Virginia Offers HR 577 and Alternative Currency to Protect Itself from “Likely” Federal Reserve Meltdown

Virginia Offers HR 577 and Alternative Currency to Protect Itself from “Likely” Federal Reserve Meltdown

Virginia has started a process in which it will try and shield itself and it’s citizens from the likely fallout resulting from the implosion of the Federal Reserve’s banking system (and our way of life as we know it). Several other states have been offering bills that tackle the same subject but in different ways. Idaho State Representative Phil Hart authored the Idaho State Silver Gem Act earlier this year which allows for the Idaho State Treasurer to issue silver medallions and make them available to the public; people may use them for any purpose they want and will have the option of paying their State taxes with the silver. Sadly, it was defeated 51-14, but Hart said he will try again in the next legislative session if he is re-elected.

America’s monetary system is based on fiat money, it has no intrinsic value and it is not asset-backed. Federal Reserve notes have value because of government regulations (the Legal Tender laws) that mandate their use under the threat of fine or imprisonment. The Legal Tender laws require people and businesses to accept Federal Reserve notes for payment, if Federal Reserve notes are offered as payment. However, people, businesses and even governments can also accept payment in the form of gold, silver or any other thing of value – they are not tied to accepting only Federal Reserve notes.

See also: See also: The Day The Dollar Died , Shocking admission from Tim Geithner: U.S. on the brink of catastrophic collapse , Former Reagan budget director: U.S. has reached the point of no return, Is the End of America Near?