Vermont dollars… what would they look like?
Very interesting proposal. Like greenbacks, confederate dollars, bank issued currency of the 1800’s, and Federal Reserve notes, these local currencies will be the debt of the issuer. They indeed will trade at a discount, relative to the dollar, in proportion to the difficulty of converting them into dollars. As long as they remain a novelty, with very limited use, USDOT may ignore and there be some slight tax advantage to those who do not report sales. If the State government guarantees them, ultimately, they will be driven back to the State, at par value, with the redeemer earning the discount as payment for collecting the currency and bringing it to Montpelier. So, in effect, the State borrows the money, as the local currencies are issued and the State should report it as both an addition to State debt, and as State spending at that time the currencies are issued, and should report the borrowing as being repaid, when the currency is redeemed. Last year, California issued IOU’s to pay its bills, when there wasn’t enough tax revenue. It’s the same idea, except that currency doesn’t pay interest.
Article right on regarding values of single payer
Thanks to Estelle Leach for her article, “Single Payer Does Not Reflect VT Value”, where she wrote, “The single payer policy being proposed by this committee and Dr. Hsaio is the antithesis of my existence as a free Vermonter and American. It is the exact opposite of the values of my upbringing and the values upon which Vermont was founded: fierce individualism, work ethic, freedom and dignity.”
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