The buck stops here? Virginia eyes switching off dollar Cites 'inevitable destruction of the Federal Reserve System's currency'

Virginia state Delegate Robert G. Marshall has introduced legislation to study whether the Commonwealth should make the preparations now to switch suddenly to an alternative currency in the event of an implosion of the Federal Reserve System and the destruction of the dollar.

House Joint Resolution 557 is another piece of a growing movement among state legislators who are concerned about the dollar's demise. Ten states have considered similar bills, recommending a return to some form of a commodity-based currency, using either silver or gold.

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Marshall's Resolution 557 offers a list of worst-case scenarios to support the need for such a study, including:

• "Many widely recognized experts predict the inevitable destruction of the Federal Reserve System's currency through hyperinflation in the foreseeable future.
  
  
• "In the event of hyperinflation, depression, or other economic calamity related to the breakdown of the Federal Reserve System, for which the Commonwealth is not prepared, the Commonwealth's governmental finances and Virginia's private economy will be thrown into chaos…"
  
  
• To avoid economic, social and political shocks Virginia can adopt an "alternative sound currency that the Commonwealth's government and citizens may employ without delay in the event of the destruction of the Federal Reserve System's currency." (more)