Some States To Accept Gold AS Money

[broken_legs]

Virginia
Commonwealth of Virginia introduced House Resolution No. 557 to establish a joint subcommittee to "to study whether the Commonwealth should adopt a currency to serve as an alternative to the currency distributed by the Federal Reserve System in the event of a major breakdown of the Federal Reserve System.

http://www.zerohedge.com/article/virginia-creates-subcommittee-study-monetary-alternatives-case-terminal-fed-breakdown-consid




Utah

The Utah House was to vote as early as Thursday on legislation that would recognize gold and silver coins issued by the federal government as legal currency in the state. The coins would not replace the current paper currency but would be used and accepted voluntarily as an alternative.

The legislation, which has 12 co-sponsors, would let Utahans pay their taxes with gold and also calls for a committee to study alternative currencies for the state. It would also exempt the sale of gold from the state capital gains tax.

Read more: http://www.foxnews.com/politics/2011/03/03/utah-considers-return-gold-silver-coins/#ixzz1Fb9jKjuV



Anyone want to sign a letter to the PM Harper or dipbag Stelmach to do the same?

CAD is doing well vs the USD, but charted against silver and gold, all currencies are on a race to the bottom.

[sputnik]

Reading comprehension fail.

Introducing a bill into state senate is a long way off from formally accepting gold as currency. Virginia is only voting on a bill to _study_ the possibility of accepting gold as currency.

In the case of Utah, the only thing you will be able to pay for in gold is your state taxes. However that is if the bill actually gets passed.

[ZenOps]

Bah, silver has been used as currency for longer than gold or paper.

The French had it right.

[Mar]

I hope they're putting the ridges around the edges of them, otherwise you'll see silver coins the size of pennies getting passed around.

[broken_legs]

Originally posted by sputnik
Reading comprehension fail.



States TO Accept Money As Gold

Not

States Accept Money as Gold

:facepalm:

[ZenOps]

Its 13 states that are considering the return to silver and gold. Utah just happens to be first to deny or approve.

I don't know why people are so resistant to sound money policy. Its not like a stack of 71 $20 bills is lighter or less cumbersome than an ounce of gold.

Gold for the big stuff, Pure Nickel or copper Nickel for the small stuff, and electronic for the rest (assumed risk on electronic is shared by the lender and lendee)

And I will take the silver for myself :love:

[sputnik]

Originally posted by broken_legs


States TO Accept Money As Gold

Not

States Accept Money as Gold


Without context there is little difference between the statements other than time frame.

The title of the thread could imply that it is just a matter of time for it to start happening and have set a date to start accepting gold as currency.

[broken_legs]

Originally posted by sputnik

The title of the thread could imply that it is just a matter of time for it to start happening and have set a date to start accepting gold as currency.


Exactly. The time it takes to pass the bill. The events have been set in motion there is a clear intent for these states to use gold as money.

Can we argue about something else?

[ZenOps]

OT: It costed the US about 6.5 cents to print a $1 bill in 2007.

With the current price of cotton, its well over 10 cents now. Compared to metal $1 coins, cotton must be replaced at least 10x more often.

There is a good chance that very soon because of cotton inflation, the $1 bill will cost more to print and keep in circulation than its value (regardless of what it buys)

And when its done, you can't even melt it down if armageddon or abolishment of certain lower denomination currencies hit... We removed from circulation our $1 and $2 cotton money a long time ago (Although I did like the red $2 note)

They tried dollar coins, Sacagawea and presidential dollars, but they don't like them. They prefer to use cotton money that is worthless in itself and costs money to maintain.

Its like watching a trainwreck in slow motion. Metal coinage is actually far more efficient than cotton, contrary to popular belief.

Canada is teeting on abolishing the penny, the US might have to consider abolishing the $1 cotton bill and printing up more $1000 bills... Hey wait, that sounds familiar!

[sputnik]

Originally posted by broken_legs



Exactly. The time it takes to pass the bill. The events have been set in motion there is a clear intent for these states to use gold as money.

Can we argue about something else?

:facepalm:

No state has set anything in motion.

The only thing that has happened is some Tea Party zealots have authored bills set for debate and discussion for the state legislators to discuss and perhaps vote on.

[broken_legs]

Originally posted by sputnik


:facepalm:

No state has set anything in motion.

The only thing that has happened is some Tea Party zealots have authored bills set for debate and discussion for the state legislators to discuss and perhaps vote on.

Really? Seriously?

