Source: Zero Hedge
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 [emphasis added] 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.
All Things Considered – John’s Commentary:
You can bet this will grab the attention of other states, such as Texas. More and more of the populace are beginning to become aware of, and/or admit, that if the Fed were to stop printing, our nation would default. If they keep printing, our money is worthless. Guaranteed – they will keep printing. Virginia sees this coming.
Action to take: Keep accumulating as you are able – plain and simple. If you are not accumulating, you are betting on the Fed, the Treasury, Wall Street and Washington.
What to buy: Today, buy 2/3rd’s gold and 1/3rd silver in the lowest premium form.
Quote of the day: “Gold is as steady as a rock, a standard-bearer by which all currencies can be accurately measured.” – Mark Skousen
