13 States Now Considering Gold and Silver as Money

http://www.profitconfidential.com/g...tes-now-considering-gold-and-silver-as-money/

 

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WE have had this discussion before. What does this mean except to score political points for politicians? Last I read only the Federal government had the power to determine legal tender, so any state law regarding that will be overridden. So this is just a matter of whether a state will accept gold and silver as payment then? So, do you really believe they have the expertise to determine fakes? At what value will they accept gold or silver as payment?

I seriously do not see it any differently than Iowa passing a law making corn legal tender. Same thing, they have to inspect it, make sure its real, and then look at the commodities market to see what the value in real money, the USD, they will give you credit for.

I don't understand how this is different than anyone keeping spare cash in PM, and when they needed to pay a bill selling the PM for USD and paying the bill. Seriously, we ALL can have a "gold standard" if we wish, take your paycheck and convert it to gold each week. Why do the politicians have to be involved?

 

so uutah now buys silver thats pretty much all that is happening put your bullion in the bank get money on a debit card there trying to stock pile silver and gold themselfs

 

In the url in original post

What a neat plan, get people to convert their gold to electronic money. There is nothing at all about withdrawing your electronic balance in gold Gosh, Utah is as smart as the Chinese " Gold Bank Deposit Accounts" which does the same.

IMO. Jim

Sorry for repeating Enochian, was typing _

 

Seems a little complicated to me. You never know how much fiat and/or PM you have at any particular time. The totals can change at a moments notice. Leaves a lot of room for skimming of accounts, too. An accounting nightmare? And what are the administrative fees?

 

Silly man, worrying about administrative fees, skimming, accounting games that can be played easily......

Its almost as if you don't want these people to be able to AFFORD their yearly BMW tradeins.

 

I see nothing wrong with states restoring PM money as long as it is voluntary and with full disclosure of the risks and fees. There is no harm in having an alternative to federal reserve notes for people so inclined, and others should stop making their decision for them.

 

Sounds like Utah is trying to stockpile some PM's at the expense of its citizens. Just another case of doublespeak and deceit. It's outrageous how government and corporations are now so adept at taking from citizens and somehow being able to word it in a way that makes them sound like heroes.

 

Seems to me that the states that have passed this type of legislation have excluded any gains or losses from gold and silver from state taxation.

 

As long as they allow "on demand" redemptions of the account balance in gold coin, then I don't see the issue with it. This is in fact how gold backed currency is supposed to work. The inability to bank gold now in the USA is one of the greatest impediments to ownership, by design of the central bankers. I think it does a great service for the citizens of that state.

In such a scenario, if you have your money on deposit in a gold based account, then you don't care if Uncle Ben goes bonkers and creates so much money they have to buy some new super computers just to count it. People with money in the Utah gold depository, just shrug it off.

If they do this, I find it to be quite a ground breaking change.

 

So you deposit all of your gold in a depository that is presumably approved and regulated by some entity, and they give you paper curency or a checkbook so you can spend it. No way anything can go wrong there - LOLOLOL!

 

If people are so worried about intrinsic value in money, chunks of metal aren't going to be a long term solution any more than the chunks of metal we use now. Why don't we just go back to trading things of authentic value, like sheep and pigs and wheat? Makes more sense than all this.
Guy

 

The entity is the government. The US government guaranteed gold currency by assay and by issuing redeemable gold certificates from 1792 until 1933 or 141 years for the mathematically challenged. It worked extremely well. Compare that to what the people have now with money from the Federal Reserve that has nothing promised. It has only lasted 41 years.

I'd rather put my money behind what history says works.

 

What you describe isn't what happened for most of that period. I suggest reading Antal Fekete to find out how the gold system really worked and how it tied into Adam Smith's real bills doctrine. I wouldn't be surprised if he was the greatest expert on the old gold system. He has helped to clarify the myths of the gold-in-the-vault theory which everyone believes but happens to be untrue except during the years when the gold system started failing.

 

I simply disagree and you have provided no proof otherwise. If you wish to paraphrase what Adam Smith said so it can be debated here, then so be it but telling people to go read books isn't much of a rebuttle.

Furthermore and most telling, Adam Smith died in 1790. He couldn't possibly have told anyone about anything concerning 1792-1933. He couldn't be an expert of this time period. :foot-mouth:

 

Actually, the burden of proof lies with you, Fatima, as you haven't backed up your statements with so much as a book, or any other reference other than your opinion.
Guy

 

This is true, but I've nothing to prove. Do you honestly believe that Adam Smith could possibly be an expert on gold during the period from 1792-1933 when he died in 1790? I appreciate a lot of what Adam Smith had to say, but he wasn't a fortune teller.

However if you think there is something specific here that you need additional information on, then please state it specifically and i will be glad to accommodate you with discussion and references. Please let me hear from you.

 

I told everyone here to look at the writings of Antal Fekete concerning how the gold system actually worked compared to how people think it worked. Some will read it and gain knowlege, you won't. That's okay with me because it is your choice. Regarding Adam Smith, everyone here can decide for themselves whether or not to believe Adam Smith's explanation or someone called fatima who posts on the internet. Adam Smith's writings were the basis of a lot of economic policy and thought after he died. So it isn't a matter of agreeing or not. It's a matter of fact and I've given everyone the tools to do the research if they are inclined to do it. Antal Fekete's writings can be found via google search. I've also posted the links here before.

 

I would think this would sure save the government alot of time and money should they ever decide to confiscate people's wealth again. Send me your gold and silver for safekeeping and I will create some numbers in a computer telling you how much electronic currency you have. I'll even give you a free koozie for opening an account.

 

No, you were correct in your statement he couldn't be an expert in the gold standard discussion as far as between 1790 and 1933. But, I wasn't aware the discussion was only pertaining to the years after his death. Although, I would think there was little difference in gold and silver currency philosophy from the years he was alive and those that followed. The basic principals existed, as they had for a thousand years before that. I guess thats what I was looking for...a reason why his expertise wouldn't pertain to later years.
Guy