Tuesday, February 15, 2011

States considering setup of their own sovereign money systems...

South Carolina lawmaker asks if state should print its own money
Reuters/ Lee Jae-Won

States are always looking for ways to generate new money -- but one South Carolina lawmaker has offered an interesting twist to the efforts.
State Senator Lee Bright recently introduced a bill to study "whether this State 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, Bright is asking for a study to determine if South Carolina should print its own money.
Bright's proposal says the study is necessary because "many widely recognized experts predict the inevitable destruction of the Federal Reserve System's currency through hyperinflation in the foreseeable future."
The bill may sound radical, but Bright is hardly alone in his thinking. A Virginia delegate offered a similar plan in January.
© 2009 m3, ltd. All rights reserved.