[ml/nj]

Read what is printed on the front of every Federal Reserve Note since FDR outlawed private ownership of gold in 1933. (Funny, before that creditors could and DID sometimes insist in payment in GOLD rather than paper.)

Also see my post at #63 on this thread.

ML/NJ

[Reily]

From 1933 to 1974 it was illegal for U.S. citizens to own gold in the form of gold bullion, without a special license. On January 1, 1975, these restrictions were lifted and gold can now be freely held in the U. S. without any licensing or restrictions of any kind.

So I could insist you pay me in gold if I wanted to!

[fhayek]

Not to beat a dead horse here, but the government can only require you to use U.S. currency to pay your taxes. It cannot force individuals to use U.S. money in transactions between themselves. Say the US went full Zimbabwe and cranked out the dollars like Monopoly money. If you walked in my store and offered me worthless money for the goods in my store that I used real wealth to produce or acquire. I would say forget it. If you said the government was forcing me to accept it. I would say, the store is closed, and so would every other business in America. It would be economic Armageddon.

Allowing other forms of barter or currency would allow the economy to function, at least on some level.