BANKING IN THE PUBLIC INTEREST
Ellen Brown, author of Web of Debt, helped launch the exciting new state banking effort, The Public Banking Institute.
Some are even awakening to the FACT that the Federal Reserve Note is a ‘fiat’ currency, i.e. it is not backed by anything!! And sooner or later ALL fiat currencies collapse.
By WILLIAM YARDLEY, New York Times
Published: May 29, 2011
Now, however, Utah has passed a law intended to encourage residents to use gold or silver coins made by the Mint as cash, but with their value based on the weight of the precious metals in them, not the face value — if, that is, they can find a merchant willing to accept the coins on that basis.
The legislation, called the Legal Tender Act of 2011, was inspired in part by Tea Party supporters, some of whom believe that the dollar should be backed by gold or silver and that Obama administration policies could cause a currency collapse. The law is the first of its kind in the United States. Several other states, including Minnesota, Idaho and Georgia, have considered similar laws.
“This is an incremental step in the right direction,” said Lowell Nelson, the interim coordinator for the Campaign for Liberty in Utah, a libertarian group rooted in Ron Paul’s presidential campaign. “If the federal government isn’t going to do it, then we here in Utah ought to be able to establish a monetary system that would survive a crash if and when that happens.”
And this from South Carolina:
Dave Gahary interviews SC State Senator Lee Bright (R-Roebuck), who explains why he thinks it’s prudent to study the possible creation of an alternative currency to Federal Reserve notes.
Gahary – Bright interview (15 min)