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Title: States seek currencies made of silver and gold
Source:
CNN
URL Source: http://money.cnn.com/2012/02/03/pf/states_currencies/
Published: Feb 11, 2012
Author: Blake Ellis
Post Date: 2012-02-11 10:39:52 by jwpegler
Keywords: None
Views: 8738
Comments: 26
A growing number of states are seeking shiny new currencies made of silver and gold. Worried that the Federal Reserve and the U.S. dollar are on the brink of collapse, lawmakers from 13 states, including Minnesota, Tennessee, Iowa, South Carolina and Georgia, are seeking approval from their state governments to either issue their own alternative currency or explore it as an option. Just three years ago, only three states had similar proposals in place. "In the event of hyperinflation, depression, or other economic calamity related to the breakdown of the Federal Reserve System ... the State's governmental finances and private economy will be thrown into chaos," said North Carolina Republican Representative Glen Bradley in a currency bill he introduced last year. Unlike individual communities, which are allowed to create their own currency -- as long as it is easily distinguishable from U.S. dollars -- the Constitution bans states from printing their own paper money or issuing their own currency. But it allows the states to make "gold and silver Coin a Tender in Payment of Debts." To the state legislators who are proposing state-issued currencies, that means gold and silver are fair game, said Edwin Vieira, an alternative currency proponent and attorney specializing in Constitutional law. And since gold has grown exponentially more valuable, while the U.S. dollar continues to lose ground, the notion has become increasingly appealing to state lawmakers, he said. The state gold rush: Utah became the first state to introduce its own alternative currency when Governor Gary Herbert signed a bill into law last March that recognized gold and silver coins issued by the U.S. Mint as an acceptable form of payment. Under the law, the coins -- which include American Gold and Silver Eagles -- are treated the same as U.S. dollars for tax purposes, eliminating capital gains taxes. Since the face value of some U.S.-minted gold and silver coins -- like the one- ounce, $50 American Gold Eagle coin -- is so much less than the metal value (one ounce of gold is now worth more than $1,700), the new law allows the coins to be exchanged at their market value, based on weight and fineness. Local currencies: In the U.S., we don't trust "A Utah citizen, for example, could contract with another to sell his car for 10 one-ounce gold coins (approximately $17,000), or an independent contractor could arrange to be compensated in gold coins," said Rich Danker, a project director at the American Principles Project, a conservative public policy group in Washington, D.C. South Carolina Republican Representative Mike Pitts proposed a currency system that would allow people to use any kind of silver or gold coin -- whether it's a Philippine Peso or a South African Krugerrand -- based on weight and fineness. Pitts said in the bill, which currently has 12 co-sponsors, that the state is facing "an economic crisis of severe magnitude." Republican representatives from Washington State followed suit in January, introducing a bill that would also allow any gold and silver coins to be considered legal tender based on metal values. Minnesota, Iowa, Georgia, Idaho and Indiana are also considering similar proposals. Many of the bills would make it possible for residents to exchange the physical coins for goods and services, so you could use coins to buy anything from groceries to a car as long as the store chooses to accept them. However, most people aren't going to walk around with such valuable coins in their pockets, said Vieira. Plus, calculating the value of the coins -- especially if they come from different parts of the globe and are of different sizes and shapes -- will get tricky. It's more likely that the states will create electronic depositories and accounts for the coins to make transactions easier, when and if the initial bills are passed, he said. Utah Gold & Silver Depository is already developing a system where customers could use debit cards linked to their gold holdings. When customers swipe their debit cards to make transactions, physical gold and silver coins would be transferred between accounts in privately-owned depositories (or vaults) based on the market value of the metals. Before deciding on a specific form of currency, some states -- including Minnesota, Tennessee, Virginia and North Carolina -- are considering proposals that would first require a committee to review their alternative currency plan. The future of U.S. currency: The states' proposals have been gaining steam among Tea Partyers and Republicans, many of whom also endorse a nationwide return to the gold standard, which would require the U.S. dollar to be backed by gold reserves. Tea Party "father" Ron Paul is sponsoring the "Free Competition in Currency Act," which would allow states to introduce their own currencies, and rival Newt Gingrich is calling for a commission to look at how the country can get back to the gold standard. But it will be the individual states that could really get the ball rolling, said Vieira. Even if several of the current proposals get killed, the introduction of so many bills at the state level is drawing national attention to the issue, he said. Of all the state proposals circulating right now, Republican-controlled states including South Carolina, Georgia, Idaho and Indiana have the best chance of passing their proposed bills this year, said American Principles Project's Danker. If just one or two states implement an alternative currency, it could have a Domino effect, he said. "I think we could get a couple passed in this legislative session, and that would show this is mainstream, popular and it would be a justification for more of the risk-averse states for doing this," he said. There are, of course, many people who think the recent push for alternative state currencies should be stopped in its tracks. David Parsley, a professor of economics and finance at Vanderbilt University, said he thinks state-issued currencies are a "terrible" idea. "Having 50 Feds" could debase the U.S. dollar and even potentially lead the country into default, he said. "The single currency in the United States is working just fine," said Parsley. "I have no idea why anyone would want to destroy something so successful -- unless they actually wanted to destroy the country."
