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Utah Legislature goes for gold, silver as currency options

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posted on Mar, 10 2011 @ 08:40 PM
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Utah Legislature goes for gold, silver as currency options


www.washingtontimes.com

The Utah Legislature on Thursday passed a bill allowing gold and silver coins to be used as legal tender in the state — and for the value of their precious metal, not just the face value of the coins. State backers said they hope the move will help insulate Utah from a potential monetary slide as countries question the value of the dollar. Others, casting their eye nationwide, said it could spur a broader move by Congress or states to readopt a gold standard.



(visit the link for the full news article)



Related AboveTopSecret.com Discussion Threads:
Pimco Move Could Send More Investors Out of Treasurys




posted on Mar, 10 2011 @ 08:40 PM
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Very interesting. Points to a certain fast growing view that the US dollar, if not already, will soon have its day. This should serve as an example of what may become a trend not only across the US states but elsewhere around the world as the dollar depreciates in value. The point there about spurring congress to readopt a gold standard won't happen this side of a new world financial order, Bernanke has already indicated that this is not possible - and it isn't.

I also posted (link below) a news article about Pimco's dumping of US debt and associated concerns surfacing around whether others might begin following the same, as a couple of us here mentioned. Government debt just doesn't hold up to value as much as other investments. Whether this continues and others do follow may have some repercussions on the US dollar, particularly as the Fed reserve begins winding down its QE2 as June approaches.



www.washingtontimes.com
(visit the link for the full news article)
edit on 10-3-2011 by surrealist because: spelling error



posted on Mar, 10 2011 @ 08:49 PM
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Further to these developing news stories around the collapse of the dollar I thought I would post these video links. Sorry if they have been posted before. I listened to them yesterday and thought they were quite interesting, though I hasten to acknowledge there is a LOT of he said / she said stuff. So you will need to put on your tin-foil hats for this. I just found it interesting gossip, particularly the point it makes about oil-supplying countries first turning away from the USD currency to commence trading in another currency - and this was just prior to all the chaos we see developing in the MENA countries.

www.youtube.com...

www.youtube.com...



posted on Mar, 10 2011 @ 08:59 PM
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This will be the only time in my life I have ever been envious of Utahinians, er... Utanians... Utasian... uh, Utahn? Utonian? Utahnite? Utahish?

Anyway, cool move on them.



posted on Mar, 10 2011 @ 09:14 PM
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I dont see what it will achieve.

It will force people into sepeculating on eth value of the precious metal whether theywant to or not - you have to accept gold/silver today for a $ amount....but tomorrow it may be worth more or less $$'s.

How is that a good thing??



posted on Mar, 10 2011 @ 09:16 PM
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Originally posted by Aloysius the Gaul
I dont see what it will achieve.

It will force people into sepeculating on eth value of the precious metal whether theywant to or not - you have to accept gold/silver today for a $ amount....but tomorrow it may be worth more or less $$'s.

How is that a good thing??


Because when it's the only thing, they won't be unprepared.



posted on Mar, 10 2011 @ 09:29 PM
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reply to post by Cuervo
 


I don't see it - when precious metal is the "only thing" this problem will not exist so it's not preparing them for anything if that is the case - your point seems irrelevant sorry



posted on Mar, 10 2011 @ 11:10 PM
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Its the Constitution-

Congress shall not make anything other than gold or silver coin a tender in payment of debts.

If the Mormon Church issues a general amnesty and forgiveness of all sins in exchange for a call to arms, the game is on.


They did it before; they might do it again.



posted on Mar, 12 2011 @ 10:17 PM
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Its done, we passed it. The Gov just has to put his seal on the bill.

The Utah Legislature on Thursday passed a bill allowing gold and silver coins to be used as legal tender in the state — and for the value of their precious metal, not just the face value of the coins.

State backers said they hope the move will help insulate Utah from a potential monetary slide as countries question the value of the dollar. Others, casting their eye nationwide, said it could spur a broader move by Congress or states to readopt a gold standard.

“Utah, if the governor signs this particularly, they’re going to change the national debate on monetary policy and get us back to basics,” said Jeffrey Bell, policy director for Washington-based American Principles in Action. Mr. Bell has been in Utah to help shepherd the legislation through.

Utah’s bill allows stores to accept gold and silver coins as legal tender. It also exempts gold and silver transactions from the state’s capital gains tax, though that does not shield exchanges from federal taxes.

The legislation directs a state committee to look at whether Utah should recognize an official alternate form of legal tender which could become a path for creating a formal state gold standard.

A spokeswoman for Gov. Gary R. Herbert, a Republican, said he has not yet taken a public stance on the bill.

State Rep. Brad J. Galvez, the chief sponsor of the measure, said he views it as a preliminary step on the path toward securing Utah’s business climate.

“If the dollar continues to fall, what this will do will help stabilize the value of the dollar in Utah, so it helps stabilize the economy,” Mr. Galvez, a Republican, said.

(Excerpt) Read more at washingtontimes.com ...



posted on Mar, 13 2011 @ 04:31 PM
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Originally posted by Chakotay
Its the Constitution-

Congress shall not make anything other than gold or silver coin a tender in payment of debts.



You misquoted that just about as badly as possible - it doesn't say CONGRESS shall not make anything other than gold or silver a tender...it says NO STATE shall do so.

So states can aer lmiited to gold or silver if htey want to make currency - Congress is not limited to that at all.



posted on Sep, 7 2011 @ 12:17 AM
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Great idea. Just wondering, can the fed tax the gold? Hopefully not but that's wishful thinking



posted on Sep, 7 2011 @ 01:14 AM
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One thing I don't get about the U.S. going back to the gold standard, how would they keep it in the country? Wouldn't the gold coins trickle out in tourists pockets or get sent to other countries in the mail? Most people couldn't afford to take a lot of it with them, but wealthy individuals or even other countries that wanted to mess with the economy could siphon enough away to screw things up, once it's gone it's gone, you can't print more gold.



posted on Sep, 7 2011 @ 01:31 AM
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reply to post by korath
 


There are many definitions of 'gold standard' ... when the US was on the gold standard the population didn't use gold as currency (although I believe they could if they so wished), the dollar was merely backed/subsidized by gold reserves. The history is fascinating but basically the gold standard was revoked by the times' word elites so as to achieve the fiscal condition upon which the US finds ourselves today ... namely bankrupt and all but insolvent. If the US were ever to return to such a gold standard the government would most assuredly try to buy all the gold out of the citizenship. Unlikely, but it has been recently discussed: www.abovetopsecret.com...

In any case, so far as I can tell the Utah law would allow one to use gold/silver bullion coins at their market value and not their face value. I haven't read the legislation but I am trying to figure out what exactly this would achieve ... for if anyone has been paying attention to recent Gold Spot charts they are more volatile than a prom queen's emotional state. This would make it all but impossible to peg value on any single transaction unless one is permanently connected to Comex. Forget trying to calculate taxes.

I see the libertarian/patriotic instinct of many folks being tickled here ... but if one reasons this through, this could be the most effective way to get gold out in the open where it can eventually end up out of the population's hands and manifest as bank and government owned.

This is all at first glance, I might have missed some stuff so please correct me if I am reading this wrong.


edit on 7 Sep 2011 by schrodingers dog because: (no reason given)







 
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