Supreme Court Ruling: State Sponsored Banks Can Disband from the Federal Reserve System and Issue Their Own Currency
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 system.
Now, THAT is noteworthy.
I know someone here was claiming that there is no "dual banking system," but clearly there is, in the sense that state-chartered banks CAN (if the state allows) conduct banking business separate from the feds, and especially from the Federal Reserve's private operation.
Add to that the FACT that the Constitution REQUIRES that no state may make ANYTHING legal tender other than gold and silver, and maybe we can move back to constitutional rule of law.
Article 1, Section 10:
It's huge. I hope you are in a state that is not completely under the DS. I think the south will rise again.
I could see people asking to be paid in their state gold backed bank note instead of bullshit monopoly money because it holds its value over time. Each year more and more people will choose this and the federal dollar will wither away.
Weeks, not years.
The problem is that the Fed has the largest stockpile of gold in the world. If we move our currency over to gold, we will be handing over all the wealth to the elites. They'll be able to swamp the market with gold and devalue the currency at will. They won't need to do the great reset, we will be doing it for them already. If you think we can just raid Fort Knox, you'll discover the world's largest repository of gold-plated lead bars.
"The problem is that the Fed has the largest stockpile of gold in the world."
Not the Fed, the Treasury. The Fed was rolled into the Treasury under Trump. Although your point still stands with respect to the Roths. I am sure they own more gold than than the US in those Swiss mountain vaults.
Do we know that for a fact? Has the federal reserve been audited, specifically for physical gold? At the rate the fed reserve keeps printing money,Mia don’t see how that’s possible. They would have to continue buy8ng gold.
Sure, they've been "audited", by the federal government. We know that they have acquired thousands of metric tons of Gold over the decades, so it is somewhere. I just figure that if we went in and took a look, it wouldn't look quite like we would expect.
Silver then? Or just paper with a finite supply. Anything other than bullshit monopoly money with an infinite supply.
You could even have an anti fiat money slogan: everytime you use war dollars, a family gets drone struck in Afghanistan.
Cryptocurrency. A true source of money created by the people, for the people. This will allow us to deal it out fairly, and to easily see if it is being hoarded or manipulated by the elites. No central bank to meddle in the affairs.
I remember reading about it. Didn't Abe Lincoln created that back then?
Hear-hear! Those facts and that line in the Constitution need to become common knowledge.
https://constitutioncenter.org/the-constitution/full-text
Article 1, Section 10 (first paragraph of three):
Section 10: Powers Denied to the States
Here's another favorite:
Article 3, Section 4:
Section 4
Definition (from the on-disk dictionary of my copy of MAC O/S)
NOTE: VOTE FRAUD prevents the PEOPLE from exercising their choice for their elected officials, meaning that in California, Oregon, Arizona, Washington state, and other places where vote fraud is rampant, we don't actually HAVE republican forms of government. Vote fraud is therefore a FEDERAL matter. Oddly, is isn't really being framed in that way in most discussions.
Ho Li Fuk. That ruling just sort of came out of nowhere.
It sounds like a huge deal for states rights and getting back to a constitutional republic - federation of states.
I have no idea how this is going to work out, but I really like the currency backed by precious metals part. Hmmm... I guess that leaves platinum out of the running though... if only gold and silver allowed.
Platinum still has value for exchange of goods (it's still a very valuable metal.)
Unfortunately that only applies to states, and not banks
Wouldn't a state backed or state run bank qualify?
That was me, and I am now wrong. This changes everything in regards to state vs federal banking charters.
u/#q2619
Amen. Now we can start after Scotus approval. This is really huge.
What about black gold, Texas tea?
Drill baby drill
So what state is doing this?
Texas is positioning for this. We have our own gold depository and the legislature is for our own currency. This gives us the green light to proceed.
I hope so! Whatever spare fiat I have had the past year I've been buying silver as much as I can. I don't have much but it's a start
Me too my fren. I think we got really lucky. Historically, precious metals are good as a hedge against inflation, but a horrible investment. When this currency bomb finally goes off, stackers like us might actually realize a sizeable profit.
Absolutely I never saw it as an investment but as a way to preserve what little money I have. I am roughly even right now as an "investment" if I sold it all since I bought a majority of it when spot was 23 bucks. I just love holding coins and rounds
I should have bought coins like you did. I bought bars because I didn't know they were taxable when you sell them. Too late now. Maybe Texas will correct that issue for me.
