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What are your guys thought on State currencies rather then a inflated federal currency?

4p3k 4 July 11
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1

We are much to mobile for State Currency to work now. Back in the "horse and buggy days" it was possible .
What we need, in my humble opinion, is a national currency backed by metal (gold, silver, copper, nickel).
National Currency use to be printed by local banks. The bank that issued the bill was prominently displayed on the front of the bill. The bank that issued the bill had to have the METAL to back up the bill.
"NATIONAL CURRENCY" meant that it was negotiable though out the USA. The metal was held by the issuing bank, but other banks were allowed to exchange the bills for coin.
For all of this to work, metals would have to have a SET value, or the ups and downs of the market would make it to difficult to determine the value of a give bank note on a given day.
Kind of like the old $20.00 dollar gold piece viruses a $20.00 gold certificate. Both had the same value.
This would decentralize the monetary system, in effect put the power back with the states.

Serg97 Level 8 July 14, 2019

Sounds Lenin/Marxist to me. Let us start collective farms, old idea.

0

My notion on quid pro quo within a Republic would be for each state to expropriate open plots of land for community gardens. These boom and bust cycles of industrial consumer camps comes from capitalist commerce. The Safeway’s, Raleys, Walmart’s are some of the corporations that create the scarcity in resources across the planet. Capitalist commerce is also responsible for the polyethylene terephthalate (plastic) island patches of non biodegradable stews in our oceans. These pieces of plastic are proliferating. This is not sustainable. I believe a effective way to distribute the supply of the citizens of a Republic would be congregating city councils deliberating on remuneration. The council could account for time spent working in the garden equal to allotted resource. Example: A community garden has a fence around the perimeter. The entrances are locked, they are unlocked via city council app or a council key. You gain access to the garden from verification from the council. Entering the garden you are clocked, you provide your service to the community by maintaining upkeep. Every 30 minutes of work equates to a half pound of resource or until hitherto. This can be accounted for in two ways every half hour a copper coin is dispensed inside the garden that equates to half a pound of resource. This can be exchanged at the local city store. The other form of exchange could be all digital tracking hours spent providing a service. The account method could be a Republic cryptic currency.

4p3k Level 4 July 14, 2019
0

It's odd that you say "inflated federal currency," but place no descriptor on "state currency."

Are you assuming no state would inflate their currency?

2

I’m against all fiat currency. All currency should be backed by a tangible asset. Now if a state we’re to issue a currency backed by gold or silver or even copper or the like I support that.

1

The establishment of bitcoin (and soon libra) shows that the concept of currency is not limited to either the gold or silver standard, or “legal tender.” If people trust it and it is convenient for them to use then it will gain popularity. The minute people do not trust it, because of inflation or some other factor, it will be abandoned, and those who invested in it will lose whatever they put in. Do we outlaw bitcoin or libra because they are potentially volatile? I would hope not (much as I dislike and distrust The Zuck),

Anything related to computers is hackable, you can't hack metal!

1

I won't attempt to master economics and monetary theory. I will say that the Constitution delegates to congress the power to coin money, to establish the value thereof, and to standardize weights and measures. It doesn't delegate any power to invent and then print paper legal tender notes and call it money. Nor to establish a national bank.

govols Level 8 July 11, 2019

The courts have found otherwise. The fact that the constitution limits the states to making only gold and silver coins, but puts no such obligation on the federal government, suggests it has additional powers over money that the states do not, and the use of other than gold and silver, and that the founders intended this.

Indeed before the constitution, the revolution had already been partly funded by the continental congress printing paper continental currency (largely a failure, and I think they were redeemed later at a 99% discount). The individual states did some of this also, and the constitution was partly trying to put a stop to that state paper with the "gold and silver" state money limitation. But the US continued to borrow money (as during the war of 1812) and issued Treasury Notes to those it borrowed from (in return for their gold and silver), and these borrow notes circulated as a sort of money, although they weren't officially "legal tender" under any law for 50 more years.

In the middle of the US Civil War, the treasury did issue Treasury Notes that were finally made "legal tender" (a fiat currency) by law, and had the familiar green back that persists on US money today (the front is NOT green, though many people "see" it as such-- it's an odd optical illusion). These were not canonically redeemable in gold and silver coin (showing that metal backing and fiat currency are quite different things), but the government's policy was to redeem them for metal for whose who wanted to, and so they traded in parity with the gold and silver certificates that came later (in the 1870's), printed as paper backed by coin. All this was before the federal reserve (FR) bank system existed.

When the FR bank system finally arrived in 1913, its loan-notes (federal reserve notes = FRNs) were made legal tender by fiat and they too traded alongside the US Treasury Notes (which they finally replaced) and also the metal certificates (at first both gold and silver, and then after the early depression, silver). I remember silver certificates. When silver disappeared from coins in 1964 the silver certificates were doomed, and very soon all that was left as paper legal tender were the FRNs.

@Babou as near as I can tell your post is mostly accurate. Still, coin is different from print.

@govols It need not be if you use the word in the broad sense. To coin a phrase: "Look it up." ;'p

@Babou I tried to look it up as commonly understood at the time and what I found suggested actual coins like copper gold and silver.

0

pointless and would over complicate interstate commerce beyond comprehension

iThink Level 9 July 11, 2019
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