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#1. To: All, CZ82, capitalist eric (#0)
Utah Gold & Silver Depository is already developing a system where customers could use debit cards linked to their gold holdings. Yep, I've been saying for years that after the dollar collapses, the future of money will be gold and/or silver tied to a debit card (or more likely your cell phone). Fortunately, there are some forward looking state governments who aren't going to wait until the dollar collapses.
There's a 12-part youtube series called "silver bullet, silver shield," that you might like... very compelling.
To: mcToejam, rat-boy, drippy, Alzheimer Fred, whitesands, t-bird, loonymom/ming, e-type jackoff, goober56, wreck, cal-CON, rabid dog, dummy DwarF, biff, harrowup the communist, and meguro. You're on the "a waste of human flesh" list. Piss off.
Yours and the states' proposed Debit, Cell phone system is actually WORSE than paper for several reasons. 1. The Internet (where such currency is is likely to be transacted through) is subject to hacking and crashes that can lead to the total loss of all of your gold and silver accounts. 2. Cell phone radiation is as strongly implicated in BRAIN CANCER and probably other cancers as Aspartame and Neotame. 3. The use of accounts in centralized servers could eventually lead to a New World Order bank as bad or worse than the Fed. in my view the best approach would to be to have the communities of America use the Community currency privelege to issue notes either of paper based on the 1/2000 ounce of gold giving it the typlical community currency name (hours, shares, bucks, bread, dollar, etc.) Or polymer notes actually bearing the required amount of gold (multiples of 1/2000 ounce depending on the note denomination) using community currency dennomination units. For silver I would say to use the community currency privilege to issue notes based on the Silver Dime (1/10 ounce);
2. Cell phone radiation is as strongly implicated in BRAIN CANCER and probably other cancers as Aspartame and Neotame. 3. The use of accounts in centralized servers could eventually lead to a New World Order bank as bad or worse than the Fed. Spoken like a true Luddite.
Sell every single asset you own now and buy silver Great advice Eric, have you followed it?
Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady
He's yearning for the good old days when everyone needed a safe and carried around their own scales. Plus it's going to make drug dealers appear a little less prominent.
Almost every country in the Middle East is awash in oil, and we have to side with the one that has nothing but joos. Goddamn, that was good thinkin'. Esso posted on 2012-01-13 7:37:56 ET
I'm trying to understand this - does the price of silver remain constant while the value of a dollar fluctuates? Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady
RonniePaulie is NOT the "father", or any other KIN, or source, or founder, or even a part of, the so called "TEA PARTY"; you insipid CULT boy chump.
Spoiled, stupid and ignorant, brain dead phuckwads, libTURD fools, tools, and idiots, are the real sickness; the messiah "king" obammy and his regime are only the symptoms.
To: mcToejam, rat-boy, drippy, Alzheimer Fred, whitesands, t-bird, loonymom/ming, e-type jackoff, goober56, wreck, cal-CON, rabid dog, dummy DwarF, biff, harrowup the communist, and meguro. You're on the "a waste of human flesh" list. Piss off. Capitalist Eric posted on 2012-02-11 23:55:31 ET Reply Trace Private Reply LOL! Talk about being an INSIPID little whiny BITCH! Erica is it THAT time of the month again beeeeeeyach? Thanks for being the beeeeeeeeeyach that just keeps giving erica! REALLLLLLY. Have a NICE day beeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeyach! LOL! But hey Stone, at least de insipid whiny little beeeeeeeeyach isn't "CUSSING", so dat's OK eh? LOL! Erica's tagline is SWEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEET eh Stone? LOL! You F' ing weak azzed HYPOCRITE. LOL! F you. LOL! As if you even matter. LMAO!
Spoiled, stupid and ignorant, brain dead phuckwads, libTURD fools, tools, and idiots, are the real sickness; the messiah "king" obammy and his regime are only the symptoms.
