Utah Legislature goes for gold, silver as currency options

Started by jimmy olsen, March 23, 2011, 07:50:05 PM

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jimmy olsen

March 23, 2011, 07:50:05 PM

Retards :bleeding:
http://www.washingtontimes.com/news/2011/mar/10/utah-legislature-goes-gold-silver-legal-tender/
QuoteUtah Legislature goes for gold, silver as currency options
Seen as hegde against dollar slide

By Stephen Dinan
The Washington Times

Updated: 9:38 a.m. on Friday, March 11, 2011

The Utah Legislature on Thursday passed a bill allowing gold and silver coins to be used as legal tender in the state — and for the value of their precious metal, not just the face value of the coins.

State backers said they hope the move will help insulate Utah from a potential monetary slide as countries question the value of the dollar. Others, casting their eye nationwide, said it could spur a broader move by Congress or states to readopt a gold standard.

"Utah, if the governor signs this particularly, they're going to change the national debate on monetary policy and get us back to basics," said Jeffrey Bell, policy director for Washington-based American Principles in Action. Mr. Bell has been in Utah to help shepherd the legislation through.

Utah's bill allows stores to accept gold and silver coins as legal tender. It also exempts gold and silver transactions from the state's capital gains tax, though that does not shield exchanges from federal taxes.

The legislation directs a state committee to look at whether Utah should recognize an official alternate form of legal tender which could become a path for creating a formal state gold standard.

A spokeswoman for Gov. Gary R. Herbert, a Republican, said he has not yet taken a public stance on the bill.

State Rep. Brad J. Galvez, the chief sponsor of the measure, said he views it as a preliminary step on the path toward securing Utah's business climate.

"If the dollar continues to fall, what this will do will help stabilize the value of the dollar in Utah, so it helps stabilize the economy," Mr. Galvez, a Republican, said.

While similar legislation has been proposed in nearly a dozen states, Mr. Galvez said that if Mr. Herbert signs his bill, Utah will be just the second state to official recognize the coins as legal tender. Colorado has recognized gold and silver for decades, he said.

Opponents questioned why a state would need to come up with an alternative money system. According to the Deseret News, one lawmaker joked that the state should establish salt as legal tender, since Utah has so much of it.
It is far better for the truth to tear my flesh to pieces, then for my soul to wander through darkness in eternal damnation.

Jet: So what kind of woman is she? What's Julia like?
Faye: Ordinary. The kind of beautiful, dangerous ordinary that you just can't leave alone.
Jet: I see.
Faye: Like an angel from the underworld. Or a devil from Paradise.
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MadImmortalMan

#1
March 23, 2011, 08:23:45 PM
Some guy tried doing that recently and they tried him for terrorism.  :lol:
"Stability is destabilizing." --Hyman Minsky

"Complacency can be a self-denying prophecy."
"We have nothing to fear but lack of fear itself." --Larry Summers

Neil

#2
March 23, 2011, 08:25:33 PM
Quote from: MadImmortalMan on March 23, 2011, 08:23:45 PM
Some guy tried doing that recently and they tried him for terrorism.  :lol:
Good.  I mean, there are some things that I'm able to forgive in my allies, but gold-standardism is not one of them.
I do not hate you, nor do I love you, but you are made out of atoms which I can use for something else.

DGuller

#3
March 23, 2011, 08:58:42 PM
I probably told this story before, but at my work, one guy was selling silver dollars.  During one of his sales, the "customer" pulled out a microphone midway through, so naturally he assumed she was there to have a philosophical discussion about alternative currencies.  He told everyone at work that he would be on the news that night discussing the issue, and asked others to pass along the message.  He was a little bit irritable the next day when it turned out he was featured in the "Scam Alert" feature of the news.

viper37

#4
March 23, 2011, 09:33:42 PM
isn't illegal for a US State to issue its own money?
I don't do meditation.  I drink alcohol to relax, like normal people.

If Microsoft Excel decided to stop working overnight, the world would practically end.

jimmy olsen

#5
March 23, 2011, 09:36:47 PM
Quote from: viper37 on March 23, 2011, 09:33:42 PM
isn't illegal for a US State to issue its own money?

