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Today Utah Legislature goes for gold, silver as currency

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posted on Mar, 10 2011 @ 08:44 PM
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Today Utah Legislature goes for gold, silver as currency


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.
"Utah, if the governor signs this particularly, they're going to change the national debate on monetary policy and get us back to
(visit the link for the full news article)




posted on Mar, 10 2011 @ 08:44 PM
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I like the idea but do not think it will get through the courts, section 10. Although he court could rule that Federal Reserve Notes can be exchanged on the open market for gold and silver coins, so that they are perfectly legal. Here's a problem. If you pay a bill in 10 silver eagles that are worth $34, that comes out to $340. What happens if the price for a eagle drops to $20? That means you pay $200 for a $340 debt? What if eagles go to $50?



www.washingtontimes.com
(visit the link for the full news article)



posted on Mar, 10 2011 @ 09:11 PM
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Why would it make any difference?

the value of the metal in the coins will vary with the value in paper $$'s........so ....um...what will actually change?

the obvious thing that will change is that this will force people into speculation on the value of metal - will the gold they take today buy more or less tomorrow?

You can't accept or refuse it based upon whether you want to take the risk or not.

Edit: sorry surfrat - was replying to the OP - I'm pretty much saying exactly the same as you.....
edit on 10-3-2011 by Aloysius the Gaul because: (no reason given)



posted on Mar, 10 2011 @ 09:44 PM
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