He's the intellectual Godfather of the Tea Party movement. You're just too weak to face reality- testicularly-challenged as you are... [typical for skimmers] You couldn't even make it through a single post, without making me wonder why Stone ever allowed your sorry ass back on the forum... You're an idiot, and back to bozo you go. Putz.
To: mcToejam, rat-boy, drippy, Alzheimer Fred, whitesands, t-bird, loonymom/ming, e-type jackoff, goober56, wreck, cal-CON, rabid dog, dummy DwarF, biff, harrowup the communist, and meguro. You're on the "a waste of human flesh" list. Piss off.
the purchasing power of silver and gold have remained very consistent since the days of Rome when an once of gold would buy a very fine clothing outfit with sandals,that is still the case....I can take a $20 gold piece and buy a very nice suite, tie, shirt and shoes with it. I can STILL buy a gallon of gas for a dime...a silver dime, my silver dollar will STILL buy a nice meal for my wife and myself. A $170k house can be purchased for 10k in gold. Your 1913 dollar is now worth .03 cents. The fluctuation you see is price manipulation...get rid for those manipulating the markets and you would see more stability...
I put that freak show on bozo some time ago...this is a much better place now that I don't have to see his idiocy on display.
In 2003 you and your wife wouldn't have been able to eat at McDonald's with your silver dollar unless it was collectible and mint.
Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady
in 2003 a bag of "junk" silver was selling for around $3,500...today, that same bag is selling for above $25,000...what does that tell you about the dollar? Just wait till the dollar is de-linked from oil purchases and loses it's "world reserve status"...we're about to see the "real" value of this "paper", printed out of thin air, "currency".
Paper notes comprise less than 8% of the total money supply. I haven't carried cash in my wallet in close to 10 years. Carrying cash is neither secure or convenient. We aren't going to move back to that. The future of money is cell phones tied to depositories of gold and/or silver. Google already rolled out a near field communication system for mobile payments last year. T-Mobile, AT&T, and Verizon are piloting a similar system this year in a few cities, with plans for a nation-wide roll out 2013. This is the future.
This is exactly right. The government has slowly destroyed out currency for 100 years. They have been escalating the process over the last several years. As a result, at some point oil producing countries will stop pricing their oil in dollars and start demanding something else, like gold. Then all of these unprepared, economically illiterate, left-wing loonies will be in deep shit.
That tells me nothing except the price of silver has risen faster than, say, the price of eggs or a meal out.
Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady
I find it very convenient and a lot faster than credit card payment.
Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady
Pegler must be heavily invested in banks stocks since he wants a society that mandates everyone to have an account in one...although he prefers to call it a gold and silver depository.
Almost every country in the Middle East is awash in oil, and we have to side with the one that has nothing but joos. Goddamn, that was good thinkin'. Esso posted on 2012-01-13 7:37:56 ET
It's all relative. You would prefer to have silver be worth less in the future? Capitalism dictates that that would mean we are in a recession.
Almost every country in the Middle East is awash in oil, and we have to side with the one that has nothing but joos. Goddamn, that was good thinkin'. Esso posted on 2012-01-13 7:37:56 ET
If I pay cash, the bank doesn't get a cut of the transaction. He wants the banks to have a record of everything one buys too. Guess he thinks banks will protect his privacy.
Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady
He wants the banks to have a record of everything one buys too. Guess he thinks banks will protect his privacy. That must be why mine keeps asking me to buy privacy protection. A service they should already have inplace.
Almost every country in the Middle East is awash in oil, and we have to side with the one that has nothing but joos. Goddamn, that was good thinkin'. Esso posted on 2012-01-13 7:37:56 ET
That sounds like blackmail - pay me money or I go public.
Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady
That is exactly what I told the last one who tried to sell it to me.
Almost every country in the Middle East is awash in oil, and we have to side with the one that has nothing but joos. Goddamn, that was good thinkin'. Esso posted on 2012-01-13 7:37:56 ET
TRUTH; RonniePaulie is NOT the "father", or any other KIN, or source, or founder, or even a part of, the so called "TEA PARTY"; you insipid CULT boy chump. CULT boy fairy tale; He's the intellectual Godfather of the Tea Party movement. . LOL! Just because YOU said so eh erica? LMAO!!!!!!! You WEAK azzed little cult boy beeeeeeeeeeeeeeeeeeeeeeeeyach pussy. ROTFLMAOAY!!!!!!!!!!!!!!!!!!!!!! It was so butch of you to face me for an instant! What a "man"! LOL! LMAO! ROTFLMAOAY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Your little failed FRAUD cult hero RonniePaulie had NOTHING to do with the formation of the so called "tea party" you gibbering LYING cult boy beeeeeeeeyyach. NOTHING you weak azzed little loser bubble headed WOG beeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeyach. You even stamped your wittle footsie didn't you WOG? Bummer. (BUT, just 4 U WOG.) LMAO!!!!!!!!!!!!!
