Skip to comments.Utah House Passes Bill Recognizing Gold, Silver as Legal Tender
Posted on 03/06/2011 1:34:02 PM PST by Tolerance Sucks Rocks
click here to read article
Uh, oh, the bamster’s not gonna like this!
Currency is not my strong suit, but I’m just wondering...if I go to a store to buy something, and I can either trade my physical gold, or my federal reserve note representing the same nominal value, why on earth would I part with my gold?
I wonder how it will be valued. Gold has risen over $200 an ounce in the last ten months. It fluctuates daily and during the day.
Ha! Sure, when the price of gold doubles next week, know what you paid for that candy bar?
I’ll trade you a live chicken for that bag of hamburger buns.......
This news is good news because Utah are pushing for States rights here, and also making a point about the dollar. But - as you say - nobody’s going to give them any gold: I doubt they expect any.
I guess if you trade gold for something, then its more like barter than a currency.
How so? What right are they asserting that is in question?
well that’s just great.. can’t wait to to get my next 2 oz. psy check direct deposited.
Will state taxes be calculated on the face value of old coins?
If so, employees could receive and be taxed on an income of a mere $1000 per year (if paid in pre-1933 gold coins) or a relatively similar amount (if paid in pre-1964 silver coins).
You’ll probably be able to get more for gold than you would the paper.
So, I can either use a federal reserve note that says $50 on it, or my 1 oz US gold eagle coin that also says $50 on it? Hmm ... Which to spend?
Avoidance of Capital gains taxes
on the sale of the gold?
Already an anathema to me
as much of capital gains are actually inflation
not accrual of value
It would be weird to have a currency
that actually appreciated
Did you read the bit about Utah looking into a new currency?
Gresham's Law strikes again....
Art 1, Sec 10 of the Constitution clearly says states cannot coin money. Only the feds can do that. So what state right is involved? This seems like much ado about nada.
That’s what I’m saying.
In the future there may come a time where people will not sell you something for hyperinflated federal reserve notes.
At this time you wouldnt. But give it time and you might use that gold because paper will be absolutely worthless...more than what it is now.
What you say? You NUTS!
“No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any”
Tell me where the “F” do you see where they cant coin money?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.