South Carolina Lawmaker Seeks to Ban Federal Currency

Discussion in 'Current Events' started by Mr.Fitnah, Feb 17, 2010.

  1. Mr.Fitnah
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    Mr.Fitnah Dreamcrusher

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    South Carolina Rep. Mike Pitts has introduced legislation that would mandate that gold and silver coins replace federal currency as legal tender in his state.

    As the Palmetto Scoop first reported, Pitts, a Republican, introduced legislation this month banning "the unconstitutional substitution of Federal Reserve Notes for silver and gold coin" in South Carolina.

    In an interview, Pitts told Hotsheet that he believes that "if the federal government continues to spend money at the rate it's spending money, and if it continues to print money at the rate it's printing money, our economic system is going to collapse."

    "The Germans felt their system wouldn't collapse, but it took a wheelbarrow of money to buy a loaf of bread in the 1930s," he said. "The Soviet Union didn't think their system would collapse, but it did. Ours is capable of collapsing also."



    Really?
    Ill bet you just think hes crazy
     
  2. RetiredGySgt
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    RetiredGySgt Platinum Member

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    We do not make gold coins anymore. And silver is not really used either. By the way? The State can not mandate to the Federal Government what is and is not Legal tender.
     
  3. Mr.Fitnah
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    Mr.Fitnah Dreamcrusher

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    I think something like this aught to alert DC that the people are tired of the DC monkey business
     
  4. uscitizen
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    uscitizen Senior Member

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    Yeah that will go over about as well as a truckload of dead babies on mothers day.
     
  5. Oddball
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    Oddball BANNED Supporting Member

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    They may not have to pass any law.

    There's enough junk coin out there being horded that people could start buying and selling without using FRNs.
     
  6. Mr.Fitnah
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    Mr.Fitnah Dreamcrusher

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    Gold American Eagle Coins, Gold Eagle Coin, US Gold Bullion Coins - Golden Eagle Coins

    The Government turned all that over to a private institution .
    The Federal reserve bank
     
  7. uscitizen
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    uscitizen Senior Member

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    I have gold eagles. Thanks for the link I did not realize they had gone up 100% since I got them. That works out to about 33% per year. Not bad, but I got them for stability.

    Gave a few away as presents last Christmas.
     
  8. SpidermanTuba
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    SpidermanTuba BANNED

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    The Federal Reserve System is a government institution. You can tell so by the extension at the end of its internet address


    Board of Governors of the Federal Reserve System
     
    Last edited: Feb 17, 2010
  9. Mr.Fitnah
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    Mr.Fitnah Dreamcrusher

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    The Board of Governors is a federal agency It is the the Federal reserve bank.

    According to the Fed, there are presently five parts of the Federal Reserve System:[12]
    1.The presidentially appointed Board of Governors, a governmental agency in Washington, D.C.
    2.The Federal Open Market Committee (FOMC), which oversees Open Market Operations, the principal tool of national monetary policy.

    3.Twelve regional privately-owned Federal Reserve Banks located in major cities throughout the nation, which divide the nation into 12 districts, acting as fiscal agents for the U.S. Treasury, each with its own nine-member board of directors.

    4.Numerous other private U.S. member banks, which subscribe to required amounts of non-transferable stock in their regional Federal Reserve Banks.

    5.Various advisory councils.[13]
     
  10. SpidermanTuba
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    SpidermanTuba BANNED

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    I'm not sure "privately owned" is appropriate:

     

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