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Pay in US Starbucks with roubles?
Published: 16 December, 2009, 00:16
Edited: 20 December, 2009, 06:04
TAGS: Crisis, Currencies, USA, Economy
American Congressman Ron Paul has introduced an act to legalize competing currencies, like gold and silver, to circulate next to the greenback.
The role of the American dollar as the world's reserve currency is being challenged… and now there're questions about its future even inside the US.
Some Americans started to make and use their own currencies. Does Ron Paul's bill work so that people can pay in Starbucks with roubles?
Richard Cook, economist: “Right now there are in the US hundreds of communities, that are beginning to print their own local currencies – a massive movement,” adding “Their currencies are already legal to be exchanged in trade.”
He also adds that people can use the currencies without having them in their hand or in their wallet. They can exchange them through the Internet – and this is becoming major.
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I already use the euro, pound and ruble for international transactions. And gold and silver coin vendors are always trying to sell me their collections. The real answer to the problem is to restore financial stability and the dollar.
Excellent forward planning. If / when the US dollar looses a sizeable chunk of its value the 'shock to the system' will be greatly reduced if parallel systems of payment are already in place. It would take a year or two to roll out any new system nationally and fix any issues that arise, however it is not such a drastic step as as it may first appear, as, to an extent, it has been going on already for decades on a small scale. Hats off to them for having the forsight to mitigate any future 'issues' with the US dollar.
Bob, are you opening a jewellery store?