Reprinted from Tea Party Nation by Judson Phillips
In an era where the Federal Government is predisposed to the endless erosion of personal liberties and assaults on our freedoms, one government is getting something right.
One of the legitimate purposes of government is to protect its citizens. While the Obama Regime believes that its purpose is to oppress the citizens, treating them like subjects, not citizens; there is one government that has the right idea and is doing something to protect its citizens.
What government is it and what are they doing?
It is the Commonwealth of Virginia.
What is Virginia doing? Virginia is studying the idea of minting a Virginia state currency. Virginia should study this issue and then act on it ASAP.
Virginia is not the first state to think of this. Utah has already passed a law allowing a state currency and at least four other states are studying this idea. Why should it be done? Is this just another example of the old saying, “Save your confederate money boys, the South is going to rise again?”
No. Assuming it is done correctly it is one of the most prudent things a state can do.
First in order for it to be done right, the state currencies cannot be a fiat currency. They should be a commodity-based currency.
What does that mean?
It means that whatever currency is minted is actually backed by something. This could be precious metals or another commodity.
Today, the American dollar has no value other than what we assign to it. Nothing backs the dollar. The Treasury can print as much money as it wants and that is the problem America faces. Commodity backed currencies cannot do that. If you do not have any more gold for example, you cannot print any more money.
There are a lot of nations in the past that have believed they could print money so they could spend their way out of economic troubles or simply to buy everything they wanted. These include Zimbabwe, Argentina and the Weimar Republic of Germany.
In each of these instances, the debasing of the currency caused hyperinflation. There is nothing more destructive to an economy or to freedom and liberty than hyperinflation.
When you have hyperinflation, people become desperate. When the average person receives their weekly wages and it is just enough to buy a loaf of bread for their family and they face the prospect of seeing their children go hungry, they will demand someone fix the problem. And when people are that desperate, they do desperate things, like grabbing on to demagogues who will promise them salvation in exchange for their freedom.
Under the Obama Regime, the Treasury has been printing money like it is going out of style. Sooner or later, the end result of this will be massive inflation. We are already starting to see some inflation. If you go to the grocery store you are already seeing inflation in the prices of food. The prices of gold, silver, other precious metals and oil have skyrocketed. Part of this is a function of supply and demand and part of it is the debasing of our currency.
In plain English, the Dollar is now worth much less than it was four years ago.
Among other things, the government is printing too much money. Today, we do not even know what the money supply is. This is another important piece of data the government no longer releases.
All of this leads up back to Virginia and the other states. If Virginia, Utah and other states start minting commodity based currencies, Americans will quickly flee the devalued Dollar in favor of these currencies.
Because these currencies will hold their value and will not be victims of the inflationary spikes that are the inevitable result of the economic policies of the Obama Regime.
For the legislators in Virginia, I have one simple message. Study this quickly and implement it. For those of you who live in other states, it is up to you to get your legislators on this quickly.
Inflation is coming. The Dollar will be battered and maybe even destroyed by the Obama Regime. This is a shining opportunity for states to do what they are supposed to do.
That is to protect us against an overbearing and out of control Federal Government.