Utah Considers Return to Gold, Silver Coins

Utah Considers Return to Gold, Silver Coins

www.foxnews.com

Rep. Ron Paul, a longtime critic of the Federal Reserve who has called on a return to the gold standard, has praised Hilton's efforts.

"Efforts such as yours in states around the country highlight the importantance of returning to sound money," Paul wrote in a letter to Hilton. "Even if such efforts fail to achieve legislative success on their first try, their importance lies in bringing to the public's attention the problem of the ever-weakening dollar and the necessity of returning to a sound monetary system.""People sense that in the era of quantitative easing and zero interest ra

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This is interesting news just appearing on the Fox news website. I wonder why bother if there is no intention of returning to the gold standard? The article hints that there is some growing concern around the USD currency and monetary policy so maybe this is what has triggered their consideration to bring back gold and silver coins. Any thoughts?

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Originally posted by surrealist


This is interesting news just appearing on the Fox news website. I wonder why bother if there is no intention of returning to the gold standard? The article hints that there is some growing concern around the USD currency and monetary policy

I think you're right about their areas of concern. The whole country seems to be worried about inflation, the debt owned by the Chinese, our debt and defecit, the role of the Federal Reserve,etc.

so maybe this is what has triggered their consideration to bring back gold and silver coins.

I'm not so sure here. The article implied that the state was thinking about accepting federal gold coins as currency, rather than minting their own.

I'm having some fun envisioning a return to the Gold Standard and, when critics say there isn't enough gold to cover our currency, we simply create the New Dollar worth 100 of the Old Dollar. Back the new dollar with gold and the demand for our currency goes back up and questions of the world reserve currency vanish.

But as I say, I'm just dreaming and would love to hear other's criticism, thoughts, and opinions.

I sure hope so, but I am inclined to not be so thrilled. Most are just stories that just pass. One ounce of gold is a lot more dollars now than it was 10 years ago. Meaning the dollar is losing value against gold and has less purchasing power, meaning you are getting poorer.

Its the Constitution (not the ship).

Read it.