Yes Virginia, There is a Constitutional Monetary Unit

Last week, the Virginia House of Delegates Rules Committee passed, by an 11 – 1 bipartisan majority, a bill to establish “a joint subcommittee to study the feasibility of a United States monetary unit based on a metallic standard, in keeping with the constitutional precepts and our nation’s founding principles….”   Such a study could prove to be a very big deal indeed.

It would bring a sleeper issue, one crucial to economic growth, to the fore of the national debate.  (Full disclosure, this columnist provided, by invitation, a letter in support of this legislation before the subcommittee vote.  This respectfully was reported in a wonderful, whimsy-inflected, article by The Washington Post’s  Tom Jackman.)

The legislation authorizing this study widely is expected to sail through the House of Delegates.  It may well also be embraced by the Virginia Senate and signed by the governor.  There’s reason for optimism since it is good policy and good (even bipartisan) politics.

First, this is an excellent piece of legislation.  As reported Friday, unemployment remains stuck at 7.9%.  This is a national tragedy.  Job creation has been punk for over a decade, over three administrations under presidents of both parties.  Official Washington leadership — with some important, exceptional, bright lights such as Joint Economic Committee Chairman Kevin Brady, former Republican Study Committee chairman Jim Jordan, House Financial Services Committee chairman Jeb Hensarling, and, in the Senate, Sens. Lee, Cornyn and Rubio — has seemed clueless that the Prime Suspect in punk job creation is lousy monetary policy.  Washington will benefit from a nudge from America.  And Virginia is quintessential America.

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