Tag Archives | Currency

13 States Considering Alternative Currencies

gold“We don’t want yer Yankee dollars ’round these parts.” CNN writes that a string of state currently have a crush on the idea of of gold and silver-based money:

A growing number of states are seeking shiny new currencies made of silver and gold. Worried that the Federal Reserve and the U.S. dollar are on the brink of collapse, lawmakers from 13 states, including Minnesota, Tennessee, Iowa, South Carolina and Georgia, are seeking approval from their state governments to either issue their own alternative currency or explore it as an option. Just three years ago, only three states had similar proposals in place.

The Constitution bans states from printing their own paper money or issuing their own currency. But it allows the states to make “gold and silver Coin a Tender in Payment of Debts.” To the state legislators who are proposing state-issued currencies, that means gold and silver are fair game, said Edwin Vieira, an alternative currency proponent and attorney specializing in Constitutional law.

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Man Arrested For Paying With $1 Million Bill At Wal-Mart

Walmart-Million-Dollar-Bill-MugshotTo you, this may be a case of a mentally ill person at Wal-Mart. However, I see it as highlighting the implicit absurdity of money, and an admirable insistence on defining one’s own reality. Winston-Salem Journal reports:

A Lexington man is accused trying to use a fake $1 million bill to pay for his purchases at a Walmart.

Michael Anthony Fuller, 53, of 3 Parker St., walked into the Walmart on Lowes Boulevard in Lexington on Nov. 17. He shopped for a while, picking up a vacuum cleaner, a microwave oven and other merchandise, totaling $476, an arrest warrant says.

Fuller was later charged with attempting to obtain property by false pretense and uttering a forged instrument, both felonies, court records show. A warrant says of the fake million-dollar bill: “There is no such thing.” The largest bill in circulation is a $100 bill.

Lexington police Sgt. Shannon Sharpe said the case is unusual.

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Occupy George: Fix Your Money

Occupy George is a (presumably illegal) attempt to convey the reality of wealth distribution in the United States to the public by adding pertinent information to paper currency and circulating it as needed. Now your money will have informational as well as purchase value. Download their templates or order the custom stamps, and you can begin minting your own Occupy George bills at home:

Money talks, but not loud enough for the 99%. By circulating dollar bills stamped with fact-based infographics, Occupy George informs the public of America’s daunting economic disparity one bill at a time.


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Fiat Money Explained (Video)

From YouTube description: "Despite every effort by governments, the gap between rich and poor continues to grow. It is now the biggest it has even been in history. All sorts of reasons for this have been proffered, but few, however, seem to realise that is a simple, inevitable consequence of our system of money and credit. This video, a shorter version of which appears in the film The Four Horsemen, explains ..."
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World Bank: MMORPG Gold Farming Is A 3 Billion-Dollar Industry

Via BoingBoing:
A research arm of the World Bank has produced a comprehensive report on the size of the grey-market virtual world economy in developing countries -- gold farming, power-levelling, object making and so on -- and arrived at a staggering $3 billion turnover in 2009. They go on to recommend that poor countries be provided with network access and computers so this economy can be built up -- a slightly weird idea, given how hostile most game companies are to this sort of thing...
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How To Start Your Own Currency

4788000521_654a66a856Afraid that the world is collapsing and your hard-earned dollars will soon be worthless kindling? At heart, monetary systems are based upon a shared delusion, so you might as well get empowered and start you own — The Atlantic explains how.

And, lest you think the whole idea is tongue-in-cheek, there are tons of real-world examples of successful alternate currencies right now for inspiration: Ithaca HOURS (used in Ithaca, NY), World of Warcraft money, BitCoin, and Japan’s Fureai Kippu, or “friendship tickets”:

Here’s a nightmare scenario shared by some mainstream investors, goldbugs and Ron Paul devotees: The year is 2013. Inflation has the U.S. economy in a stranglehold. International investors are fleeing to the far corners of the globe. The dollar is in a free fall, and Americans are scurrying to protect their wealth. What do you do?

Start your own currency. It’s not as complicated as it sounds. You can “back” it with gold, or mimic an I.O.U.

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What Do You Want Coins To Be Made Out Of?


Hurry and respond before the April 4 deadline! The U.S. Mint wants the public’s thoughts and suggestions regarding what metals to use for producing the currency of the future. Personally, I’m pulling for tungsten, or anything that glows in the dark, really.

The United States Mint today announced that it is requesting public comment from all interested persons on factors to be considered in conducting research for alternative metallic coinage materials for the production of all circulating coins.

These factors include, but are not limited to, the effect of new metallic coinage materials on the current suppliers of coinage materials; the acceptability of new metallic coinage materials, including physical, chemical, metallurgical and technical characteristics; metallic material, fabrication, minting, and distribution costs; metallic material availability and sources of raw metals; coinability; durability; sorting, handling, packaging and vending machines; appearance; risks to the environment and public safety; resistance to counterfeiting; commercial and public acceptance; and any other factors considered to be appropriate and in the public interest.

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Liberty Dollar ‘Architect’ Convicted Of Conspiracy Against United States

ron paul coin The Courier Press reports:
The former head of an Evansville-based company that tried to introduce a currency that competed with the U.S. dollar has been found guilty of federal charges in North Carolina. Bernard von NotHaus, 67, was convicted Friday by a federal jury of making, possessing and selling his own coins, said Anne M. Tompkins, U.S. attorney for the Western District of North Carolina. After an eight-day trial and less than two hours of deliberation, von NotHaus, the founder and "monetary architect" of a currency known as the Liberty Dollar, was found guilty of making coins resembling and similar to United States coins; of issuing, passing, selling and possessing Liberty Dollar coins; of issuing and passing Liberty Dollar coins intended for use as current money; and of conspiracy...
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U.S. Government Proposes Elimination Of $1 Bills

One Dollar BillYahoo Finance reports:

Washington has come down with a case of fiscal fever as the Obama administration proposes everything from spending freezes on domestic programs to selling off unused government property to bring the budget back in line. Now, one study argues that the government can save billions of dollars simply by making a change to the currency itself.

Earlier this month, the U.S. Government Accountability Office issued a formal proposal to the Treasury and Federal Reserve noting that if it eliminated the $1 bill and replaced it with the $1 coin, the country could save roughly $5.5 billion during the next 30 years. The reason, according to the agency’s report, is that dollar bills have a shorter lifespan than dollar coins because they wear much faster, which in turn requires the government to spend more to print new bills.

The GAO estimates that phasing out dollar bills in favor of coins would require a four-year transition period, during which the government invests in the new currency, but following that, the government would save an expected $522 million each year from the change.

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Utah Approves Gold & Silver Coins As Currency

Via Talking Points:

The Utah House of Representatives has approved a bill that allowing gold and silver coins to be used as currency, though unlike similar bills in other states, it doesn’t force anyone to accept gold or silver as legal tender.

House Bill 317 was introduced by state Rep. Brad Galvez (R) last week, and passed the House by a vote of 47-26. It will now head to the state Senate for a vote.

The Salt Lake Tribune reports that Galvez explained: “This is a step in preparedness, a step in security that allows us to be able to help hold up our economy as the dollar continues to shrink.”

As TPM has been documenting, there’s been a recent push for gold and silver coins to be used as currency. Georgia state Rep. Bobby Franklin (R) recently reintroduced legislation to force his state to conduct all monetary transactions with U.S.

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