Published on July 26, 2011 | by LawNews
Prof. Eric Freedman Predicts ‘Economic Catastrophe’ If States Are Allowed to Issue Their Own Currencies
Taking Liberties: Legislator Proposes Alternative Currency in Response to the Diminished Dollar
By Douglas Kennedy
July 14, 2011
The Constitution flatly prohibits states from issuing their own currency,” says Eric Freedman, “whether in the form of coins or in the form of paper money.”
Freedman is a professor at Hofstra Law School in New York, and he predicts “economic catastrophe,” if each state has a competing currency.
“That would be the destruction of the country,” he said. “Even at the time of the Civil War it was thought that two separate countries wouldn’t survive with two separate currencies.”
“This is a proposal for 50 [currencies] in the same geographical territory. It’s ludicrous.”
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