ZeroHedge: Virginia Creates Subcommittee To Study Sound Money Option
Tyler Durden, posting to ZeroHedge, draws attention to Virginia's recent action to create a legislative joint subcommittee for the express purpose of studying monetary alternatives in the event of a terminal breakdown in the Federal Reserve System. The subcommittee is to consider gold as an option. Mr. Durden reports:
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."
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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.