February 18, 2010
Stupid and unconstitutional
State representative Mike Pitts is pushing for South Carolina to... wait for it... outlaw federal currency.
You heard me.
He things the state should return to a gold standard.
The stupid part is that gold standards have all of the disadvantages of fiat currency and none of the advantages, without any inherent advantages of its own.
The unconstitutional part is that Congress is explicitly granted the authority to establish a national currency by Article I of the Constitution.
We've got a live one folks. We can only hope that this bill dies the unnoticed death it deserves, lest it waste any of the Justice Department's already stretched resources getting it struck down.
