Virginia Sets Up Exploratory Committe For State-Wide Gold Standard

It isn't just the Utah legislature that's getting interested in a state-wide gold standard. The legislature of Virginia now has House Joint Resolution #557, which sets up a joint subcommittee to explore a gold and silver standard in the eventuality of the Fed-run fiat system breaking down. Here, courtesy of Market Oracle, is an excerpt from the preamble:

WHEREAS, the present monetary and banking systems of the United States, centered around the Federal Reserve System, have come under ever-increasing strain during the last several years, and will be exposed to ever-increasing and predictably debilitating strain in the years to come.

WHEREAS, many widely recognized experts predict the inevitable destruction of the Federal Reserve System’s currency through hyperinflation in the foreseeable future.

WHEREAS, in the event of hyperinflation, depression, or other economic calamity related to the breakdown of the Federal Reserve System, for which the Commonwealth is not prepared, the Commonwealth’s governmental finances and Virginia’s private economy will be thrown into chaos, with gravely detrimental effects upon the lives, health, and property of Virginia’s citizens, and with consequences fatal to the preservation of good order throughout the Commonwealth.

WHEREAS, Virginia can avoid or at least mitigate many of the economic, social, and political shocks to be expected to arise from hyperinflation, depression, or other economic calamity related to the breakdown of the Federal Reserve System only through the timely adoption of an alternative sound currency that the Commonwealth’s government and citizens may employ without delay in the event of the destruction of the Federal Reserve System’s currency.

WHEREAS, that the Federal Reserve System’s currency is not redeemable in gold or silver coin or the equivalent in bullion is being identified by more and more experts as a, if not the, major reason for the ever-increasing instability of the Federal Reserve System....

The Fed guys much be shaking their heads, if they've even seen this resolution, as they're locked in to the U.S.-as-Japan scenario. It's more evidence that Americans are taking the threat of hyperinflation more seriously than in the past.