I bought bars as well but most are rounds or coins for me
Thanks
I have not heard of any so far. Every state should but I would bet it would start with a state in the south.
No state would ever actually do this. It would be economic suicide. Imagine trying to do business with a company in another state and having to convert dollars to Kentuckeroos or whatever to buy anything from them.
I think the thought is states can deal in silver and gold and depositors will be protected vs having dollars in federal banks that go bankrupt where they will lose depositors,' money
Okay so I looked into this and this article is really making this decision out to be something it isn't.
After actually reading the decision, this case was about mortgages issued by Bank of America, a national bank, in the state of New York. New York has a law that says banks that issue mortgages with escrow accounts in the state have to pay interest on those accounts. Bank of America argued that because it was a national bank, it did not have to abide by the New York law because state laws could not regulate national banks, and therefore it didn't have to pay the interest.
The decision the Supreme Court made said that there are two kinds of banks, national banks and state banks. That's the "dual system of banking" the article is talking about. This two tiered system means a state can't make a law that impedes a national banks ability to operate as a national bank, which is what Bank of America argued the New York law was doing.
Initially the court ruled that the New York did NOT prevent Bank of America from acting as a national bank siding with the plaintiff. BoA appealed and the appeals court overturned the decision. Finally, the Supreme Court overruled the appeals court, deciding that the New York law was legal and gave guidance to the lower courts for making similar rulings in the future. That's all the ruling was about.
As for the silver and gold thing, this ruling has nothing to do with it. Currently, several states have toyed with the idea of creating gold banked notes, but none have actually gone through with it. So essentially it would probably come down to the courts to clarify article 1, section 10 of the constitution, but my guess is that any state that actually tried would eventually be be shot down for creating a currency.
Alabama Larry Becraft complete writeup on history of the laws for money, in support of constitutional money and the States: http://home.hiwaay.net/~becraft/MONEYbrief.html____ from colonial times up through 2009, after this new Supreme Court case, hopefully more people will take notice of state banks and bring back constitutional money!___ edit link trouble, here is archive: https://archive.ph/qjyAL
Clicking that link 404's, but only because of those " ____ " on the link
Very nice read though! Gonna have to dig into this
Thanks, link stopped working, archive added: https://archive.ph/qjyAL
Thank you so much. I appreciate it.
I'm hanging a BOOM tag on this one. The only power they really have, is the creation of fiat currency.
More sauce to add to the discussion.
Why Do Some People Claim the Federal Reserve Is Unconstitutional?
Thank you.
You are very welcome, fren.
Hope you are well.
I am well and safe. Couldn't get where I was going by plane but all is well. Shouldn't be flying anyway at this time but yeah, God decided I cannot get there from here.
Once again the huge problem for Republican states is that they are massive financially dependent on Federal funding. Unless this changes and Red states learn to stand on their own 2 feet and stop their dependence on handouts all of this is just nonsense
You mean Democrat States depending on federal funding. I came from one and lived in 3. Do you know the different between the balance sheet between TX and CA? Both big states and producers. Disgusting.
I think you might need to look at the economics again. Republican voting states are the most heavily dependent on federal funds. Democrat states are the biggest contributors towards federal funds
Once you understand that you understand why liberals come to dominate so much of american political and economic life
It is the golden rule. They have the gold. They make the rules
Ok. I will go look at it.
*Democrat States.
Awfully funny how the states who contribute the most are in favor of increasing taxation, and the states who receive the most are the most in favor of getting rid of it.
Is the whole country just that stupid, that everyone would be fighting against their own apparent self-interests, or is perhaps something else going on?
I think most people don't see the big picture, just what is happening to their own finances and their family
But the sad truth is that Conservative states are struggling - dependent on federal funds, declining life expectancy, chronic il health. Until that changes the liberals will always have a huge advantage
The liberals are most willing to live outside their means, which inflates their prices more than prices in conservative states. The conservative states are also more agrarian.
Are those federal funds food subsidies to make it worth farmers’ time to subsidize liberal states with enough food to eat to be the retards they insist on being?
Not sure that is true at all?
The US economy is run by highly educated, highly skilled, highly productive liberals living in diverse communities on the east and west coast. They pay large amounts of taxes into the federal government
The federal government spends that money on poor, ill, unproductive communities, who mostly vote republican. The liberals subsidise conservatives.
