Saturday, March 19, 2011

North Carolina legislator seeks to make gold and silver the money of choice for state

North Carolina may become the third state to legislate the use of gold and silver as official currency as State Representative Glen Bradley has now introduced a bill for committee to permit such an activity.

If the bill is accepted and passed by the legislature, North Carolina would join Virginia and Utah as the third state to allow the use of gold and silver as money.

In an article from Thursday by the, Representative Bradley has little support from fellow legislators on this idea, and even an economics professor from NC State University sees this concept as nothing more than a passing fancy.

Mike Walden, an economics professor at N.C. State University, said the notion of North Carolina reverting to having its own currency is outlandish.
"We dealt with this issue about 100 years ago when the Federal Reserve was established," Walden said. "If North Carolina were to have its own currency, that would put us at an extreme competitive disadvantage vis-a-vis other parts of the country and other parts of the world."
State Treasurer Janet Cowell joked that Bradley's precious metals proposal could increase efficiency in state government by providing a good use for her department's old basement vault, which is currently used for storage.
The issue in all of this, is that most politicians and 'experts' live in a failing paradigm, and refuse to see beyond the scope of what monetary policy currently is.  Until we went off the gold standard, inflation was narily a part of our economy, and currency devaluation was almost nil.  However, since we created the Federal Reserve system, and went to a fiat currency, the value of that 'money' has gone down by more than 97%.

The Federal Reserve has put our nation on the course of monetizing debt, and this will only accelerate inflation, and the devaluing of the dollar.  Representative Bradley is being courageous in aspiring to bring our monetary system back to sound money by attempting to legislate the use of gold and silver once again in North Carolina.  However, like all good ideas, very few share the vision and are content to rise above the status quo, even if it leads us into a perilous black hole.


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