Utah Legislature goes for gold, silver as currency options

[Tonitrus]

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

But they cannot "coin money", however.

[Ed Anger]

Utah will adopt Spartan iron spits. THIS IS POLYGAMY!

[Tonitrus]

They could just make wives a form of currency.

[The Minsky Moment]

It also exempts gold and silver transactions from the state's capital gains tax, though that does not shield exchanges from federal taxes

Which renders this mostly symbolic.

[DGuller]

Can't they just denominate capital gains in gold, since that would be the currency?  What's wrong with this approach, other than tax evasion conviction?

[Admiral Yi]

Which renders this mostly symbolic.

It was symbolic from the git-go.  Iowa could declare it legal to pay in bushels of soy beans but that doesn't mean anyone would accept them.

[jimmy olsen]

Some guy tried doing that recently and they tried him for terrorism. 

Terrorism? On what grounds?

[Neil]

Some guy tried doing that recently and they tried him for terrorism. 

Terrorism? On what grounds?

Given that most goldbugs are also militia nuts, detaxers and Klansmen, I imagine there was a plethora of potential charges.

[DGuller]

I'd say that goldbuggery branched out from those proud roots in the last decade, and infected many new followers.  The young yuppies heavily connected to Internet seem to be especially vulnerable; they have a lot of intelligence, but very little in the way of wisdom. 

[The Minsky Moment]

Can't they just denominate capital gains in gold, since that would be the currency?  What's wrong with this approach, other than tax evasion conviction?

They can denominate whatever they want however they want, but the feds will still calculate capital gains tax in dollars and demand payment in the same.