Dachsie
27th May 2015, 07:57 PM
Although the following is a 2013 article, two years old, it is most definitely related to a bit of news I heard today that Texas has just passed some law in the currently ongoing Texas legislature that relates to making gold and silver direct legal tender in Texas. I have not yet searched for and cannot cite the specific bill that would corroborate this bit of news. This article possibly does mention the subject matter of the Texas bill as relates to the UTIMCO's gold, a bill that probably was proposed but did not pass in the 2013 Texas legislature but did pass into law this 2015 legislative session which is just coming to an end this week.
It might be interesting to see which states are taking definite moves right now to make gold and silver coins legal tender in their states and otherwise passing laws that in effect move the states away from the Federal Reserve System.
I say when there are states at this point in time who are taking big steps away from the Federal Reserve, we can all expect something big to happen in retaliation, perhaps something like a Jade Helm going live or a famous political person getting a little trip to Dallas, etc.
You can axe murder your grandmother or your two year old, but don't mess with the Federal Reserve.
______________
moneymorning.com/2013/04/09/could-gold-and-silver-coins-become-legal-tender-in-your-state/
Could Gold and Silver Coins Become Legal Tender in Your State?
By Diane Alter, Contributing Writer, Money Morning • April 9, 2013
Subject: Could Gold and Silver Coins Become Legal Tender in Your State?
Confidence in the U.S. dollar is so low that 13 states are poised to recognize gold and silver coins as legal tender.
Arizona is the latest state set to make the move.
Monday, the Republican sponsored Arizona measure sailed through the House of Representatives 36-2. The bill moves on for another vote in the Senate, where it got its first nod Feb. 28 in a 17-11 vote.
Should it land on Gov. Jan Brewer's desk, it's good as gold.
Sen. Chester Crandall (R-AZ), the bill's sponsor, says the move "is the logical thing for the state of Arizona to do."
The bill doesn't mean residents will pay for groceries and utilities with the coins. It's more of a backup plan that provides "a lifeboat for Arizona so that we can construct Plan B" when paper currency is no longer widely accepted.
Utah led the way in 2011 when it sanctioned bullion as currency with the Legal Tender Act.
States considering similar bills include Colorado, Kansas, Idaho, Indiana, Missouri, Montana, New Hampshire, South Carolina and Virginia.
Why States Are Turning to Gold and Silver Coins
Throughout history, every single instance of money printing and substantial increases in a country's debt has always led to the destruction of paper currency and a depression among the citizens that live through it.
At least, that is what Utah lawmakers found when researching the benefit of gold and silver bullion as legal tender.
Utah's passage was spurred by the U.S. Federal Reserve's money printing, massive debt accumulation, and $220 billion annual interest due on the debt.
Worries of the U.S. dollar losing value, hyperinflation and an economic collapse all supported the move. Lawmakers argued that gold and silver bullion will continue to keep their value because they are sound currencies with no debts attached to them.
Missouri shared that sentiment when it proposed The Sound Money Act in April 2012. Its passage also was motivated by the belief that the U.S. dollar is burdened by heavy debt and losing value as that load grows.
"Today, the citizens of Missouri are one step closer to having the value of their investments, savings and currency protected from inflation and manipulation by the Federal Reserve Board and the federal government," Rick Danker, Economics Director of American Principles in Action said following the bill's approval.
"This is great news for the cause of sound money, not just in Missouri but for other states seeking to use their constitutional authority to make gold and silver coins legal tender," he added.
South Carolina lawmakers took up the discussion in March 2012.
"I'm no financial expert but I am smart enough to know that you can't keep printing money when it has no backing," Republican Rep. Mac Toole told Fox News at the time.
Lawmakers in Texas are mulling a measure to establish the Texas Bullion Depository. The facility would store about $1 billion in gold bars currently housed in a New York bank warehouse.
