This is a discussion on 13 States Now Considering Gold and Silver as Money within the Economic, Precious Metals, Investing, Finance forums, part of the General Discussion category; All states should do this. It would protect the citizenry from the corrupt Federal Reserve, while pissing the Reserve off! :grin: When the governor of ...
All states should do this. It would protect the citizenry from the corrupt Federal Reserve, while pissing the Reserve off! :grin:
When the governor of Utah signed a bill that made gold bullion and silver bullion legal tender in the state last March, he had no idea of the groundswell he was going to start.
The Utah Sound Money Act outright flies in the face of the fiat money system, which is the printed money used today; backed by nothing but the promises of politicians. While U.S. states cannot create their own currency under the Constitution, they are allowed to use gold bullion and silver bullion as legal tender. More and more states are now exercising that right.
Lawmakers in Utah, when they studied history, found that every single instance of money printing and massive increases in a country’s debt always led to the destruction of the currency and a depression among the citizens that lived through it.
They were concerned about the Fed’s money printing and massive government debt accumulation and thus signed into law the Utah Sound Money Act, which recognized gold bullion and silver bullion as currency. They felt that the U.S. dollar would continue to lose its value, while gold bullion and silver bullion would continue to maintain their value, because they are sound currencies with no debts attached to them.
The Utah law states that the gold bullion and silver bullion coins issued by the U.S. Mint can be used as payment with any merchant in the State of Utah for the purchase of all goods and services.
It is not practical for people to carry around heavy gold bullion or silver bullion coins, so the Utah Gold & Silver Depository was created. People can deposit their gold bullion and silver bullion coins there and receive a debit card to make transactions with—just like depositing money at a bank. The prices of gold bullion and silver bullion are based on the closing prices of both precious metals in U.S. dollars in London on each business day, creating the exchange rate used on the debit card.
Missouri and South Carolina in 2012 are the closest to enacting very similar legislation and creating a gold bullion and silver bullion depository, just like Utah. (Source: CNN Money, February 3, 2012.) Both states echo the same sentiments as Utah and this is evident by the names chosen for the bills. For example, in Missouri, the legislation put forth is called the Missouri Sound Money Act of 2012.
Other states considering legislation to make gold bullion and silver bullion legal tender are Montana, Colorado, Idaho, Indiana, New Hampshire, Georgia, Washington, Minnesota, Tennessee, and Virginia.
This may seem strange, dear reader, but cultures in Asia would not be surprised, considering that gold bullion and silver bullion have been considered money for 5,000 years there. Also, people forget that, until 1971, the U.S. dollar was backed by gold bullion.
13 States Now Considering Gold and Silver as Money