As the US Federal Reserve continues to expand the money supply rapidly and debase its “Federal Reserve Notes” which are denominated in US dollars, the individual American states are beginning to consider actions to introduce new currencies into their state economies for their citizens to use.
The first link reports that the Utah House of Representatives overwhelmingly voted to allow Utah citizens to offer and accept American gold and silver coins as legal tender within the state of Utah. The Utah Senate will now consider the bill. The bill has two important features. The first is that it allows Utah citizens to pay their taxes with gold and silver coins valued at market value, not face value. This feature recognizes that gold and silver are monetary commodities which should be valued at whatever the marketplace determines their value to be. If this bill becomes law, it will allow Utah citizens to have a back-up currency in place in the event that “Federal Reserve Notes” become severely devalued in both international and national transactions. Secondly, the bill also would apply to intrastate and in-state governmental transactions, so it does not impinge upon interstate commerce (making it more likely to pass Constitutional muster).
The first link also reports that “more than a dozen other states introduced like-minded measures…as the Federal Reserve cartel continues creating money at a record pace and the fiat dollar continues its rapid loss of purchasing power.” Virginia is mentioned as a second state considering such a measure. The second link below lists all the American states currently considering similar measures. Former Presidential candidate, Ron Paul, has applauded these bills.
As a sidebar, I lived in the Minneapolis–St. Paul area during the Jimmy Carter presidency when inflation was running wild, and gold and silver prices were spiking upward. I recall furniture and appliance stores running ads in newspapers with a two-tiered pricing system for their wares. One price was in US dollar Federal Reserve Notes and the other price was if customers paid in some form of gold or silver. For example, if an item sold for $300 in Federal Reserve Notes, the price for that same item would be $10 (in face value) if you paid in silver coins if the price of silver was $30/ounce that day. This kind of two-tiered pricing system may again become a reality if American states pass such laws. Indeed, it may even come to pass even if states don’t pass such laws. Retailers are essentially free to accept whatever they want as payment for their goods. They may unilaterally accept gold and silver as payment for goods in the future if the Federal Reserve Notes continue to lose value in dollar terms.
Many previous posts at this blog site have examined evidence that the current global money system called “Babylon the Great” in Revelation 17-18 is prophesied to collapse at some point in the latter days—to be replaced by a new “beast” system after an apparent period of chaos of unknown length. That American states are beginning to lose faith in the reliability of Federal Reserve Notes is an important sign that major fractures are developing in the foundations of the current US dollar-dominated global monetary system. If even American states are beginning to have doubts about the long-term reliability of Federal Reserve Notes, can you imagine the doubts about them that must now be growing in foreign nations?
For an in-depth look at the Bible’s prophecies about the prophesied collapse of the current global money system, I invite you to read my article, Is Babylon the Great about to Fall…Ushering in a Beast System? I do not know the triggering event that will lead to the collapse of the current money system and I make no prediction about the year in which this event will occur, but the Bible predicts such an event is certain to happen. You owe it to yourself and family to understand what is coming. In order to understand what to do about this event before it occurs, I invite you to read my article, Should Christians Prepare for Future Hard Times?