Babylon's Bankers

SOUTH CAROLINA JOINS GOLD & SILVER CURRENCY PUSH

This story was passed along by W.G., and it's another whopper doozie when one ponders its implications. Briefly: the State of South Carolina is pondering a state resolution to make gold and silver coins legal tender:

South Carolina Bills Would Take Steps Toward Treating Gold and Silver as Money

The bill is clear enough:

hree bills prefiled in the South Carolina House would take important steps toward treating gold and silver as money instead of commodities, and would set the stage to undermine the Federal Reserve’s monopoly on money.

Rep. Stewart Jones (R-Laurens) filed all three bills.

House Bill 3377 (H3377) would make gold and silver coins legal tender in the state. Under the proposed law, “gold and silver coins minted foreign or domestic shall be legal tender in the State of South Carolina under the laws of this State. No person or other entity may compel another person or other entity to tender or accept gold or silver coin unless agreed upon by the parties.”

Practically speaking, this would allow South Carolina residents to use gold or silver coins to pay taxes and other debts owed to the state. In effect, it would put gold and silver on the same footing as Federal Reserve notes.

The phrase, “unless agreed upon by the parties” has important legal ramifications. This wording reaffirms the court’s ability, and constitutional responsibility according to Article I, Section 10, to require specific performance when enforcing such contracts. If voluntary parties agree to be paid, or to pay, in gold and silver coin, South Carolina courts could not substitute any other thing, e.g. Federal Reserve Notes, as payment.

South Carolina could become the fourth state to recognize gold and silver as legal tender. Utah led the way, reestablishing constitutional money in 2011. Wyoming and Oklahoma have since joined.

As the article makes clear, three states have already passed such bills: Utah, Wyoming, and Arizona. What the article does not mention is that "resolutions" to similar effect have been endorsed by other state legislatures, or have at least been discussed, in Arizona, Montana, and so on. Additionally, as most readers here know, the State of Texas established its own state bullion depository just a couple of years ago, and was joined shortly after that by Utah.  Additionally, some countries are also making moves toward bullion-based currencies.

All this brings me to today's high octane speculation. Recently I blogged about the talks between Texas governor Abbot, and the NASDAQ exchange to move their data center from the New York-New Jersey area to Dallas. If one puts all this together, it would appear that there is a move afoot to (1) side-step the central bank-fiat monetized debt system, and thereby, to (2) side-step plans for "digital 'currency'" and cashless societies. Viewed one way, one might also be viewing the first moves in the eventual economic and financial split of the USA, and ultimately, a de jure  split. If these types of speculations are to have any merit, that is to say, if there is indeed some long term and coordinated agenda at work in such moves, then the proof will come in an unusual way, namely, the disposition of federal assets, and especially military and infrastructure assets. If one finds similar moves by states to assert their jurisdiction over national guards, and even, perhaps, to beef them up by direct state funding, then that is a sign, perhaps, that the game is afoot. The first sign will be if other states pick up and pass these types of bills.

All of which makes that Texas state bullion depository all the more interesting...

...  and of course, as one reader of this website put it to me in an email, exchanges have back up data centers, and it's entirely possible that NASDAQ already may have one...

... in Texas, and that the story is just a bit of theater to "prep the narrative."

See you on the flip side...

17 thoughts on “SOUTH CAROLINA JOINS GOLD & SILVER CURRENCY PUSH”

  1. It would seem reasonable to consider exchange back ups away from potential areas of data loss. 9/11 demonstrated the need for that move and the continuity of alternative transfers. The presumptive “Deep State,” as PD Scott refers to them, and aptly so since they’re the lifers of administrations (even now), the bureaucrats that actually make DC function (when they choose to do so), they know the importance of self interest even if they do not always get it right by narrative or calculate outcomes correctly. They know that lying has a lag time for catching up to it. AI might give an edge but as the ole adage goes, garbage in – garbage out. Best to know the quality and value put into such an investment.

    Distractions on the periphery are just that, to maneuver or jockey for the best position(s) when the gate opens. Losses often seem to occur prior to onset. Recent adjustments in the Party’s credit rating system on the western Pacific rim suggests a better position needed due to endemic corruption (not any thing new from the Party). Besides, image means nearly everything over there when billions and billions are on the line. When dealing with the Party, one should keep in mind the 99nth Rule of Acquisition of the Ferengi, “Trust is the biggest liability of all.” Especially, when the Party knows it is far more profitable to steal than it is to deal.

    Some folks suggest that the infiltration of the Party goes deeply to include the oil fields of Texas and surrounding oil rich deposits. If you have access to monetary exchanges, data center with high end networking, and location through infiltration, it’s not much of a leap to guess what quantum computing input might lead to when fully connected. Or even the latest smuggled in or closely arranged offshore supercomputer crunching quick profits at a micro fraction. Now, to see past the smoke screen.

  2. Joe Biden is the perfect front for this dirty deed we know his motto “what me worry” or President Alfred E. Newman. Trump should have begone the dismemberment of the Federal Reserve years ago.

  3. Now that the USA has outlived its usefulness it is to be dismembered. 1861-65 was just a dry run Joe Biden is the perfect front for this dirty deed we know his motto “what me worry” or President Alfred E. Newman. Trump should have begone the dismemberment of the Federal Reserve years ago.

