In South Carolina, Representative Mike Pitts put forward legislation to ban Federal currency and replace it with gold and silver coins.
If the federal government continues to spend money at the rate it's spending money, and if it continues to print money at the rate it's printing money, our economic system is going to collapse.
Unfortunately, it seems he still sponsors the mandating of a public currency coming in the form of gold and silver coins. While this is a vast improvement over the current fiat standard, it nevertheless mandates a particular currency rather than allowing various currencies to compete. Still, I guess any port in a storm is better than none.
Darn it--another great piece of legislation that will undoubtedly be stillborn upon arrival. Pitts should have recommended that SC banks be allowed to hold competing currencies in their reserves instead, so that individuals who want to exchange their savings at competitive rates can do so. Practically everyone uses debit/credit cards now--there's no reason not to be able to have your checking/savings accounts in yuan, euros, dollars, whatever. That could be a very logical backdoor into allowing people to exchange their paper for bullion holdings. Instead, Pitts is likely to be labeled a "gold bug" and laughed off entirely.
This guy is probably backed by a bunch of gold and silver lobbyist...
Seriously? Gold? Silver?
Are these the economic geniususes that are leading our country?
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