I had the crazy idea to make a new currency that is backed by gold or precious metals and not controlled, influenced, or regulated by the IMF and the not-so-federal US Federal Reserve. I like the idea of having competing currencies. I also like the idea of variety and having currencies with the greatest power used as an international trade currency. We can use the USD as an international currency until another currency becomes strong enough and powerful enough to replace it.
Another idea is for states to create their own state-currencies and compete monetarily with each other by building greater power and value. The state-currencies can be backed by gold, precious metals, or other non-perishable state resources. A few examples can be the USD-TX, USD-AZ, or USD-FL. Each currency can look visually different and be protected perhaps by block-chain technology with a serial encryptid codes to prevent duplication, counterfit, and inauthenticity. These currencies can also be used alongside the US dollar leading to US states having two currencies. I think it would be amazing if states could use a state-currency and the regular USD. This would help states and people in the event of an economic collapse or recession. Citisens can also trade with their state-currency with other state-currencies and use it as a way to make money when value goes up a long with deleveraging the US dollar from inflation. This could perhaps be a solution to reset or reduce inflation for the USD. This could also influence states to produce more value, products, business, and manufacturing and compete with each other for the greatest monetary value. It would be a great experiment to have states compete with each other for more business and value. When combined with all state-currencies and inter-state trade, it can be used to support the USD which can be used internationally helping the US become that shining example on the hill returning jobs, oportunities for citisens, wealth, greater quality of living, deconsolidation of power from monopolistic elites/ superficial powers, and lead to growing prosperity for all citisens. These are my ideas. I havent figured out the details of how this can be achieved, but im sure someone smarter than me with all the information and know-how can figure that part out. I’m just the creative-origional ideas guy.
I like this idea. Gotta think about the fact that we import precious metals. 80% of current gold use in USA is imported. And, market value of all USA gold reserves is less than $1 Trillion.
To do this you might need to change the Constitution - Article S8.C5.1 Congress’s Coinage Power -
[The Congress shall have Power . . . ] To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures; . . .
Because Article I, Section 10, Clause 1 of the Constitution prohibits the states from coining money, the Supreme Court has recognized Congress’s coinage power to be exclusive. The Supreme Court has also construed Congress’s power to coin money and regulate the value thereof to authorize Congress to regulate every phase of currency. Congress may charter banks and endow them with the right to issue circulating notes, and it may restrain the circulation of notes not issued under its own authority. To this end, it may impose a prohibitive tax upon the circulation of notes of state banks or municipal corporations.
Very lofty ideas. Not unreasonable.
Maybe we should let the states compete for the smartest kids by offering them the best educations. This might entice the states to also compete to keep the best of the best to work for companies in their own state.
Wait, that field has been corrupted too.
Finding honest, trustworthy people to lead us has to be our biggest goal. Getting rid of redundancy in government. Learning the laws of the land. Making our votes count in each election.
AB, I think these numbers could be way off – none of the countries report their actual wealth to the rest of the world. They always deflate or inflate the above-ground estimates on purpose, as doing so falls in line with Sun Tzu and the Art of War - “Appear weak when you are strong, and strong when weak.” But I do understand your using them to rank gold holdings.
Rare earth minerals and semi-precious metals would also serve as support for such currency as well. It does not have to be limited to precious metals; however, that might need to be addressed in the Constitution, regarding the proper definition of “money”.
