A Virginia representative is proposing a state currency - Constitutional by virtue of the fact that it will be gold or silver (HT - Kate).
He is afraid of the Fed devaluing the dollar. Hmmm...
Pre-1982 pennies aren't around all that much because of the copper content. How the hell do they expect gold and silver coins to solve this problem.
Let's take this up for debate again when we get hyperinflation. Then, sometimes, Gresham's Law breaks down.
Of course there was terrible economics about the Fed destroying the dollar in there too - but that looks tame compared to some of the other problems with this.
Notes on Easy Money and Inequality
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