So apparently the US Supreme Court has just given 40 US states the green light to begin issuing their own gold and silver-backed currencies.
Quote from the SC decision:
“The United States maintains a dual system of banking, made up of parallel federal and state banking systems. That dual system allows privately owned banks to choose whether to obtain a charter from the Federal Government or from a state government.”
https://www.supremecourt.gov/opinions/23pdf/22-529_1b7d.pdf
There has been a recent development regarding state-sponsored banks and their ability to issue gold and silver-backed currencies. Let’s explore this further:
- Supreme Court Ruling:
- The Supreme Court upheld the state’s right to maintain its own charter and allow state banks to issue gold-backed currency, bypassing the Federal Reserve’s corporate system1.
- This ruling was released on May 30, 2024, and marks a significant step toward decentralization in the banking sector.
- Dual Banking System:
- Each state in the USA operates its own banking system, parallel to the Federal Reserve.
- State-sponsored banks now have the option to acquire gold reserves and disband from the Federal Reserve system.
- This effectively establishes a dual banking system where state banks can operate independently of the corporate Fed system.
- Implications:
- States that choose to issue gold and silver-backed currencies can potentially reduce their reliance on the Federal Reserve.
- It also opens the door for alternative forms of currency within individual states.
- Other States:
This development reflects a growing interest in alternative monetary systems and highlights the ongoing debate over the role of central banks and state autonomy.
AC