Concerns that the Federal Reserve System and the United States dollar could collapse at any moment, legislators across at least 13 states have begun to seek out alternative currencies.
Representatives in states including Georgia, Iowa, Minnesota, Tennessee and South Carolina have begun their quest to gain approval from their state government to issue their own alternative currency or even just explore it as a possible option.
“In the event of hyperinflation, depression, or other economic calamity related to the breakdown of the Federal Reserve System … the State’s governmental finances and private economy will be thrown into chaos,” A Republican Rep said.
Under the United States Constitution, states are not allowed to print their own paper money or issue their own currency, however it does allow states to make “gold and silver Coin a Tender in Payment of Debts,” which means that states are able to create a competing, alternative currency market based on precious metals instead of the fiat currency we call the dollar.
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