The University of Texas Investment Management Co.,[UTIMCO] which owns the gold, took delivery of 6,643 bars of the yellow metal in 2011, worried that demand for the precious metal would outstrip supply.
The proposed depository would also accept deposits from the public. In addition, it would serve as the foundation for a payment system in the Lone Star State in the event of a "systemic dislocation in a national and international financial system."
"We are seeing a distinct movement back to a world where gold is considered money," Jim Rickards, author of "Currency Wars: The Making of the Next Global Crisis," told Bloomberg News.
Gold and Silver Coins: A Symbolic Move
The push supporting gold and silver coins sends a clear message to Washington that states are banking on alternative currencies as the country's budgetary woes mount.
"The legislation is about signaling discontent with monetary policy and about what Ben Bernanke is doing," Loren Gatch, a political teacher at the University of Central Oklahoma, explained to Bloomberg. "There is a fear that the government, or Bernanke in particular and the Federal Reserve, is pursuing a policy that will lead to the collapse of the dollar. That's what is behind it."
The Fed put up a "wall of money" in 2008 when it launched its stimulus program in the wake of the Great Recession.
The central bank has kept short-term interest rates near zero since then. It went on to engage in several rounds of aggressive bond buying. The aim: to lower long-term interest rates and goose the stagnant economy.
Yet, these easy money polices have done little except swell the Fed's balance sheet beyond $3 trillion and devalue the dollar.
Some have simply called for a return to the Gold Standard, which would stabilize the dollar by discouraging runaway fiscal spending and the liberal printing of dollars.
"People know that something is wrong with the dollar. You cannot trash your money without repercussions," said Forbes Magazine publisher and former GOP presidential candidate Steve Forbes.
What do you think – do you want to see gold and silver coins become legal tender in your state?
If you want to know how to buy physical silver so you get your hands on some insurance for paper currency, check out this special report: A Beginner's Guide to Buying Physical Silver
Related Articles:
• Money Morning:
Does Investing in Gold Top Your List of "Best Investments"?
• Bloomberg News:
Trust in Gold Not Bernanke as U.S. States Promote Bullion
• RT News:
Arizona pushes to have gold as legal tender
• Alaska Business Monthly:
Missouri House of Representatives Approves Gold, Silver as Legal Tender
Join the conversation. Click here to jump to comments…
It might be interesting to see which states are taking definite moves right now to make gold and silver coins legal tender in their states and otherwise passing laws that in effect move the states away from the Federal Reserve System.
I say when there are states at this point in time who are taking big steps away from the Federal Reserve, we can all expect something big to happen in retaliation, perhaps something like a Jade Helm going live or a famous political person getting a little trip to Dallas, etc.
You can axe murder your grandmother or your two year old, but don't mess with the Federal Reserve.
______________
moneymorning.com/2013/04/09/could-gold-and-silver-coins-become-legal-tender-in-your-state/
Could Gold and Silver Coins Become Legal Tender in Your State?
By Diane Alter, Contributing Writer, Money Morning • April 9, 2013
Subject: Could Gold and Silver Coins Become Legal Tender in Your State?
Confidence in the U.S. dollar is so low that 13 states are poised to recognize gold and silver coins as legal tender.
Arizona is the latest state set to make the move.
Monday, the Republican sponsored Arizona measure sailed through the House of Representatives 36-2. The bill moves on for another vote in the Senate, where it got its first nod Feb. 28 in a 17-11 vote.
Should it land on Gov. Jan Brewer's desk, it's good as gold.
Sen. Chester Crandall (R-AZ), the bill's sponsor, says the move "is the logical thing for the state of Arizona to do."
The bill doesn't mean residents will pay for groceries and utilities with the coins. It's more of a backup plan that provides "a lifeboat for Arizona so that we can construct Plan B" when paper currency is no longer widely accepted.
Utah led the way in 2011 when it sanctioned bullion as currency with the Legal Tender Act.
States considering similar bills include Colorado, Kansas, Idaho, Indiana, Missouri, Montana, New Hampshire, South Carolina and Virginia.
