Sen Bright SC Should Coin its Own Backup Money

By Stephen Largen
stephen.largen@shj.com
February 12, 2011.

In the first paragraph the writer reveals his complete ignorance of the meaning and true purpose of SC Senator Bright’s proposal to start making its own backup currency. Had the writer been properly prepared to write this article he would have addresses the driving issue of this as that both Federal and State officials have grave concerns about the dollar’s imminent crash. [That is that it would become valueless, because of the trillions of dollars perhaps as much as 63 trillion that Obama, Harry Reed, Nancy Pelosi, the US Federal Bank, and Government agencies dumped out on the ground like water in the past four years. Yes this wildcat spending began when Democrats gained the US House and Senate in the last two years of the Bush Administration. And once it became apparent that Obama was to be elected as president everything went into absolute overdrive] The writer then would have spoken of this not as an idle incident in South Carolina but that the same action is being taken up by a number of Statehouses like Virginia are working on temporary solution preventing the utter financial ruin of their state constituents and business by creating State currencies.

The meaning of this should send a dire message to people all across the nation that they must prepare themselves now for an national financial collapse and shut down and that supplies for good and services will cease for many parts of the country from a period of days, weeks and even months.

Consider now the words of Jesus – Pray That it Not Come in Winter!

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Continuing a pattern of attempts to assert South Carolina's independence from the federal government, State Sen. Lee Bright, R-Roebuck, has introduced legislation that backs the creation of a new state currency that could protect the financial stability of the Palmetto State in the event of a breakdown of the Federal Reserve System.

Bright's joint resolution calls for the creation of an eight-member joint subcommittee to study the proposal and submit a report to the General Assembly by Nov. 1.

The Federal Reserve System has come under ever-increasing strain during the last several years and will be exposed to ever-increasing and predictably debilitating strain in the years to come, according to the legislation.

“If there is an attempt to monetize the Fed we ought to at least have a study on record that could protect South Carolinians,” Bright said in an interview Friday.

“If folks lose faith in the dollar, we need to have some kind of backup.”

The legislation cites the rights reserved to states in the Constitution and Supreme Court rulings in making the case that South Carolina is within its rights to create its own currency.

“The Supreme Court of the United States has ruled that the states may adopt whatever currency they desire for the purposes of performing their sovereign governmental functions, even to the extent of adopting gold and silver coin for those purposes while refusing to employ a currency not redeemable in gold or silver coin that Congress has designated ‘legal tender.'...” Bright's legislation states.

The legislation claims “many widely recognized experts predict the inevitable destruction of the Federal Reserve System's currency through hyperinflation in the foreseeable future.”

Per the legislation, South Carolina's new currency could consist of “gold or silver, or both.”