Tags: Federal Reserve | Ketron | fiscal calamity | currency | gold | silver | legal tender

Sen. Ketron: Tennessee May Need a State Currency

Wednesday, 09 Mar 2011 03:02 PM

In a move to protect Tennessee in case the Federal Reserve breaks down, state Sen. Bill Ketron is proposing the General Assembly create its own currency, the Tennessean reported Wednesday.
The Murfreesboro Republican's joint resolution would establish a committee to study whether Tennessee should adopt a currency as an alternative to the dollar in the event of a national fiscal calamity that would render the Federal Reserve useless.

Ketron’s proposal is part of a growing movement by conservative lawmakers to begin preparing for a Reserve collapse. Similar bills have been filed in South Carolina and Virginia, which passed a law earlier this year. Utah and Georgia are considering approving gold and silver as legal tender.

"We now owe China in the trillions and Japan is second," Ketron said. "What would happen if there was another cataclysmic event? I'm not Chicken Little saying the sky is falling, but prudent businesses are always prepared for the worst-case scenario."

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