Why States Are Turning to Gold and Silver Coins
Throughout history, every single instance of money printing and substantial increases in a country's debt has always led to the destruction of paper currency and a depression among the citizens that live through it.
At least, that is what Utah lawmakers found when researching the benefit of gold and silver bullion as legal tender.
Utah's passage was spurred by the U.S. Federal Reserve's money printing, massive debt accumulation, and $220 billion annual interest due on the debt.
Worries of the U.S. dollar losing value, hyperinflation and an economic collapse all supported the move. Lawmakers argued that gold and silver bullion will continue to keep their value because they are sound currencies with no debts attached to them.
Missouri shared that sentiment when it proposed The Sound Money Act in April 2012. Its passage also was motivated by the belief that the U.S. dollar is burdened by heavy debt and losing value as that load grows.
"Today, the citizens of Missouri are one step closer to having the value of their investments, savings and currency protected from inflation and manipulation by the Federal Reserve Board and the federal government," Rick Danker, Economics Director of American Principles in Action said following the bill's approval.
"This is great news for the cause of sound money, not just in Missouri but for other states seeking to use their constitutional authority to make gold and silver coins legal tender," he added.
South Carolina lawmakers took up the discussion in March 2012.
"I'm no financial expert but I am smart enough to know that you can't keep printing money when it has no backing," Republican Rep. Mac Toole told Fox News at the time.
Lawmakers in Texas are mulling a measure to establish the Texas Bullion Depository. The facility would store about $1 billion in gold bars currently housed in a New York bank warehouse.
The University of Texas Investment Management Co.,[UTIMCO] which owns the gold, took delivery of 6,643 bars of the yellow metal in 2011, worried that demand for the precious metal would outstrip supply.
The proposed depository would also accept deposits from the public. In addition, it would serve as the foundation for a payment system in the Lone Star State in the event of a "systemic dislocation in a national and international financial system."
"We are seeing a distinct movement back to a world where gold is considered money," Jim Rickards, author of "Currency Wars: The Making of the Next Global Crisis," told Bloomberg News.
Gold and Silver Coins: A Symbolic Move
The push supporting gold and silver coins sends a clear message to Washington that states are banking on alternative currencies as the country's budgetary woes mount.
"The legislation is about signaling discontent with monetary policy and about what Ben Bernanke is doing," Loren Gatch, a political teacher at the University of Central Oklahoma, explained to Bloomberg. "There is a fear that the government, or Bernanke in particular and the Federal Reserve, is pursuing a policy that will lead to the collapse of the dollar. That's what is behind it."
The Fed put up a "wall of money" in 2008 when it launched its stimulus program in the wake of the Great Recession.
The central bank has kept short-term interest rates near zero since then. It went on to engage in several rounds of aggressive bond buying. The aim: to lower long-term interest rates and goose the stagnant economy.
Yet, these easy money polices have done little except swell the Fed's balance sheet beyond $3 trillion and devalue the dollar.
Some have simply called for a return to the Gold Standard, which would stabilize the dollar by discouraging runaway fiscal spending and the liberal printing of dollars.
"People know that something is wrong with the dollar. You cannot trash your money without repercussions," said Forbes Magazine publisher and former GOP presidential candidate Steve Forbes.
What do you think – do you want to see gold and silver coins become legal tender in your state?
If you want to know how to buy physical silver so you get your hands on some insurance for paper currency, check out this special report: A Beginner's Guide to Buying Physical Silver
Related Articles:
• Money Morning:
Does Investing in Gold Top Your List of "Best Investments"?
• Bloomberg News:
Trust in Gold Not Bernanke as U.S. States Promote Bullion
• RT News:
Arizona pushes to have gold as legal tender
• Alaska Business Monthly:
Missouri House of Representatives Approves Gold, Silver as Legal Tender
Join the conversation. Click here to jump to comments…