Is everything just arguing semantics on here? I have no energy for this pointless merry go round of BS. OK you win the argument over details. Good Job :thumbsup:

Meanwhile Utah is voting on accepting Gold As Money. Just a bunch of stupid tea partiers eh?

The bill has already passed committee meaning the public has had a chance for input. Only one negative vote from a single republican.

And it just passed the House with a vote of 47 to 26.

By the way the bill is co-sponsored by 12 out of 75 reps in the house.

The only vote left is the senate.


Anyways, none of this matters because you are right, and I am wrong to suggest that Utah will accept gold as money. :rolleyes:

[Mar]

Originally posted by ZenOps
OT: It costed the US about 6.5 cents to print a $1 bill in 2007.

With the current price of cotton, its well over 10 cents now. Compared to metal $1 coins, cotton must be replaced at least 10x more often.

There is a good chance that very soon because of cotton inflation, the $1 bill will cost more to print and keep in circulation than its value (regardless of what it buys)

And when its done, you can't even melt it down if armageddon or abolishment of certain lower denomination currencies hit... We removed from circulation our $1 and $2 cotton money a long time ago (Although I did like the red $2 note)

They tried dollar coins, Sacagawea and presidential dollars, but they don't like them. They prefer to use cotton money that is worthless in itself and costs money to maintain.

Its like watching a trainwreck in slow motion. Metal coinage is actually far more efficient than cotton, contrary to popular belief.

Canada is teeting on abolishing the penny, the US might have to consider abolishing the $1 cotton bill and printing up more $1000 bills... Hey wait, that sounds familiar!

USA also has a $2 bill currently in circulation.
http://en.wikipedia.org/wiki/United_States_two-dollar_bill

[TomK]

Why would anyone pay their taxes in Gold when they could just send the government back it's own paper?

Gold having little intrinsic value outside it's "good money qualities" may be one of the best reasons for owning it in the short to medium term. Governments are already looking for ways to crack down on the "evil" speculators who they blame for the rising food and energy prices suffered by all.

But if Gold really is just a silly trinket speculated upon by weirdo money fetishists, then why bother trying to stop the gold market profiteers when there are already riots going on because of price movements in food and oil?

In the long run, they will probably look to confiscate it when central bankers find they need it to back new currencies. But we are still (probably) several years away from that yet.

[broken_legs]

Originally posted by TomK


In the long run, they will probably look to confiscate it when central bankers find they need it to back new currencies. But we are still (probably) several years away from that yet.

Word.

Can't remember the link but one of the Euro countries' (Holland?) central bank has made it illegal for pension funds to hold gold or gold equivalents...

Egypt has banned export of gold out of the country in any form.

HIdden in the health care bill that obamma passed is a provision that you must pay capital gains tax on any cumulative gold sales of 600$ or more throughout a calendar year. This means you have to show ID even for a 10$ purchase/sale.



http://www.kitco.com/reports/KitcoNews20110304AS_coin.html

The new Form 1099 rules were included in the health-care law passed last year, and they require entities to file a Form 1099 with the International Revenue Service if they make transactions paying out $600 a year to another party.

...

Meanwhile, time is becoming an issue for the business community. Starting Jan. 1, proprietors must have systems to start gathering the data, even though the 1099 forms would not be mailed out until early 2013. Whereas the reporting threshold is $600 per party, entities would nevertheless have to start record-keeping for even $10 and $20 transactions in case the cumulative total for the year ends up hitting $600


Washington state just tabled a bill where any gold transaction, buying or selling, over $100, you must provide picture ID, finger prints, serial numbers of each gold piece and description.

Even in Calgary you have to provide ID and permanent records are kept for any purchase over $3000.

Why all the fuss? It's just stupid yellow metal!

[ZenOps]

I can see why states would not want dollars.

http://sherriequestioningall.blogspot.com/2011/02/now-shtf-bank-of-india-drops-dollar-in.html

http://www.moneyandmarkets.com/bernanke-running-amuck-6-38429

Basically, the US monetary base has tripled since Nov 2008. Which in simplest terms means that the US dollar should be worth about 1/3rd what it did back then.

Which has never happened before in the US (at least not until you go back to the great depression of the 30's), not even the recession of my generation caused Zimbabwe type monetary policy.

Since gold was about $1000/ounce before the markets crashed, it technically has to hit $3000 just to catchup to a rapidly hyperinflating US dollar.

Corn, wheat, cotton, coffee, are all playing catchup as well. A lot of people are going to starve in the world so that a few people in the US can live in a home they can't afford.

Was it irresponsible? Yes. Was it selfish? Yes.