https://citizenwatchreport.com/us-supreme-court-decision-40-us-states-can-now-issue-their-own-gold-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.”

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:

South Carolina, for example, has taken steps toward recognizing gold and silver as legal tender23.

Louisiana, Utah, and Texas have also passed legislation recognizing gold and silver as legal tender.

This development reflects a growing interest in alternative monetary systems and highlights the ongoing debate over the role of central banks and state autonomy.