subject: US Dollar Dying - Gold and Silver To Become Legal Tender [print this page] US Dollar Dying - Gold and Silver To Become Legal Tender
Bernanke says people do not want to buy gold here in 2011. He says they want to buy a steady basket. If the dollar was tied to gold, wouldn't the consumer price basket be steadier? Well that is exactly the case.
When the fed have the easy ability to print money on demand, whenever and however they want and whenever they need it. It has to go down in value you. This is economics 101.
Gold as some form of currency could be on the come back. Earlier this year, the Utah house has passed the first step in recognising gold and silver as legal tender. This is something we have not seen in the USA for nearly 80 years. Utah might be the first of 13 states moving forward with similar legislation.
This bill basically outlines the gold and silver coin issued by the federal government to be considered legal tender in the state of Utah. This could be the first step in preparing for what is coming down the road as we look at the weak economic environment and the U.S. dollar which are on the decline.
By having gold and silver as legal tender, this will be one of the steps that will allow Utah to keep strong and stay away from the falling U.S. dollar. They wish to restore the gold and silver coins as legal tender. They are not going to allow capital gains tax, because these commodities will probably increase in value.
When you look to the other western states. This monetary policy is also spreading. Since 1893 Colorado has had this same language in code. The sames goes for Idaho, and throughout the whole nation.
If the authorities can get this bill to pass in the senate and the governors sign it, that could force all US states to bring this in. This could be history repeating when the U.S. did actually use the gold standard from 1873 to 1933. That way good money will drive out bad money.
Since people and businesses are complaining about the state of the dollar this would be a fantastic move forward. People are after stability and financial security and this would be one of the best way to cater for those needs.
If this was to actually occur it would be a fantastic revolutionary movement, and maybe if the US politicians saw how much gold it was take to close the budget gap, they would stop spending so much money.
