US Supreme Court allows 40 states to issue their own gold and silver-backed currencies, endorsing dual banking systems

So apparently the US Supreme Court has just given 40 US states the green light to begin issuing their own gold and 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.”

www.supremecourt.gov/opinions/23pdf/22-529_1b7d.pdf

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.

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