fill by lobbists plus the ten year probably knows more about government the these headline humters
  • u
    albert
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    I think they should join forces with Texas as they seem to want out to ,I think it's a shame that this is the best people that we can come up with to hold public office.
  • TDriver04
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    I can see wanting to detach from the dollar because of improper use of it by are government but not sure how you'd fund large savings and pensions that are dollar based and would have to convert. Will commodities take this new from of currency? Like I said I see why you'd want to distance your self from the dollar but I don't understand how.
  • Medicinebow
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    For those complaining about the cost consider various states have spend millions on totally useless programs. For instance, NY spent close to $50,000,000 on CoBIS for ballistic fingerprinting. In the 10 or so years it was in existence this program solved a grand total of ZERO crimes. Where is the uproar over this?

    At least the money could possibly be used for something useful.
  • u
    BelinKS
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    If the dollar should collapse, a different currency that is backed up could keep that state in the world market. The chance of the dollar collapsing due to debt is very real.
  • DARSB
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    I don't see that a state can mint its own money, seeing as that's a power reserved to Congress (Constitution of the United States, Article I, Section 8), but if this sort of timewasting prevents the Virgin-wits from passing transvaginal ultrasound laws, I expect that's a better use of their legislative time.
  • o
    USailCapital
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    So explain Utah. Why hasn't the Fed gone after them? Yea I didn't think so. Stick to topics you have a clue about. Obviously this is one you should steer clear.
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