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Could state currency become reality in Virginia?

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    Proposal to study departure from U.S. monetary system moves forward

  • Duration 2:51
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Minutes past the hour and there's a lawmaker in the state of Virginia who says the US dollar is probably gonna collapse.

And he's pushing other state -- to -- in new currency.

For Virginia.

And after a three year battle it seems somebody's listening to.

Virginia state house has just passed a Republican backed measure that would require a study.

Into whether the state should make its own money.

State Democrats have mocked -- the initiative initiative wildly.

But lawmakers in more than a dozen states have proposed similar efforts in recent years quote just in case of a financial apocalypse and -- Let's get to -- and toll senior writer for Yahoo! finance.

Is this real well it's it's a re.

A gesture at least -- and a and I guess if you think that -- you know US money is is basically worthless than using 171000 dollars of it -- fund the study.

About your own states currency hasn't heard too much but I do think it tells you something that you know there's always been this kind of fringe idea that you know Federal Reserve backed money -- -- its currency is kind of illegitimate system and he promised.

-- -- and I didn't think it's taken hold in the years -- financial crisis that shows one little outcropping of that kind of thinking.

It's you know Texas some people in Texas talked about the seating for awhile and now Virginia is talking about making money.

It can -- can -- do that.

I don't think it's gotten to a point where we have to take seriously whether in fact they can issue -- -- and -- Utah has said you know people in Utah have to honor.

US issued -- points so gold and silver collectible coins.

They have to be considered legal currency in the state of Utah right now that's a small thing to.

Look the only thing that makes money money.

Is other people's willingness to accept it for something ultimately -- you say that the state tells you discuss this is money for transactions within Virginia or whatever.

I don't think it's very relevant but -- do you think again it's -- interest thing as kind of a little bit of an uprising from that that point of view that anti fan point of view it's no secret that there's a group that's unhappy with fed policy that's right.

And look you know in many respects at least quantitatively.

You know fed policies on president -- they've got to printed trillions of dollars to balance is bigger than ever and it's also.

Joined by other central banks out there so it does raise the question.

You know if they can conjure up this much money.

Is any of it worth what it was -- worth much of anything and you know to this point it's under control and that's mostly electronic money out there in the banking system it's not so much.

Being dumped on sidewalks but right at this point I do think it's mostly about.

You know kind of -- out -- debate.

-- because of anxious times and -- what's interesting is this started three years ago.

The times actually work exactly we've we've actually probably since then see a lot more stability in many people expected via -- a -- luckily so yeah well I mean look at the numbers from yesterday -- Everything looking good it's threatening to be an outbreak of normalcy yes well.

Don't believe the threats that they're coming to get -- They came back the F.

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