From a practical standpoint, how will this work?
That’s 1.
any thoughts?
Sweeeeet
This is unfortunate. For this reason, no one with a brain will use gold and silver bullion coins as legal tender in Utah. This provision of the law was ill-advised and needs to be rewritten.
Wonder if when you go to buy an item, the realtor only gives you 3/4 the value of the gold.
(which is what gold buyers do)
(which is what gold buyers do)
Stay tuned for a real, live, field demonstration of Gresham’s Law
Ironically enough, that's how paper money got started.
This is also the same Utah that gave illegals amnesty.
Think about it: the State of Utah can now *require* payment in gold or silver instead of hyper-inflated US dollars. Imagine the tax haul they’d make if they peg gold at anything other than spot.
You're hoping they'll print money, showing the stupidity of Paul's 'keep you from printing money' quote.
Ron Paul is an idiot.
Very interesting. We should watch this very closely.
American gold and silver eagles are already legal tender in all 50 states.
It’s a very good start.
Makes me wonder if you could declarer losses on purchase of US gold coin. Spend $1400 on a one ounce coin, and ...gee, it’s only worth $20 as legal tender. How can the Feds consider legal tender as worth anything other than face value?
Under the Constitution, states are prohibited from coining money and from making anything other than gold or silver a legal tender. The Congress is given the power to coin money, and to regulate the value of coin (which would include foreign and potentially privately-issued coins).
The Supreme Court, in a series of decisions, gave Congress the power not only to coin money but to emit unbacked bills of credit, on the basis that it was a power exercised by all civilized nations not prohibited to the Congress. This, in my view, upsets the 9th and 10th Amendments, which state that the federal government is restricted to its enumerated powers. But, this is not the only nor the worst erosion of the Constitution.
The Supreme Court also decided that the Congress has the power to regulate or outright prohibit any other form of money. Thank you, Franklin Damn Roosevelt.
But, even if the Supreme Court had not completely emasculated the Constitution in favor of the Almighty State, the Constitution says that the Congress shall regulate the value of coins. Now, this power is not explicitly denied to the states. But, it would seem to me, that this would be implied or else the states could undermine legal tender by saying that an ounce of silver had a legal tender value of extraordinary amount, enabling debtors to discharge their debts at a fraction of the originally-agreed upon amount.
Bottom line: Utah cannot coin money nor can Utah declare a legal tender value to coined money.
Having said all this. Utah is not currently prohibited by the Congress to denominating debts in any currency, or commodity, or index thereof. The state of Utah can, for example, offer its civil servants retirement benefits that are indexed to the cost of living. It can issue tokens and certificates denominated in ounces of gold. It can establish depositories in which the gold or silver backing certificates are kept. But, the coins and certificates should avoid representations of money such as the word “dollar” or the symbol “$”.
These tokens and certificates might, then, pass hand to hand at whatever exchange rate to the unbacked POS emitted by the Federal Reserve Board of International Banksters known as the U.S> Dollar..
The Congress would then have to consider whether it should act to prevent the fact from being admitted that the emperor has no clothes.