Quote:
Originally Posted by Relentless
We already have competing currencies. You can trade all your dollars right now for Euros, Yen, Gold or the currency of any other nation. You just can't trade your 'State currency' for the currency of any other State because only the federal government can mint money. Just a quick note, if States each had their own currency, over the last 200 years the rest of the nation would have been financially enslaved by New York, Texas and California.
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Are you suggesting a state currency?
They already tried that back in the 1700s (colony currency) and it didn't work out so well. But if your local neighborhood wants to trade in their own currency, by all means they should be allowed. It would just be a nightmare to have to change currency for those who do a lot of interstate travel (truckers, businessmen, and so on).
No one who travels across any border wants to deal with multiple currency. It's a pain in the ass. It is 100x easier to just go back to a method that works, a currency backed by a commodity, a mix of commodities, or a percentage of a commodity, and be done with it. Switzerland had a 40% gold backed Franc until 2000, had zero inflation, and was considered a very safe currency. Just a decent percentage of a currency being backed by something tangible would be a HUGE step forward. Gold, silver, palladium, copper, whatever. We have options. Why not use 25% of each?