It suddenly occurred to me this morning what a travesty it is that the state of Arizona is on the brink of bankruptcy and is also one of the highest foreclosure states in the nation, while at the same time sitting on some of the largest Silver deposits in the nation. Not only should Arizona charter its own State Bank, but why not take this one step further? Let’s begin minting our own silver coins. And why not also the great state of Nevada — who also is bankrupt AND is also sitting on huge deposits of silver? With the rise of silver prices lately, why not monetize the coin and let it be the backer of the new State-chartered bank.
Noted economist Ellen Hodgson Brown has long advocated that States set up their own chartered bank. People: we do not need the Federal Reserve to exist. See her open letter to Governor Schwarzenegger on this very topic, dated May 26, 2009, is here:
As of last week, the State of Virginia is already looking at a similar solution in their own case. [ref: republicanifi.com/news/Virginia-State-Rep-Bob-Marshall-VA-Should-Mint-Our-Own-Coins-1521039.html]. I believe Arizona should do the same.
Please tell me if this idea would — or would not– work.