Can states in the US issue their own money ?

[Vastator]

Is there a specific federal reserve monopoly law?
Why are there multiple banks? How are these banks distributed by regions?

That actually is pretty much the only reason the US Mint still produces gold, and silver coins for "circulation". They are constitutionally obliged to do so. If it weren't for that, they'd gladly let the plebes play with the Federal Reserves monopoly money...

 

[rupol2000]

Which makes not legal tender; they were just coupons and stamps. You could sell green stamp books for cash as well, if you decided you didn't want anything on the shelves at the green stamp store. They are just non-cash barter rebates.

any obligation is actually money. Barter is only direct exchange.

 

[DudleySmith]

The problems of swindlers are solved by the execution of swindlers. It's no better for the feds, their money is generally not backed by anything other than debt.

We bail out swindlers here, we don't execute them. The only reason Bernie Madoff doesn't have big giant statue dedicated to him in the middle of Wall Street is he make the mistake of not cutting a lot of insiders in on the scam, is all.

 

[DudleySmith]

any obligation is actually money. Barter is only direct exchange.

Nope. Legal tender is a specific type of money. It covers public debt as well as private debts, taxes payments, etc.

 

[rupol2000]

DudleySmith
But even not every exchange of goods can be considered barter. If the commodity is liquid, it also becomes money. As gold or grain was convenient for exchange, and it served as money.

 

[rupol2000]

Nope. Legal tender is a specific type of money. It covers public debt as well as private debts, taxes payments, etc.

We're not talking about legal tender.

As far as I know, in most countries the only legal tender for ordinary trade is the national currency, any money surrogates and foreign currency are prohibited in official circulation, is this not the case in the USA?

 

[lg325]

From my world history class in the 1970s Salt was used as money to pay soldiers in Roman times. And in Colonial America, it was Sugar as money for some types of payments.

 

[DudleySmith]

We're not talking about legal tender.

I am. You talk about whatever you want to.

 

[DudleySmith]

From my world history class in the 1970s Salt was used as money to pay soldiers in Roman times. And in Colonial America, it was Sugar as money for some types of payments.

Due to a dire shortage of hard currency, a chronic problem, right up into the 20th century. See William Jennings Bryan's Cross Of Gold speech and the drive by farmers for a cheap silver backed dollar. The Federal Reserve was invented to address that chronic problem. The problem was Republicans got control of it and handed it over to the guy who owned their Party at the time, Andrew Mellon, the monopolist, to run as his personal bank.

 

[rupol2000]

I am. You talk about whatever you want to.

Ok, but then, apart from the dollar, there is no other money for the USA, this is obvious

 

[rupol2000]

DudleySmith
All in all it comes down to two types of money. The official ones are only a dollar, but otherwise any liquidity, including debts, is money.

Food stamps is the second type

 

[DudleySmith]

Ok, but then, apart from the dollar, there is no other money for the USA, this is obvious

I just posted the history and results.

 

[evenflow1969]

Any currency offered in the US must be the dollar unless backed by gold or silver. Private people can offer paper currency if backed by gold ,silver or another commodity.

 

[Oddball]

It is not clear then why it is called federal.

To give it a facade of legitimacy....The Fed is no more "federal" than Federal Express, but the name sounds like they are.

Is it independent in the same sense that the branches of government, such as the executive, the legislature, and the judiciary, are independent? But they're still feds.

The Federal Reserve issues money, but it goes mostly to treasury transaction

It's "independent" of the gubmint because it has to be...The feds are prohibited from making anything but specie "money"...So they farmed out the worthless commercial fiat script toa "private" cartel, then passed the unconstitutional legal tender laws, more-or-less forcing the peasants to use the script.

Strictly defined, coin was still the currency of the realm, until Nixon removed the gold standard.

 

[Captain Caveman]

Can states in the US issue their own money not backed by the federal dollar?

Here's a list -

List of community currencies in the United States - Wikipedia

en.m.wikipedia.org

 

[rupol2000]

To give it a facade of legitimacy....The Fed is no more "federal" than Federal Express, but the name sounds like they are.

It's "independent" of the gubmint because it has to be...The feds are prohibited from making anything but specie "money"...So they farmed out the worthless commercial fiat script toa "private" cartel, then passed the unconstitutional legal tender laws, more-or-less forcing the peasants to use the script.

Strictly defined, coin was still the currency of the realm, until Nixon removed the gold standard.

Nixon was forced to do so. The fractional reserve of the state rests on military strength and political influence. Gold has always been a scam, it's a central bank commitment to gold that can't be met if more than a percent of the reserve is demanded.

The USA got into a bad situation because of the hippie plague and the failures in Vietnam, Europe at that time was under the boots of the USA, they covered their currency with the dollar. The Eurocentrists took advantage of this leftist plague and got out of US control by creating their currency union.

 

[JohnDB]

All of these electronic currencies like bitcoin, erethium, dogecoin are "investments "....not currency. Like the stupid digital monkey pictures.

Bitcoin is only worth what someone is willing to pay for it....like a house on a 5 acre lot. If the house is in Manhattan....big big bucks. If it's in the middle of decrepit Detroit....not so much. It's value is in the demand and not the supply.
Currency is valuable as a medium of exchange because of legal mandates and market forces. The GDP, fluidity, volatility, inflation rate and etc all determine its value.
The Russian Ruble is fading fast....not worth the paper it's printed on. And after it fails you can watch closely as they issue new currency after new currency trying to get a stable one that will trade. But their level of corruption is such that last time it took three different ones before this one. (Which is fading fast)

 

[rupol2000]

All of these electronic currencies like bitcoin, erethium, dogecoin are "investments "....not currency. Like the stupid digital monkey pictures.

Bitcoin is only worth what someone is willing to pay for it....like a house on a 5 acre lot. If the house is in Manhattan....big big bucks. If it's in the middle of decrepit Detroit....not so much. It's value is in the demand and not the supply.
Currency is valuable as a medium of exchange because of legal mandates and market forces. The GDP, fluidity, volatility, inflation rate and etc all determine its value.
The Russian Ruble is fading fast....not worth the paper it's printed on. And after it fails you can watch closely as they issue new currency after new currency trying to get a stable one that will trade. But their level of corruption is such that last time it took three different ones before this one. (Which is fading fast)

This is no different from any other asset that is being speculated on. National currencies also stand on the trust and authority of the government alone. In fact, they are not provided with anything other than promises.
The real value arises when you need something and it is not lying under your feet, then you are ready to pay dearly for it. Air is worth nothing to you, but if your head in a barrel of water, you will pay for air with everything you have.