If those big federal programmes really were scaled back, and the money used to cut taxes liberals would get a lot richer, and conservatives would get a lot poorer. That is why Republicans find it so hard to deliver on promises to cut back federal programmes or reform Obamacare. If they did it is their own voter base who would suffer the hardest
I realise that isn't something people want to hear, but if you want to change the liberal domination of America you need to understand that the economy, and the federal government is entirely dependent on them
It’s also necessary to understand the purposes of “subsidization” loans and those welfare programs, and that many of those “highly skilled, highly educated, highly productive” liberals are using scale of economy to undercut formerly productive national industrial labor and streamline import and design activities, in joint operation with welfare and subsidies, to make
It’s not coincidence that we give “low interest loans” to dictators in all the countries we bomb. We do that so that we own them and can direct them to exploit their resources and people for our benefit. It’s the same thing here, just domestically. Get rid of the things that make it so that “nobody wants to work anymore”, which is a very real problem, and the problem may solve itself.
in large part, those liberals aren’t making anything anybody but the government wants. Take away that demand and what are they making? Is it counted as “subsidies” when the government signs a 180 billion dollar defense contract with Raytheon, who cuts 85 billion for “administration” and outsources the fabrication to China and the IT and call centers, and increasingly domestic HR, to India? Doubtful.
These things are not straight and simple as you’ve presented. There are Gordian knots of complexity with disrupted process after disrupted process across all facets of business and all supply chains and all operations and social interactions.
If subsidies were cut to say, Wal-Mart, it might not be that “supply chain businesses all go bankrupt, then what?” or “local consumers wouldn’t be able to buy necessities of life”, but if it was done gradually enough to transition, you might instead see local businesses come back into operation and other forms of formerly local, small, independent operations grow back up to fill the void.
Those welfare payments aren't going to highly productive highly skilled liberals on the east and west coast
They are going to conservative voters in the middle. Until Conservative voters can stand on their own 2 feet and not depend on liberals for hand outs the US isn't going to change
I’m arguing that they’re going to socialist voters and agitators in conservative states, crony businesses, and target price distortion markets.
Whoa!!! Now that is interesting. Just like the old days, when each bank had it's own banknotes. Sure, it was a bit confusing on the exchange rates ... haha. But no federal reserve!! Let's see what happens.
Crypto will come into play. Just mark my words on that.
marking brain_dead's words.
Kek
LOL
Louisiana just signed law making gold and silver legal tender and tax free ..
https://www.moneymetals.com/news/2024/05/31/louisiana-reaffirms-gold-and-silver-as-legal-tender-003227
I have been telling my family members LA is now a great state to live. I was there in 2000 and I knew it was full of corruption. I can see it and sense it. Then back in 2012, there were a lot of federal agents there working under cover and I didn't know what for but it was kind of interesting to see.
Now, it is such an encouraging sign for a state to turn around. LA is a beautiful state full of interesting sights. I am afraid of gators but otherwise, interesting.
Yes, I like the new governor and feel he will make a huge impact. As AG, he was very proactive in combatting fed overreach and the censoring.
Oregon went from a beautiful state to shit and LA go from a corrupt state to beautiful. Hey, it works for me.
But but! I thought noting was habbening!? :'-P
:)
How does this affect deposits? Insurance? States to have their own insurance?
I really have no idea. All I know is, we might be in some kind of crisis unless your state is informed in advance to adequately deal with it. I told my friend one state is trading in apples and the other rice. We all be in trouble.
That's when crypto will come into glory here.
I am not thrilled with crypto. It doesn't jingle in your pockets. When they shut off the lights you can't use it. It seems like a coin that's real value is tied into how many megawatts it took to mine it. I also get creeped out about climate change elites telling the sheep to conserve energy while they are siphoning off tons of electric to mine these things. I would rather see sound money policies and less DC/Wall Street criminals.
I do both. The jingle kind and crypto. I have very little crypto.
How did we miss this 2 days ago?
Don't know. I wasn't here.
Banks break from Federal Reserve.
Banks will then collude to issue a CBDC.
Great 🙄
I sure hope not.
Whoa
From the left field.
The state can make their own money backed by gold and silver and you don't have to pay income tax for it. Good news!
Amen.
Oh. He knew way back then? I bet.
I moved also back in 2021.