Spoiled, stupid and ignorant, brain dead phuckwads, libTURD fools, tools, and idiots, are the real sickness; the messiah "king" obammy and his regime are only the symptoms.
. LOL! You put away all of your mirrors? ROTFLMAOAY!!!!!!!!!!!!!!!!!! I don't blame you TARD. LMAO!!!!!!!!!!!!!!!
Spoiled, stupid and ignorant, brain dead phuckwads, libTURD fools, tools, and idiots, are the real sickness; the messiah "king" obammy and his regime are only the symptoms.
It's more likely that the states will create electronic depositories and accounts for the coins to make transactions easier...
Iran’s main drive for acquiring atomic weapons is not for use against Israel but as a deterrent against U.S. intervention -- Major General Zeevi Farkash, head of the Israeli Military Intelligence Directorate
#2. To: jwpegler (#1)
#3. To: jwpegler (#1)
The FARO RESERVE BANK!!! 
#4. To: Coral Snake (#3)
1. The Internet (where such currency is is likely to be transacted through) is subject to hacking and crashes that can lead to the total loss of all of your gold and silver accounts.
Iran’s main drive for acquiring atomic weapons is not for use against Israel but as a deterrent against U.S. intervention -- Major General Zeevi Farkash, head of the Israeli Military Intelligence Directorate
#5. To: Capitalist Eric (#2)
There's a 12-part youtube series called "silver bullet, silver shield," that you might like... very compelling.
#6. To: lucysmom (#5)
Great advice Eric, have you followed it?
#7. To: mininggold (#6)
He's yearning for the good old days when everyone needed a safe and carried around their own scales. Plus it's going to make drug dealers appear a little less prominent.
#8. To: jwpegler (#0)
Tea Party "father" Ron Paul is
#9. To: Capitalist Eric, AkA Stone (#2)
#2. To: jwpegler (#1) There's a 12-part youtube series called "silver bullet, silver shield," that you might like... very compelling.
#10. To: Mad Dog, A K A Stone (#8)
RonniePaulie is NOT the "father", or any other KIN, or source, or founder, or even a part of, the so called "TEA PARTY"; you insipid CULT boy chump.
#11. To: lucysmom (#7)
#12. To: Capitalist Eric (#10)
#13. To: freedomsnotfree (#11)
...my silver dollar will STILL buy a nice meal for my wife and myself.
#14. To: lucysmom (#13)
#15. To: Coral Snake (#3)
(Edited)
to issue notes
Iran’s main drive for acquiring atomic weapons is not for use against Israel but as a deterrent against U.S. intervention -- Major General Zeevi Farkash, head of the Israeli Military Intelligence Directorate
#16. To: freedomsnotfree (#14)
(Edited)
Just wait till the dollar is de-linked from oil purchases and loses it's "world reserve status"...we're about to see the "real" value of this "paper", printed out of thin air, "currency".
Iran’s main drive for acquiring atomic weapons is not for use against Israel but as a deterrent against U.S. intervention -- Major General Zeevi Farkash, head of the Israeli Military Intelligence Directorate
#17. To: freedomsnotfree (#14)
(Edited)
in 2003 a bag of "junk" silver was selling for around $3,500...today, that same bag is selling for above $25,000...what does that tell you about the dollar?
#18. To: jwpegler (#15)
Carrying cash is neither secure or convenient.
#19. To: lucysmom (#18)
I find it very convenient and a lot faster than credit card payment.
#20. To: freedomsnotfree (#14)
in 2003 a bag of "junk" silver was selling for around $3,500...today, that same bag is selling for above $25,000...what does that tell you about the dollar? Just wait till the dollar is de-linked from oil purchases and loses it's "world reserve status"...we're about to see the "real" value of this "paper", printed out of thin air, "currency".
#21. To: mininggold (#19)
Pegler must be heavily invested in banks stocks since he wants a society that mandates everyone to have an account in one...
#22. To: lucysmom (#21)
If I pay cash, the bank doesn't get a cut of the transaction.
#23. To: mininggold (#22)
That must be why mine keeps asking me to buy privacy protection. A service they should already have inplace.
#24. To: lucysmom (#23)
That sounds like blackmail - pay me money or I go public.
#25. To: Capitalist Eric (#10)
#26. To: freedomsnotfree (#12)
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