In an unprecedented move, Hudson Mayor John Kovaleski, known as “Jersey John”, has implemented what he calls ‘The Cash for Gold’ standard for all US currency manufactured in Hudson.
On Monday, he made a press statement via Perioscope to explain his decision to back all Hudson currency with gold. In the live video, he explained:
When our currency is not backed by anything, it lets the feds print as much as they want, inevitably causing inflation. My policy is simple and I’ve been saying it for years – Cash for Gold. What that means is that the currency we have should be based on a stable gold backing rather than by fiat. It’s a typical gold standard, with Hudson flare.
The immediate effect of the standard will be a mass delivery of gold bars to the U.S. currency factory in an undisclosed location in Hudson. Mayor Kovaleski’s approval rating shot up 77% after the announcement, the highest rating of any Mayor in Hudson’s history. The new standard will take effect on January 1, 2018, and is expected to significantly stabilize Hudson’s economy.