Posts Tagged ‘silver’

Another state on the currency train. When states are preparing, it tells you the Fed is going to collapse.

Utah House Approves Gold, Silver as Legal Tender

Written by Alex Newman   

The Utah House of Representatives voted on March 4 to make gold and silver coins issued by the federal government into legal tender within state borders, prompting praise from sound-money advocates across the nation. The legislation will now be taken up by the state Senate.

In addition to possibly making precious-metal coin lawful money for intrastate and government transactions, the bill would exempt gold and silver from state sales, income, and capital-gains taxes. The legislation also states that individuals cannot be compelled to accept precious metals instead of Federal Reserve Notes. It was approved in the House with a vote of 47 to 26.

According to the bill’s summary, it “recognizes gold and silver coins that are issued by the federal government as legal tender in the state and exempts the exchange of the coins from certain types of state tax liability.” Under the measure, Utah citizens would be able to pay their taxes with precious metals at market value, as opposed to the face value used by the federal government, which is far less than the price of the actual gold or silver in the coins.

The legislation would also mandate that the Revenue and Taxation Committee “study the possibility of establishing an alternative form of legal tender” and “recommend whether an alternative form of legal tender should be established.” Those recommendations would be considered in the 2012 legislative session.

Earlier this year, the Utah state legislature was considering a similar proposal known as the “Utah Sound Money Act.” That bill would have recognized gold and silver coins issued by some trustworthy foreign governments as well. It would have gone even further toward normalizing trade in precious metals than the “Legal Tender Act,” and so attracted a broad coalition of prominent backers from across the country including long-time sound-money advocate U.S. Rep. Ron Paul (R-Texas).  

“To me, the best road back to a really well-functioning monetary system is through the states, and through the states exercising their monetary power as articulated in Article I, Section 10 of the [U.S.] Constitution to make nothing but gold and silver coin a payment in tender of debts,” said Utah attorney and businessman Larry Hilton, who authored the original bill and has been a key backer of state-based sound-money legislation in Utah.

He told The New American earlier this year in an interview that, “If each of the states — or even just a small handful — do what we’re contemplating here in Utah, I think it would have a very positive impact on the dollar itself.” It would also bring countless other benefits ushered in by competition and the preservation of purchasing power, he added.

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You don’t say?! A bank, seriously a bank after 2008 when shown that they were the victims of this crisis and the American people were the victors, is playing the markets?! You mean a corporation(s) with so much goddamn money it can impress or suppress the price of any commodity or stock or fund on the market, is doing this! Of course. Bankers own and run the world. Literally, when a country takes a loan where does it get its money? The largest of them all, the IMF. A bank!

A Conspiracy With a Silver Lining

As Americans know all too well by this point, commodity prices — for corn, wheat, soybeans, crude oil, gold and even farmland — have been going through the roof for what seems like forever. There are many causes, primarily supply and demand pressures driven by fears about the unrest in the Middle East, the rise of consumerism in China and India, and the Fed’s $600 billion campaign to increase the money supply.Nonetheless, how to explain the price of silver? In the past six months, the value of the precious metal has increased nearly 80 percent, to more than $34 an ounce from around $19 an ounce. In the last month alone, its price has increased nearly 23 percent. This kind of price action in the silver market is reminiscent of the fortune-busting, roller-coaster ride enjoyed by the Hunt Brothers, Nelson Bunker and William Herbert, back in 1970s and early 1980s when they tried unsuccessfully to corner the market. When the Hunts started buying silver in 1973, the price of the metal was $1.95 an ounce. By early 1980, the brothers had driven the price up to $54 an ounce before the Federal Reserve intervened, changed the rules on speculative silver investments and the price plunged. The brothers later declared bankruptcy.

Currency crash by December 2011. We all know it’s coming, the higher up know it’s coming. Let’s not fool ourselves into thinking our horrible fiscal responsibilities are going to lead a financial Garden of Eden. We’re FUCKED!