Cautioning that the federal dollars in your wallet could soon be little more than green paper backed by broken promises, RLC-endorsed freshman State Representative Glen Bradley of Youngsville wants North Carolina to issue its own legal tender backed by silver and gold. He introduced a bill that would establish a legislative commission to study his plan for a state currency. He is also drafting a second bill that would require state government to accept gold and silver coins as payment for taxes and fees.
If the state treasurer starts accepting precious metals as payment, Bradley said that could prod the private sector to follow suit — potentially allowing residents to trade gold for groceries. “I think we’re in the process of inflating a dollar bubble that could be very devastating. The idea is once the study commission finishes its work, then we could build on top of the hard-money currency with an actual State Tender Act that will basically [issue currency] in correspondence to precious metals stored in the state treasury.”
Bradley predicts that world events could soon prove him prescient. “I don’t necessarily believe [the Federal Reserve] is about to collapse right now,” said Bradley, 37. “There are still a few things they can do with qualitative easing to sort of extend their survival. It’s just a question of how long. Right know we have a lot of sovereign debt going to China and Japan. When that debt stops being purchased by foreign countries, that currency is going to flood back onto American shores, potentially creating hyperinflation and bursting the currency bubble we have coming in Federal Reserve notes today.”
Mr. Bradley, a self-employed computer technician and former Marine, attended Southeastern Baptist Theological Seminary in Wake Forest until he could no longer afford tuition. While he has not taken any in-depth classes in economics, Bradley described himself as a devotee of the Austrian School, a branch of economic thought that originated in Vienna and was influential before World War I.
A strict Constitutionalist, he has also introduced bills to exempt North Carolina agricultural products and firearms manufactured in the state from federal regulation as long as they are not sold or exported across state lines.
Bradley’s bill has yet to attract any co-sponsors among his fellow Republicans. The office of House Speaker Thom Tillis declined to say whether the Republican Party leadership supports Bradley’s proposal to create a state currency. His bill has been referred to the House rules committee, where legislation is sometimes sent to die. “There are a lot of diverse opinions and diverse views in our caucus,” said Jordan Shaw, Tillis’ spokesman. “I don’t think we’re going to forecast what will happen.”
Thanks to the Raleigh News Observer, DrudgeReport.com, and libertarianrepublican.net for covering Rep. Bradley’s legislative proposal.