- Prison Planet.com - http://www.prisonplanet.com -

Virginia Creates Subcommittee To Study Monetary Alternatives In Case Of Terminal Fed “Breakdown”, Considers Gold As Option

Posted By admin On January 11, 2011 @ 5:21 am In Money Watch | Comments Disabled

Tyler Durden
Zero Hedge [1]
Jan 11, 2011

In what may one day be heralded as the formal proposal that proverbially started it all, the Commonwealth of Virginia introduced House Resolution No. 557 to establish a joint subcommittee to “to study whether the Commonwealth should adopt a currency to serve as an alternative to the currency distributed by the Federal Reserve System in the event of a major breakdown of the Federal Reserve System.” In other words, Virginia will study the fallback plan of a “timely adoption of an alternative sound currency that the Commonwealth’s government and citizens may employ without delay in the event of the destruction of the Federal Reserve System’s currency” and avoid or “at least mitigate many of the economic, social, and political shocks to be expected to arise from hyperinflation, depression, or other economic calamity related to the breakdown of the Federal Reserve System.” Most importantly as pertain to the currency in question, “Americans may employ whatever currency they choose to stipulate as the medium for payment of their private debts, including gold or silver, or both, to the exclusion of a currency not redeemable in gold or silver that Congress may have designated ‘legal tender’.” Whether this resolution will ever get off the ground, and actually find that the world is at great risk should gold not be instituted as a backstop currency, is irrelevant. The mere fact that it is out there, should provide sufficient impetus to other states to consider the ultimate Plan B.

We urge all legislators to carefully read this resolution.

Full proposal (pdf [2]):

Stock up with Fresh Food that lasts with eFoodsDirect [3]


Article printed from Prison Planet.com: http://www.prisonplanet.com

URL to article: http://www.prisonplanet.com/virginia-creates-subcommittee-to-study-monetary-alternatives-in-case-of-terminal-fed-breakdown-considers-gold-as-option.html

URLs in this post:

[1] Zero Hedge: http://www.zerohedge.com/article/virginia-creates-subcommittee-study-monetary-alternatives-case-terminal-fed-breakdown-consid

[2] pdf: http://lis.virginia.gov/cgi-bin/legp604.exe?111+ful+HJ557+pdf

[3] Stock up with Fresh Food that lasts with eFoodsDirect: http://www.efoodsdirect.com/

[4] Utah Considers Return to Gold, Silver Coins: http://www.prisonplanet.com/utah-considers-return-to-gold-silver-coins.html

[5] Republicans Move to Block Ron Paul from Monetary Policy Subcommittee Chair: http://www.prisonplanet.com/republicans-move-to-block-ron-paul-from-monetary-policy-subcommittee-chair.html

[6] Summer 2009: The international monetary system’s breakdown is underway: http://www.prisonplanet.com/summer-2009-the-international-monetary-system%e2%80%99s-breakdown-is-underway.html

[7] Ron Paul Explains His Plan For “Monetary Freedom” And Returning To The Gold Standard: http://www.prisonplanet.com/ron-paul-explains-his-plan-for-monetary-freedom-and-returning-to-the-gold-standard.html

[8] Gold, Silver Plunge As Fears Monetary Punchbowl Is Taken Away Spread: http://www.prisonplanet.com/gold-silver-plunge-as-fears-monetary-punchbowl-is-taken-away-spread.html

Copyright © 2013 PrisonPlanet.com. All rights reserved.