  4. The Fed has created untold trillions of dollars out of thin air. Classical theory states that a small amount of created money is good for keeping the money supply in step with a growing economy, while any amount beyond that goes straight into inflation. We have not seen a massive wave of inflation yet, because the Fed has basically released the created money to major banks and corporations where it is used for stock buy-backs and mergers. It has not hit the ‘public’ economy – yet.

    My thought is that higher-ups in various states are aware of this ‘sword of Damocles’ (hyperinflation) hanging over their heads, and are taking preparatory steps. Having an ‘option’ to use gold & silver will reduce the chaos in hyperinflation times. Plus, other nations may demand payment in gold & silver for their own protection.

    We may be seeing the first inklings of what the Egyptians called an “Intermediate Period,” described as a ‘dark period’ in ancient Egyptian history where the social fabric broke down…

    1. I’d say you’re half correct about “a massive wave of inflation.” There has been such a wave in some asset prices. The S&P 500 Index, for example, has risen by a multiple of six since March, 2009. This is part of what has helped steer the banks clear of technical insolvency, as well as enrich retirement accounts, billionaires and common or garden megalomaniacs.
      When the time is deemed right, the central bank will allow the currency to take the necessary pain (or death/replacement/reset). The Japanese central bank did something similar in the 1980s. The JPY survived, but with a much weaker exchange rate.

  5. If you’re looking at ETF’s then, read the prospectus for the ETF. It is clear that they don’t have to have the gold ‘owned’ by the ETF.

    If you want a store of wealth in a zombie apocalypse situation then buy 80% lowers for rifles/handguns and buy ammo, long term storable food, water filters, etc. A box of shotgun shells or a good water filter will be better than gold. A bucket of storable food will bribe the boarder guard better than a few ounces of gold.

    1. Good water filter is charcoal on top of sand on top of clean gravel with a tap in the gravel layer. Storable food runs out sooner than you expect so a book on wild edible plants is handy as well as knowing methods of primitive food preservation. Memorize how to make black powder and learn how to make and extract the ingredients just about anywhere. Run out of ammo and guns get damaged make your own. Also you can make canons and other useful self defense items to give them robots and drones a run for their money.

    2. IMO, some of the best-known precious-metal ETFs are simply fraudulent and were created expressly to divert investor demand for gold away from the physical market (to reduce upward pressure on the bullion price and thereby flatter the dollar). Most (if not all) bullion ETFs are allowed in their prospectus to own some or all of their bullion in paper form. Call me cynical, but I doubt that most (if not all) bullion ETFs own all the physical gold which their prospectuses require them to own, either some of the time or all of the time.

  6. “They” have already politicized & and nearly weaponized everything under the sun; now “they’re” digitizing the political; ones[One Party Line] and zeroes[Other Party Line]. One party analogue in money; the Other Party digital in money. One party local[Nation State]; the Other Party international[NWO].
    This looks to be a global phenomena where factions are now voting w/there money on which side of a purposed divide they stand.
    Even the media; with the mainstream being international and top down narratives, while the alternative endeavors to be a real source of information.
    And there again; is another divide; real[analogue] and wannabe real[digital.
    Breaking it down: a spiritual war between human; and those that can’t be human.
    Cutting off their nose to spite themselves
    [sounds like the transhuman side. doesn’t it?]

    What do you call someone
    w/no body and no nose?
    Nobody knows.
    [couldn’t resist]

  7. With respect to standard industry practice for IT every business of any significant size would have a back-up site as part of it’s normal disaster recovery operation. This would especially be true for critical industry infrastructure. During the month of September, 2001, after the controlled demolition of the twin towers using “exotic technology”, virtually all businesses of any size switched to the disaster recovery sites to recover processing as quickly as possible. The primary impediment to that operation was the very large antenna array on one of the towers for Internet capacity. A new one had to be erected as quickly as possible. Whether or not NASDAQ had that site located in Dallas is irrelevant. The backup site could be moved to Dallas rather quickly and the switch scheduled as needed. It begs the question whether NASDAQ’s data bases will be switched to the cloud beforehand or afterwards.

    1. It should be noted that one of the fastest strategies for migrating to new technologies when parallel testing is required would be to use the secondary site as the test bed, then reverse the roles of the two. The existing primary becomes a secondary, and it can be moved after the fact if the switch included the decomissioning of older applications, computer equipment and data repositories. Whether these sites would be maintained greatly depends on the legal requirements for maintaining data records for future use in litigation and research. I reported earlier in the year that most of the banks are moving their records into the cloud in preparation for the next financial system based on what I was seeing in the job market. NASDAQ would be doing similar things. The switch to the cloud would greatly simplify a migration from primary to secondary based on what I’ve heard from other industries. With respect to IT the NASDAQ story is pregnant with hidden possibilities.

    2. Whether offices or servers, whether primary or backup, and whether already there or not, the real question is: Why Texas? And why announce it now?

  8. As the holy scriptures say, imperial image on coins has no face value, when heads are off. Chopping wood keeps one warm twice. First by the act, and second by the burning.

    When in hell, bring gasoline!

    THREE WISE MEN 2

    Christ brings sword, and no peace,*
    to temple robbers’ displease,
    and by magic bean weed
    of mustard seed,
    he grows lilies in valleys.

    Footnotes:
    *Matthew 10:34.

  9. The fact that this is being mooted in public is a further sign that the central banking narrative, with its latest “digital” variants, is losing control of the narrative.

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