Folks, I have been pointing out for the past ten years that there is a consequence to printing money, instead of raising taxes, to pay for the expenses of the country. The following article, from CNN, comes as a surprise but gives some idea on how bad the situation in the US is today. Mervyn1650Lobo ----------------------------------------------------------
NEW YORK (CNNMoney) -- A growing number of states are seeking shiny new currencies made of silver and gold. Worried that the Federal Reserve and the U.S. dollar are on the brink of collapse, lawmakers from 13 states, including Minnesota, Tennessee, Iowa, South Carolina and Georgia, are seeking approval from their state governments to either issue their own alternative currency or explore it as an option. Just three years ago, only three states had similar proposals in place. "In the event of hyperinflation, depression, or other economic calamity related to the breakdown of the Federal Reserve System ... the State's governmental finances and private economy will be thrown into chaos," said North Carolina Republican Representative Glen Bradley in a currency bill he introduced last year. Unlike individual communities, which are allowed to create their own currency -- as long as it is easily distinguishable from U.S. dollars -- the Constitution bans states from printing their own paper money or issuing their own currency. But it allows the states to make "gold and silver Coin a Tender in Payment of Debts." - here is the link - http://money.cnn.com/2012/02/03/pf/states_currencies/index.htm --------------------------------------------------------------------------- Protect Goa's natural beauty Support Goa's first Tiger Reserve Sign the petition at: http://www.goanet.org/petition/petition.php ---------------------------------------------------------------------------