Section 10 - Powers prohibited of States

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 Title of Nobility.
It is far better for the truth to tear my flesh to pieces, then for my soul to wander through darkness in eternal damnation.

Jet: So what kind of woman is she? What's Julia like?
Faye: Ordinary. The kind of beautiful, dangerous ordinary that you just can't leave alone.
Jet: I see.
Faye: Like an angel from the underworld. Or a devil from Paradise.
--------------------------------------------
1 Karma Chameleon point

Jacob

#6
March 23, 2011, 09:38:02 PM
Quote from: DGuller on March 23, 2011, 08:58:42 PM
I probably told this story before, but at my work, one guy was selling silver dollars.  During one of his sales, the "customer" pulled out a microphone midway through, so naturally he assumed she was there to have a philosophical discussion about alternative currencies.  He told everyone at work that he would be on the news that night discussing the issue, and asked others to pass along the message.  He was a little bit irritable the next day when it turned out he was featured in the "Scam Alert" feature of the news.

He was selling silver dollars at your work? I thought you worked in insurance?

DGuller

#7
March 23, 2011, 09:39:52 PM
Quote from: Jacob on March 23, 2011, 09:38:02 PM
He was selling silver dollars at your work? I thought you worked in insurance?
He wasn't selling at work, and it wasn't his main line of work.

Admiral Yi

#8
March 24, 2011, 07:11:48 AM
Quote from: jimmy olsen on March 23, 2011, 07:50:05 PM
"If the dollar continues to fall, what this will do will help stabilize the value of the dollar in Utah, so it helps stabilize the economy," Mr. Galvez, a Republican, said.
:huh:

KRonn

#9
March 24, 2011, 07:36:11 AM
On a related note, what are people's thoughts on the decline in the US dollar value? There have been discussions by nations to move off of the dollar pricing for oil, for example. That supposedly would be a huge impact on the US price for oil. Right now the dollar standard is used, because the dollar is so strong and reliable. How much is the faith in the dollar slipping?

Neil

#10
March 24, 2011, 07:54:59 AM
Is the dollar any less strong or reliable than it was 20 years ago?  Small changes in value have nothing to do with the fundamentals of the currency, and a currency that is worth more is not always better.
I do not hate you, nor do I love you, but you are made out of atoms which I can use for something else.

viper37

#11
March 24, 2011, 08:38:35 AM
Quote from: jimmy olsen on March 23, 2011, 09:36:47 PM
make any Thing but gold and silver Coin a Tender in Payment of Debts;
so they have the right to use silver and gold.  Weird.

thanks Tim :)
I don't do meditation.  I drink alcohol to relax, like normal people.

If Microsoft Excel decided to stop working overnight, the world would practically end.

MadImmortalMan

#12
March 24, 2011, 10:47:03 AM
Quote from: KRonn on March 24, 2011, 07:36:11 AM
On a related note, what are people's thoughts on the decline in the US dollar value? There have been discussions by nations to move off of the dollar pricing for oil, for example. That supposedly would be a huge impact on the US price for oil. Right now the dollar standard is used, because the dollar is so strong and reliable. How much is the faith in the dollar slipping?

It's slipping but not as fast as the Euro atm. They're racing for the bottom it seems. Sovereign debt is gonna bite us all soon. It's already starting to.
"Stability is destabilizing." --Hyman Minsky

"Complacency can be a self-denying prophecy."
"We have nothing to fear but lack of fear itself." --Larry Summers

Admiral Yi

#13
March 24, 2011, 02:27:00 PM
Quote from: KRonn on March 24, 2011, 07:36:11 AM
On a related note, what are people's thoughts on the decline in the US dollar value? There have been discussions by nations to move off of the dollar pricing for oil, for example. That supposedly would be a huge impact on the US price for oil. Right now the dollar standard is used, because the dollar is so strong and reliable. How much is the faith in the dollar slipping?
We went over this quite a bit before on Languish.  No relationship between the demand for dollar balances and the notional pricing of commodities in dollars.

alfred russel

#14
March 24, 2011, 02:34:09 PM
Currency isn't everything--over the past 30 years the dollar has lost somewhere around 75% of its strength against the yen, but who would want to live in Japan right now? All those people are going to get cancer.
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