South Carolina Rep. Mike Pitts has introduced legislation that would mandate that gold and silver coins replace federal currency as legal tender in his state.
Pitts, a Republican, introduced legislation this month banning “the unconstitutional substitution of Federal Reserve Notes for silver and gold coin” in South Carolina.
Pitts said he believes that “if the federal government continues to spend money at the rate it’s spending money, and if it continues to print money at the rate it’s printing money, our economic system is going to collapse.”
“The Germans felt their system wouldn’t collapse, but it took a wheelbarrow of money to buy a loaf of bread in the 1930s,” he said. “The Soviet Union didn’t think their system would collapse, but it did. Ours is capable of collapsing also.”
Pitts said that his state is better off with something he can hold in his hand and barter with as opposed to federal currency, which is “paper with ink on it.” He says he resents what he considers the federal government’s intrusions on states’ rights.
Pitts anticipates a nationwide economic collapse “if our federal government continues the course it’s been traveling under the previous administration and this administration.”